Business Moves

Keystone Group, C.M. Moore, Al Torstrick

C.M. Moore Insurance of Bowling Green and Al Torstrick Insurance of Lexington will be the first franchises in Kentucky for Keystone Insurers Group (KIG), the nation’s sixth largest privately-held property/casualty agency.

The two firms become part of KIG’s network of more than 200 independent insurance agencies, serving clients in six states.

C.M Moore Insurance was founded in 1933 by Charles H. Moore. It is now under the leadership of brothers Tommy and Charles Adams, who serve as president and corporate vice president.

Al Torstrick Insurance is headed by its president, Sandra (Torstrick) Blain, whose father, Al Torstrick, created the agency in Lexington in 1967.

Founded in 1983 and headquartered in Northumberland, Pa., KIG is owned by its employees and franchise partners in Pennsylvania, North Carolina, Virginia, Indiana, Ohio and Kentucky. Each partner is an independent agency. With premiums exceeding $1 billion, KIG is sixth on Insurance Journal’s 2009 list of Top 100 Privately-Held Property/Casualty Agencies.

Florida Doctors, Physicians Preferred

Florida Doctors Insurance Co. has completed a merger and acquisition of Physicians Preferred Insurance Co. (PPIC), which Florida Doctors said makes it the fourth largest admitted writer of physicians and surgeons medical professional liability insurance in Florida.

The transaction has received the approval of the Florida Office of Insurance Regulation.

In a related transaction, FLDIC also acquired Physicians Preferred Insurance Management, LLC, which served as the managing general agency for PPIC.

FLDIC is the endorsed carrier of the Hillsborough and Pinellas County Medical Associations, the Employers Community Network, and Flagler Hospital.

PPIC was originally established as an insurance reciprocal in the fall of 2004. It was converted to a stock company on Jan. 1, 2008.

PPIC insures 1,500 physicians and surgeons in Florida and is the endorsed carrier of the Florida Osteopathic Medical Association, the Florida Society of General Surgeons, the Central Florida Medical Affiliates, the Pinellas County Osteopathic Medical Society, and the Tampa Bay Provider Group.

Florida Peninsula, Edison Insurance

Boca Raton-based Florida Peninsula Holdings has agreed to acquire another Florida property insurer, Edison Insurance Group, including its two subsidiaries, Edison Insurance Co. and Edison Insurance Underwriters.

The company said regulators approved the deal on Dec. 31 but it will take another 30 days or so before it closes. Terms were not disclosed.

The acquisition includes about 25,000 Edison policies that will now become part of Florida Peninsula Insurance Co. Current Edison customers will not see any changes in their policies, independent insurance agent or Edison contact numbers. Their Edison policies will continue to remain in full force.

Edison’s president David Howard will be joining Florida Peninsula, along with several claims department personnel.

Edison Insurance Co., which started in 2006 and is headquartered in St. Petersburg, will become part of the Florida Peninsula group of companies.

Florida Peninsula opened in 2005 and now has about 120,000 homeowners, renters and condominium unit policyholders. It has relationships with about 2,500 independent agents.

Lewis & Clark, Sophia Palmer

Atlanta-based Lewis & Clark LTC RRG, Inc., a nationwide provider of liability insurance to long-term care facilities, has merged with Sophia Palmer Nurses RRG, Inc. of Florida.

Sophia Palmer RRG was established in 2006 to provide nurses in Florida with professional liability coverage that was not available in the traditional market. As a result of the merger, availability of coverage will be extended to nurses in 48 states served by Lewis & Clark and coverage will be open to additional professional classes of allied healthcare providers and facilities. Existing policies will be converted to Lewis & Clark at renewal so medical practitioners covered by existing policies will not need to take any action.

CAIC Holding, Main Street America

Houston-based CAIC Holding Co. Inc. (CAIC) has sold its surety division to property/casualty insurance carrier The Main Street America Group, based in Jacksonville, Fla.

The firms said the agreement is effective Jan. 4, 2010. Terms were not disclosed.

Luis Bordes, CAIC president, said his company decided to withdraw from the Texas surety business to concentrate on expansion of its personal lines division.