Aloha: Insurance firm officially enters Hawaii

CLEARWATER — Heritage Insurance Holdings Inc., a property and casualty insurance holding company, has established its presence in Hawaii.

The Clearwater-based firm completed its acquisition of Zephyr Acquisition Co. and Zephyr Insurance Co. for $134 million, according to a statement. The price comes in about $14 million higher than the original price, the statement says, because Zephyr reported higher earnings in the second half of 2015 and first quarter of 2016.

“The acquisition of Zephyr is a major step in our diversification process,” says Bruce Lucas, chairman and CEO of Heritage. “Zephyr will add over $60 million of voluntary premium to our book and add strategic diversification to our platform.”