HSCM acquires majority stake in Florida insurer amid hardening market

Re/insurer Hudson Structured Capital Management (HSCM Bermuda) is acquiring a majority stake in Florida insurance carrier Southern Fidelity Insurance Company (SFIC) and its affiliated entities.

In exchange for its majority ownership stake, HSCM Bermuda will provide a capital injection into SFIC and take an active role in maintaining and expanding its footprint in the Florida, Louisiana and South Carolina homeowners’ insurance markets.

"2020 has been a challenging year for the Southeast homeowners’ insurers. As rates and the underwriting environment begin to improve, we are excited to support Southern Fidelity as they rebuild,” said Edouard von Herberstein, partner and chief underwriting officer – HSCM Bermuda.

James Graganella, chief executive officer of SFIC, said: “Southern Fidelity Insurance Company is proud to announce this new partnership with HSCM Bermuda. This alliance will strengthen Southern Fidelity’s position in the marketplace, and we look forward to continuing to serve our agents and policyholders.”