Qualsure Holding Corp. Acquires Sunshine State Insurance Company
For Immediate Release July 30, 2004 Sarasota, FL - QualSure Holding Corporation, parent of QualSure Insurance Corporation, a major writer of homeowners' insurance in Florida, has acquired Sunshine State Insurance Company (SSIC), John Lombardo, Chairman of the QualSure Holding Board, announced. The transaction closed recently following a Consent Order from the Florida Office of Insurance Regulation approving the transaction.
"Both QualSure Insurance Company and Sunshine State Insurance Company will continue to operate as subsidiaries of QualSure," Mr. Lombardo said. "The combination of Qualsure and Sunshine State will create a stronger presence in Florida, generate, enhance marketing opportunities, and open the door to new product development." Mr. Lombardo added that, "while Qualsure will move its headquarters to Ponte Vedra Beach, Florida, where SSIC now resides, it is intended also to continue a physical presence in Sarasota, Qualsure's current home city".
Mr. Lombardo said both companies will continue to support the independent agency system. "QualSure and Sunshine are represented by independent agents throughout the State, and we're strongly committed to them," he added.
Bruce Howson, Chief Executive Officer of Sunshine State, has been named President and Chief Executive Officer of QualSure Holding Corporation and all of its subsidiaries, Mr. Lombardo reported. "We're delighted with Bruce Howson's appointment as CEO. He has been very successful in establishing Sunshine State as one of the premier players in the Florida homeowners' market, and we're excited to have him at the helm."
Mr. Howson said, "I appreciate the confidence of QualSure shareholders and the Board in electing me to undertake this important role. Combining the two corporations under one holding company gives us a unique opportunity to utilize the management skills and financial resources of both to grow in Florida and enter new markets." He pointed out that Sunshine was recently licensed to do business in South Carolina and is planning to establish a presence in other states.
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