Lilypad Insurance Holdings has closed the deal to buy Florida-based Centauri Specialty Insurance Company and Centauri National Insurance Company from Applied Underwriters.

The deal, announced earlier this year, was completed after securing all relevant regulatory clearances.

Financial terms of the transaction remain undisclosed.

This move enhances Lilypad foothold in the coastal property insurance market.

The company was founded this April by Arbol with the aim of meeting the specific insurance needs of coastal homeowners.

It signed a deal to acquire Centauri after identifying synergistic opportunities.

Announcing its launch, Lilypad stressed that its establishment is crucial at a time when a growing number of insurers are retreating from states such as Florida, California and Louisiana in the wake of the increasing frequency of natural disasters. 

Centauri, founded in 2011 by Ricardo Espino, offers P&C insurance products.

Espino, Lilypad Insurance president, said: “This move underscores our commitment to enhancing our presence in key markets and building upon Centauri’s strong foundation.

“We look forward to continuing to provide superior service to policyholders and leveraging our expanded capabilities to benefit our valued agency partners.”

The acquisition will not disrupt Centauri’s services, as Lilypad is committed to preserving Centauri’s existing products and operational standards.

Centauri has a presence in various US states including Alabama, Florida, Hawaii, Louisiana, Mississippi, South Carolina and Texas.

Lilypad Insurance COO Traci Stillwagon said: “The acquisition aligns with our strategic growth and market leadership objectives, and we are confident in the opportunities it presents for all stakeholders involved.”