Applied Underwriters Divests Sarasota Subsidiary to Coastal Risk Insurer

Applied Underwriters has recently announced an exciting development in the insurance industry - the sale of Centauri Insurance to Lilypad Insurance, a subsidiary of climate risk solutions provider Arbol Inc. This strategic move will allow Applied Underwriters to focus more on their personal lines through their Home National division, with a strong emphasis on their expanding property business portfolio. The sale of Centauri to Lilypad Insurance is currently pending regulatory approval and is expected to be completed within the next 45 days.

Centauri, known for its operations in Florida and Louisiana, will be integrated with Lilypad Insurance to cater to the admitted insurance needs of homeowners and property investors across the United States. Bob Courtemanche, CEO of Home National, commended Centauri for its resilience and growth, particularly in the face of challenges such as Hurricane Ian. He expressed enthusiasm for the strategic transaction and extended a warm welcome to Lilypad Insurance into the market.

Jamie Sahara, president of Applied Underwriters, stressed the significance of continuity in leadership to navigate the complexities of coastal insurance. He underscored the expertise and focus required in the admitted property market, which Arbol brings to the partnership. Ricardo Espino, CEO of Lilypad, emphasized the potential of the new venture and their unique position to offer tailored insurance solutions using advanced climate data and technology infrastructure from Arbol.

This move is seen as a direct response to the growing insurance coverage gap. Traci Stillwagon, COO of Lilypad Insurance, reassured Centauri's clients of continued service and uninterrupted coverage. She mentioned that integrating Centauri's capabilities into Lilypad will enhance their product offerings and broaden their market reach.

Exciting times lie ahead for Applied Underwriters, Lilypad Insurance, and Arbol as they embark on this new venture in the insurance industry. Share your thoughts on this intriguing development in the comments section below.