BOCA RATON, Fla., Jan. 24, 2023 (GLOBE NEWSWIRE) — The Florida Peninsula Insurance family of companies has closed on $70 million of senior credit facilities. Regions Bank led the transaction, and Synovus was a 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.
At closing, $40 million 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.
Florida Peninsula and Edison together insure over 186,000 policyholders throughout Florida with $670 million in Gross Written Premiums. Florida Peninsula and Edison are among the few insurers in Florida, with positive income in both 2021 and 2022, even after Hurricane Ian and other recent storm events. The company has maintained a Financial Stability Rating® of A- Exceptional from Demotech.
“We are pleased that this refinance lowers our borrowing costs and consolidates our loans under one senior credit facility,” said Gary Cantor, Chief Financial Officer of Florida Peninsula. “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.”
Leo Loughead, head of the Financial Services Group at Regions, said 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,” Loughead 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.”
“Synovus is thrilled to partner with Florida Peninsula and Regions on this important transaction,” said Jeff Nicolosi, head of the financial institutions group at Synovus. “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.”
ABOUT FLORIDA PENINSULA INSURANCE COMPANY
Founded by a team of veteran insurance professionals, Florida Peninsula Insurance Company is one of Florida’s top 10 largest companies offering multi-peril homeowners and flood insurance. The company has maintained a Financial Stability Rating® of A-Exceptional from Demotech. The company insures approximately 181,000 homes, condo and apartment units located throughout the state. Florida Peninsula markets through a network of 2,500 independent insurance agents. Our aim is to combine the latest technology with old-fashioned courtesy and customer service, providing efficient, cost-effective, peace-of-mind protection for our policyholders. Florida Peninsula was first issued a Certificate of Authority to do business in April 2005 by the Florida Office of Insurance Regulation. For more information or to get a comparison quote, please call (877) 229-2244 or visit our website at www.floridapeninsula.com
ABOUT REGIONS FINANCIAL CORPORATION
Regions Financial Corporation (NYSE:RF), with $158 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,300 banking offices and more than 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.
ABOUT SYNOVUS FINANCIAL CORPORATION
Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $59 billion in assets. Synovus provides commercial and consumer banking and a full suite of specialized products and services, including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, capital markets and international banking. Synovus has branches in Georgia, Alabama, South Carolina, Florida and Tennessee. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com, Twitter, Facebook, LinkedIn and Instagram.
Michelle Griffith or Don Silver