Lexon Insurance Company Announces Acquisition Agreement with Peninsular Insurance Company
HERMITAGE, Tenn., June 13, 2012 /PRNewswire/ -- Lexon Insurance Company today announced their entry into a definitive stock purchase agreement providing for the acquisition of all shares of Peninsular Surety Company. Pending expectant regulatory approval by the state of Florida, Peninsular Surety Company will soon be a wholly owned indirect subsidiary of Lexon.
Lexon's President and CEO David Campbell notes that, "Lexon Insurance Company's acquisition of Peninsular provides immediate entrance into the important Florida Bail Bond market. In addition, from a portfolio perspective, the existing operations provide a good yield on our investment."
Andrew Renshaw, Lexon's Vice President of Bail and Immigration, will serve as the incoming President of Peninsular Insurance Company. Mr. Renshaw, along with Tom Dieruf (Chairman), Peter Balistrieri (VP and General Counsel), P. Gregory Lauer (Treasurer/Secretary) and Matthew Semeraro will serve as the Board of Directors.
About Lexon Insurance Company
Lexon Insurance Company is a privately held company specializing in the business of surety bonds.
As a full-service surety bond company, Lexon writes Contract Surety Bonds, Platt/Off-Site/Subdivision Surety Bonds, Commercial - License, Permit and Miscellaneous Surety Bonds, Court - Civil and Probate Surety Bonds, Fidelity Surety Bonds and Environmental Surety Bonds for individuals and companies of all sizes.
Lexon Insurance Company
256 Jackson Meadows Dr.
Hermitage, TN 37076 USA
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