Newspaper article The Florida Times Union

Morning Briefs

Newspaper article The Florida Times Union

Morning Briefs

Article excerpt

STATE REGULATOR PLANS TO REJECT RATE HIKE FILINGS

The Florida Office of Insurance Regulation said Tuesday it intends to reject recent rate filings from Cincinnati Insurance Cos. and Home Pointe Insurance Co.

Cincinnati Insurance Cos. and Home Pointe Insurance Co. requested statewide average rate increases of 78.9 percent and 92.4 percent for their respective homeowner's programs.

The Cincinnati filing impacts 12,967 policyholders in Florida and planned to go into effect March 1 for new and renewal business. Home Pointe's filing affects 21,899 policyholders and was planned to go into effect Thursday. The insurers can now request an administrative hearing, arbitration or modify its current filing.

Urvaksh Karkaria/The Times-Union

FPIC SELLS ITS INSURANCE MANAGEMENT OPERATIONS

FPIC Insurance Group Inc. announced late Monday that it sold its New York-based insurance management operations for $40 million in cash to AJB Ventures Inc.

The Jacksonville-based medical malpractice insurer said the relative size and strategic importance of that business, in comparison with its insurance underwriting operations, had diminished and it was able to sell the business at attractive terms.

FPIC will recognize an after-tax gain of about $12.5 million from the sale in the third quarter.

Mark Basch/The Times-Union

WEBSITE PROS PICK UP TWO INTERNET COMPANIES

Jacksonville-based Website Pros Inc., which provides Internet development services for businesses, announced two acquisitions late Monday.

Website Pros acquired the assets of Experts.com, an online lead generation marketplace for contractors and homeowners that generated $4.1 million in revenue last year. Website Pros will pay $7 million to $8 million in cash and issue 277,496 shares of its stock to buy Experts.com.

The company also acquired the assets of 1ShoppingCart. …

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