Applied Underwriters has announced its intention to sell Centauri Insurance to Lilypad Insurance, a subsidiary of Arbol. The transaction is contingent upon regulatory approval and is expected to be finalized within the next 45 days.
Upon completion of the sale, Lilypad Insurance, in conjunction with Centauri’s Florida and Louisiana domiciled companies, will cater to the admitted insurance needs of homeowners and property investors across the United States.
Jamie Sahara, President of Applied Underwriters, expressed satisfaction with the transition, stating, “We are delighted that our Centauri team will transition to Lilypad, where they will collaborate with other skilled professionals to effectively serve policyholders. The admitted property market demands specialized expertise and advanced climate data analysis, both of which Arbol brings to the table.”
Sahara emphasized, “While the current property market presents significant challenges, particularly in terms of weather-related risks, our focus remains on underwriting rather than predicting weather patterns.”
Ricardo Espino, CEO of Lilypad, highlighted the strategic rationale behind the establishment of Lilypad, noting, “Lilypad was created to address the increasing insurance coverage gap in regions prone to catastrophes. Leveraging Arbol’s climate data and technology infrastructure positions us uniquely to offer tailored insurance solutions for coastal living.”
Traci Stillwagon, COO of Lilypad Insurance and former member of Centauri’s senior leadership, expressed gratitude to Applied Underwriters for their support and underscored the commitment to providing seamless coverage to Centauri’s clients. She emphasized the integration of Centauri’s capabilities into Lilypad as a significant step forward in safeguarding coastal homeowners and expanding insurance coverage options.
Steve Menzies, Chairman of Applied Underwriters, outlined the strategic approach of the company towards acquisitions and corporate development, emphasizing a focus on long-term organic growth and rational business unit transactions based on market conditions. He highlighted the value proposition for Centauri in its association with Arbol and its portfolio of businesses.
