NU Online News Service, July 9, 3:55 p.m. EDT
Focus Holdings, LLC, an insurance-focused holding company, has closed its acquisition of Florida domestic insurer Capacity Insurance Company (CIC). Financial terms were not disclosed.
CIC wrote about $10.5 million in premiums last year, according to Kevin Tromer, principal of Focus and incoming president of CIC.
Sunrise, Fla.-based Focus – whose subsidiaries include MGAs, wholesale brokerage services and claims management services among other insurance operations – said the acquisition strengthens its position as a full service property and casualty company.
Douglas W. Bullington, CEO of Focus, will become CEO of CIC. Regarding the future of CIC, he said, "Historically, CIC has specialized in habitational and small mercantile type risks; we see no reason to change this focus, but also look forward to expanding both the eligible underwriting classes and product lines of business."
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