New Jersey-based World Insurance Associates has acquired Volaris Insurance Group of Tampa.
World Insurance, one of the larger brokerages in the United States, said in a statement that Volaris will expand the broker’s presence in Florida. Volaris provides business insurance, including trucking and cell tower coverage.
Elizabeth Vargas, unit leader of Volaris, said the firm’s products also include workers’ compensation, bonds, general liability and more. Terms of the deal were not disclosed.
World Insurance, headquartered in Iselin, New Jersey, said it has completed more than 175 acquisitions since it was founded in 2011.
Kin Expands with Reciprocal Exchange
Kin, which calls itself a direct-to consumer home insurance company, has expanded into rapidly growing but storm-vulnerable South Carolina through a new reciprocal exchange program, the company announced.
Demotech, a national financial rating firm, has granted the exchange an “A Exceptional” rating, Kin said in a news release. South Carolina is the first state in which Kin is offering coverage through the exchange program. The exchange is regulated like other property insurance companies but is owned by Kin customers, the company said.
Kin, with corporate offices in St. Petersburg, Florida, and Chicago, has said it does not utilize insurance agents, but interacts directly with homeowners. The firm uses property records, permit data, aerial imagery and other data to customize HO policies.
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