Florida’s Edison Insurance Reborn with New Management

Florida homeowners’ insurers Edison Insurance Co. is being relaunched with new management and coverage options almost five years after its business was taken over by another insurer.

The company said it plans to begin offering homeowners’ and condominium unit owner policies in Florida on November 3, 2014.

Edison, originally headquartered in St. Petersburg, Florida, was purchased by Boca Raton-based Florida Peninsula Insurance Co. (FPI) in January of 2010. Subsequently, all Edison policies were transferred to Florida Peninsula.

Edison sat dormant while management developed a new program.

Under the new management plan, instead of offering only standard coverage and one premium, Edison will display a variety of coverage each time a quote is requested. The customer and agent can then select from one of the coverage options and further customize the quote before binding.

The company said it will now share the same managing general agency (MGA) and management team as Florida Peninsula Insurance Co. where Paul Adkins is chairman; Roger Desjadon, CEO; and Francis Lattanzio, CFO.

The new Edison said it has $20 million in capital and maintains a reinsurance program backed by reinsurer rated “A” or better. Edison has received a Financial Stability Rating of A-Exceptional from Demotech.

Edison said it does not plan to participate in the Citizens takeout program. Instead, the company will market its homeowners and condominium unit owners insurance through professional insurance agents.