Florida Insurance Agent Pleads Guilty in $300,000 Premium Finance Scheme

A Florida insurance agent faces years in prison after he pleaded guilty to fraudulently arranging more than $300,000 in premium financing for fake companies, then diverting much of the money to his personal use.

Daniel Raney, 41, who managed Raney Insurance and Raney Ventures in Pensacola, was arrested in August after the premium finance company, AFCO Direct, became suspicious, according to the arrest affidavit.

The associate general counsel with AFCO filed a complaint with the Florida Department of Financial Services in June 2024, after installment payments on the premium finance loan had stopped, an investigator with DFS explained. The purported insurance coverage was from Lloyd’s of London for two local businesses that did not exist, the affidavit explained.

Raney also allegedly diverted $38,588 in payments from a legitimate local business for an insurance audit on a general liability policy, the Escambia County Circuit Court records show.

Raney has not been sentenced but could face less than seven years in prison. A plea agreement dropped three charges, which reduced the maximum prison time.

DFS records show Raney held property-casualty and surplus lines producer licenses as early as 2007. Those licenses have been suspended. He was once appointed with multiple national property insurers but was not actively appointed with any carriers.