Seibels Bruce Buys Into Florida Homeowners Company

The Seibels Bruce Group, Columbia, SC, says it has acquired a substantial ownership interest in QualSure Holding Corporation, a privately-held insurance holding company based in Sarasota, FL. As part of the investment, Seibels Bruce's subsidiary Catawba Insurance Company will offer its flood insurance products to consumers through QualSure's agents and QualSure will offer homeowners insurance through Seibels Bruce agents located in Florida.

Additionally, Seibels Bruce's subsidiary company, Insurance Network Services, Inc., will provide claim administration services to QualSure under an exclusive contract.

``This is an excellent partnership,'' said Tom Savage, president and chief executive officer of Seibels Bruce. ``With this investment, we are enhancing our flood insurance and claim-related businesses while gaining access to a larger group of independent agents in Florida.''

At the completion of the first year of operation, QualSure's initial book of business is expected to total more than 90,000 homeowners' policies, including 83,000 taken out of the Florida Joint Underwriting Association and the Florida Windstorm Underwriting Association. QualSure also plans to write policies in the voluntary market through the independent agency system.

The Seibels Bruce Group is a provider of automobile, commercial lines and other property and casualty insurance products. In addition, the company receives fee-based income through the National Flood Insurance Program, various state-sponsored insurance plans and claim administration and other insurance services.