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21st Century Holding plans to buy Tampa insurer Homewise

After rebuffing an acquisition bid by one Tampa Bay company, home insurer 21st Century Holding Co. has gone on the offensive in the bay area.

Lauderdale Lakes-based 21st Century said Tuesday it has signed an agreement to buy Homewise Holdings Insurance, a Tampa-based insurer with about $38 million in written premiums in 2009.

The acquisition includes a renewal rights agreement to acquire certain policies from Homewise Preferred Insurance Co. The Homewise Preferred unit earlier was identified as one of the most leveraged insurers in Florida. Its parent reportedly planned to shut the subsidiary down and incorporate policies in Homewise Insurance.

Financial terms were not disclosed for the deal, which is expected to close before June 1.

Last year, Clearwater-based Homeowners Choice Inc. offered to buy 21st Century for about $42 million in cash and stock but was turned down.

21st Century Holding plans to buy Tampa insurer Homewise 03/23/10 [Last modified: Wednesday, March 24, 2010 1:24pm]
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