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Hawaii hurricane insurer acquired

Zephyr Insurance and its parent company will be purchased by Florida-based Heritage Insurance Holdings Inc., in a deal valued at close to $120 million.

The companies announced a definitive agreement for the acquisition this morning. The all-cash transaction is expected to close in the fourth quarter of this year, subject to regulatory and other approvals.

Zephyr’s share of the wind-only insurance market is estimated at about 30 percent, in a statement released by Heritage today.

“The acquisition creates significant reinsurance synergies and enables us to expand into an attractive geographic market,” said Bruce Lucas, chairman and CEO of publicly traded Heritage.

Zephyr has written wind-only insurance coverage for residential and commercial policyholders since 2000, according to the announcement.

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