The Florida Peninsula Insurance family of companies has closed on $70 million of senior credit facilities.
Leading the transaction was Regions Bank, followed by Synovus who was the joint lead arranger,
The facilities consisted of a $40 million term loan, a $20 million delayed draw term loan, and a $10 million line of credit.
$40 million of the loan was allocated to refinance a previous senior credit facility and subordinated notes. The delayed draw term loan will fund growth in Florida Peninsula and its wholly owned subsidiary Edison Insurance Company.
Together, both Florida Peninsula and Edison insure over 186,000 policyholders throughout Florida with $670 million in GWP.
Both firms are among the various few insurers in Florida with positive income in both 2021 and 2022, even after Hurricane Ian and other recent storm events.
Gary Cantor, Chief Financial Officer of Florida Peninsula, said: “We are pleased that this refinance lowers our borrowing costs and consolidates our loans under one senior credit facility. The additional $30 million will be drawn over the next 18 months to help fund planned policy and premium growth. We appreciate the opportunity to collaborate with Regions Bank and the new corporate and investment banking group at Synovus as we advance our business plan and work to continue differentiating our company in the Florida Homeowners market.”
Additionally, Leo Loughead, head of the Financial Services Group at Regions, said that the financial services provided by the bank reflect Regions’ strategic and consultative approach toward client service.
“At Regions, we are committed to leveraging our industry experience and financial insights to deliver customized financial solutions,” he said.
“Every day, our bankers are working to support both short-term and long-term business growth goals for clients across Florida and beyond. The result is our clients can, in turn, benefit from strategic financial guidance and solutions that are backed by teams of professionals who are focused on clients’ success.”
Jeff Nicolosi, head of the financial institutions group at Synovus, added: “Synovus is thrilled to partner with Florida Peninsula and Regions on this important transaction. This deal highlights the capital and strategic advice our corporate and investment banking team, which includes the financial institutions group, can deliver for high growth clients throughout the southeast and across the nation.”
