FORT LAUDERDALE, Fla. (PRWEB) November 22, 2017
Deerfield Insurance Holdings, Inc. (Deerfield Holdings) announced today that is has entered into a definitive agreement to sell Ashmere Insurance Company (AIC), a workers’ compensation specialty insurance company. Deerfield was founded by Fort Lauderdale serial entrepreneur, Steven M. Mariano in 2016 to be a leading next generation Workers Compensations Insurance carrier.
Based in Fort Lauderdale, Florida, AIC is a new workers compensation specialty insurance company focused on delivering expertise and high value services to the underserved market segment of rurally located low volume insurance producers. AIC transforms a complex line of commercial insurance into a fast, simple and accurate process that delivers affordable pricing to small commercial customers with preferred risk characteristics.
The sale is subject to closing conditions, including regulatory approval.
Steven M. Mariano, CEO of Deerfield Holdings stated, “As a long time entrepreneur and founder of this company, it is always rewarding to see something you built being recognized. With the deal terms including a meaningful capital contribution into surplus, Ashmere can build itself into a premier workers’ compensation specialty insurance carrier.”
About Ashmere Insurance Company
Ashmere Insurance Company was a new business in October 2016 started by a group of long-term insurance industry executives who desired to transform the relationship between small commercial workers compensation policy holders and their insurance company.
AIC’s business platform is two-fold: 1) to operate a disciplined underwriting model with imbedded predictive analytics that identifies and appropriately prices small accounts with preferred risk characteristics and 2) to operate the company so efficiently that access to the process and services can be delivered over a wide scale, including agents with smaller commercial insurance books of business.