Assurant acquires Florida insurance agency
February 16, 2010
Filed under Features
Assurant has acquired U.S. Insurance Services, a producer of motorcycle insurance policies.
The general insurance agency, which is based in Jacksonville, Fla., will become part of Assurant Specialty Property’s agency-based business, according to an Assurant press release.
Assurant Specialty Property has had a relationship with U.S. Insurance Services (USIS) for five years, and American Reliable Insurance Company (ARIC), which is part of Specialty Property, is USIS’ largest carrier. ARIC underwrites motorcycle polices produced through USIS.
Eight employees, including co-owner David Coffman, have joined Assurant Specialty Property as part of the deal. Coffman will report to Mark Cooper, senior vice president of ARIC Personal Lines.
Cooper said the acquisition will enable ARIC to expand its capabilities in motorcycle marketplace and support its continued expansion with distributors in the general and specialty agency marketplace. “While sales of all recreational vehicles have declined during the recession, many analysts believe the motorcycle segment will be the first to recover,” Cooper said in the release. “This acquisition positions ARIC to take advantage of such an opportunity.”
Through this acquisition, Assurant Specialty Property also will gain an administrative platform to support growth in volume and efficiencies in cost and USIS can be integrated into Assurant. USIS will be part of the agency-based business’ Personal Lines organization.