Florida Insurers Omega, Tower Hill Select to Merge into Tower Hill Signature
A proposed merger of Florida-based insurers Omega Insurance Co. and Tower Hill Select into Tower Hill Signature Insurance Co. has been approved by Florida regulators.
The Florida Office of Insurance Regulation approved the merger March 25 following a complete review, according to the consent order issued.
Tower Hill Signature Holdings, based in Florida, is owned 75.1% by Tower Hill Insurance Holdings, and 24.9% owned by RenaissanceRe Ventures, the OIR consent order states. Tower Hill Select and Omega are both stock property and casualty insurers authorized to transact property and casualty insurance in Florida and are both owned 100% by Tower Hill Signature, which will merge the two companies and become the sole surviving entity, the OIR order states.
The merging entities are part of the Tower Hill Group of companies that also include Tower Hill Preferred Insurance Co. and Tower Hill Prime Insurance Co. The group is among the largest residential insurers in Florida with more than 1.7 million policyholders in the state, according to the company website. It has written business in the state since 1972. Tower Hill is represented by more than 850 insurance agencies throughout the state, offering personal and commercial lines coverage.
The OIR consent order states that aside from the planned merger, there are no present plans or proposals to make any material changes to the company’s business operations.
Once the merger is completed, all issued and outstanding shares of Tower Hill Select and Omega will be cancelled and cease to exist. The consent order states that it will be deemed null and void if the mergers are not completed, or any other required regulatory approvals are not obtained, within 60 days of the order.
Formed in 2006 and managed by Tower Hill since 2009, Royal Palm Insurance Co. was purchased by a Tower Hill affiliate in January 2011. In May 2011, Royal Palm was renamed Tower Hill Signature Insurance Co., according to the company’s website.
Tower Hill acquired a majority interest in Omega in 2005 and most aspects of its business have been managed by Tower Hill since the companies first partnered in 1987.
Tower Hill Select was formed in 2004 to complement Tower Hill’s existing product offerings in Florida.