TAMPA, Fla., March 3, 2017 /PRNewswire/ -- Avatar Partners, LP, the Parent Company of Avatar Property & Casualty Insurance Company ("Avatar"), has agreed to acquire Elements Property Insurance Holdings, LLC and its wholly-owned subsidiaries, including Elements Property Insurance Company ("EPIC"). The acquisition will expand Avatar's scale and presence in the Florida residential property insurance market. The transaction is subject to regulatory approval and other customary closing conditions.
The transaction allows Avatar to expand the reach of its homeowners' insurance products through EPIC's established distribution channels in Florida. The additional professional resources EPIC brings to Avatar will further enhance the high-level of service and responsiveness Avatar's policyholders and business partners have come to expect. Following consummation of the transaction, Avatar will acquire approximately $65.0 million of Florida residential insurance in-force premiums and access to over 500 Florida independent insurance agents.
"We are really excited about this opportunity. Avatar has spent many years carefully building its insurance operations and believes EPIC is a very good business to bring onto our platform to accelerate Avatar's journey to becoming Floridians' property insurance company of choice," said John Adhia, Chairman and President of Avatar. "We respect the management of EPIC and the business they have built. We believe the EPIC team and business portfolio, combined with our existing business, will offer Floridians a compelling service and product offering."
"The EPIC team is pleased to become part of the Avatar organization. We have assembled a strong team of professionals since our founding in 2013 and see many benefits for our team and policyholders by becoming part of Avatar," says Bob Ricker, President & CEO of Elements. "We look forward to working with the Avatar team to consummate the transaction and believe the combined company is well positioned to continue serving our customers' insurance needs."
Rudd & Diamond, P.A. and Radey Law Firm are acting as legal advisor to Avatar. GC Securities and Barnett, Bolt, Kirkwood, Long & Koche are acting as EPIC's exclusive financial advisor and legal counsel, respectively.
About Avatar Property & Casualty Insurance Company
Avatar Property & Casualty Insurance Company has provided repairs and solutions to policyholders for nearly a decade. Formed in 2008 and based in Tampa, FL, Avatar has built a team of professionals focused on providing stability and security to Florida property owners by offering comprehensive insurance coverage across the state. Avatar underwrites homeowners' insurance, condo insurance, manufactured home insurance, and commercial building insurance. The Avatar team manages a completely integrated insurance company including sales, underwriting, customer service, claims and repairs. Avatar has been assigned a Financial Stability Rating® of A-Exceptional by Demotech. For further information, visit www.avatarins.com.
About Elements Property Insurance Holdings LLC
Established in 2013, Elements Property Insurance Holdings LLC is a Tallahassee, FL based insurance holding company. EPIC writes residential property insurance in Florida through a network of over 500 agents. EPIC has carried a Financial Stability Rating® from Demotech. For further information about EPIC, visit www.elements-ins.com.
Avatar Property & Casualty Insurance Company
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About Demotech, Inc.
Demotech, Inc. is a financial analysis firm specializing in evaluating the financial stability of regional and specialty insurers. Since 1985, Demotech has served the insurance industry by assigning accurate, reliable and proven Financial Stability Ratings® (FSRs) for Property & Casualty insurers and Title underwriters. Demotech's philosophy is to review and evaluate insurers based on their area of focus and execution of their business model rather than solely on financial size. Visit www.demotech.com.
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SOURCE Avatar Partners, LP