Tampa, FL, July 13, 2015 – Prepared Insurance Company (PIC) and Insurance Intermediaries Inc. (III) announced that the two companies have entered into a strategic partnership. The alliance is designed to support Prepared’s perpetuation plan into 5 states by tapping into the elite network of over 10,000 professional insurance agents that III has established nationwide. Stephanie Lee, President and COO of Prepared Insurance, believes the mutually beneficial agreement bodes well for the III network, placing their agents in a position of distinction and helping them grow their businesses with Prepared’s tailored insurance products. “Our partnership with III will help fast track our entry into targeted states and will also provide us with the advantage of their national expertise to identify additional opportunities for significant geographic expansion,” Lee said.
Prepared Insurance Company currently writes homeowners lines of business, exclusively in Florida. While coastal property risk management is a specialty for the leadership team at PIC, cutting the costs of reinsurance is vital for achieving sustainable growth. Florida accounted for 14% of all U.S. insured catastrophic losses from 1983 to 2013 and eight of the ten most costly hurricanes in U.S. history have impacted Florida. In general, geographically diverse insurance companies have more control over their reinsurance costs. Eric Gobble, Chairman and CEO of Prepared Insurance is looking forward to the relationship benefit as well, “As part of an overall strategy to lessen the expense of reinsurance, a multi-state approach is one of the first key steps a Florida domestic carrier can take. Having a multi-state platform with a trusted distribution network, that understands our risk appetite, further ensures that the cost of the risk can be minimized.”
Gary Baker, President of III, requires three wins before he will agree to partner with a carrier. The insurance customer, agency owner and insurance company must all benefit before a deal can be considered. “This trifecta win is the key to entering conversations,” said Gary. “But the real driver behind this strategic partnership is the ability to help our agents grow. With Prepared, we’re aligned with a company we can respect, which offers a product that will service customer needs.”
The strategic partnership will begin immediately and launch fully before year end.
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About Prepared Holdings, LLC (PHLLC)
Prepared Holdings, LLC (PHLLC) is the parent company in a consolidated group of companies writing personal homeowners’ lines of business. Prepared Insurance Company (PIC) is the primary operating company, headquartered in Tampa, Florida. Founded in 2009, the company reported total written premiums of $53.4M in 2014. For more information about Prepared Insurance Company, please visit the company website at www.preparedins.com.