Corporate Report

Corporate Report

Poe Financial Group

companies face liquidation

A trio of property insurers operating as units of Tampa-based Poe Financial Group is facing being forced into liquidation by a state court through a petition being brought by Tom Gallagher, Florida's chief financial officer.

Gallagher's office asked the court to sign the order May 9, saying the insurers - Southern Family, Atlantic Preferred and Florida Preferred - have refused to consent to liquidation, which "drains company resources that should be directed to pay outstanding claims." If approved by the Leon County Circuit Court, the state's Department of Financial Services would be appointed the receiver for the three insurers in liquidation.

Southern Family primarily wrote commercial residential and personal residential coverage and covered about 43,000 policyholders. Atlantic Preferred and Florida Preferred together provided coverage to nearly 280,000 homeowners and condominium unit owners, mostly in South Florida, Gallagher states in a release.

Poe Financial Group is a unit of Daytona Beach-based Brown & Brown Inc., the nation's seventh-largest insurance broker.

Mercury Insurance Group

fined by state regulators

The Mercury Insurance Group's American Mercury and Mercury Insurance agreed to refund more than $2 million to their policyholders in Florida after an investigation from state regulators. The state's Office of Insurance Regulation found the companies improperly canceled coverage and denied claims.

In addition to refunds, the state ordered the two Clearwater-based companies to pay $1 million in fines and investigative costs. Its examination uncovered numerous violations, including canceling coverage when a claim is filed and improperly denying or avoiding payment on claims.

Miva plans $10 million

stock buyback

Fort Myers-based Internet marketer Miva announced plans to repurchase $10 million worth of its common stock between now and May 3, 2007.

Miva's stock (symbol MIVA) recently closed at $3.98. It has traded as high as $7.22 in the past year. The news came on the heels of the company's first-quarter results; it reported a net loss of $3.8 million on revenues of $44 million.

Pennsylvania bank opens

Fort Myers, Naples offices

First National Bank of Pennsylvania opened offices in Fort Myers and Naples, doubling its presence in Florida. The bank, a subsidiary of F.N.B. Corp., opened offices in Orlando and Sarasota in October. The offices operate as First National Bank.

The bank named J. Trent Byrd senior vice president in charge of the Naples office and Michael Kozak senior vice president in charge of the Fort Myers office. Both will report to longtime Sarasota banker Joseph Hudgins, executive vice president and Florida executive for First National Bank.

New communications firm

begins in Sarasota

Lyn Cassan, former manager of marketing communications for Sarasota Memorial Health Care System, opened a communications agency named Cassan & Co. LLC. The firm will focuses on marketing and business development.

USF Health Dermatology

receives gift of $2 million

Outback Steakhouse's co-founder Chris Sullivan gave a $2 million gift to the University of South Florida's Health Dermatology department. The gift will create The Neil Alan Fenske MD Dermatology and Cutaneous Surgery Chair at USF. The state plans to match the gift for a total endowment of $4 million.

SunTrust opens branch

in Bradenton's Sam's Club

Sam's Club and SunTrust bank are targeting small business owners by opening a location inside the Bradenton Sam's Club on State Road 70. The first SunTrust branch in a Sam's Club opened April 24 in Chesapeake, Va.

In addition to a small business marketing focus, the branch will feature space available for business meetings and extended hours of operations. With the partnership, SunTrust, the third-largest bank in Florida, says it's looking to raise its visibility in the Florida market.

Mining company closing

plants in Polk county

Plymouth, Minn.-based The Mosaic Co. is closing its phosphate mining operations and two fertilizer plants in Polk County by the end of 2006. Mosaic will close its fertilizer plant in Bartow and Mulberry and its mine in Bradley. The company said more than 700 employees would lose their jobs. Mosaic is looking to save between $130 million to $150 million a year after the plant closings.

Venice's young professionals

start group of their own

The Venice Area Chamber of Commerce and young professionals in the Venice area have teamed up to start the Venice Area Young Professionals group. The group will focus on issues that relate to young professionals between the ages of 21 and 40.

SKY Sotheby starts two new divisions

Sarasota-based SKY Sotheby's International Realty formed two new business divisions: new homes and commercial real estate. The new homes division will be headed by company CEO Brandyn Herbold and the commercial real estate division will be led by company President Chad Roffers.

The company's first project under the new homes division is Valencia, located in the Burns Square area of Sarasota. Developed by Paradise Communities (Safety Harbor), the project consists of 24 condominium residences, starting from about $900,000 each.

Since the formation of the commercial division in April, the company says its completed real estate transactions on several commercial properties have totaled more than $27 million.  

OFFICE OPENINGS

• Bright House Networks moved to 1166 8th Ave. W. in Palmetto.

• BankUnited opened its first branch in Sarasota County at 6511 S. Tamiami Trail.

ETC...

• 82 Degrees Tech appointed Bob Leonard of Bolen Communications as its creative agency and public relations consultant.

• Kerkering, Barberio & Co. PA launched an updated Web site, www.kbgrp.com. 

• Neal Communities launched its new Web site, www.nealcommunities.com., designed by GravityFree.

• Fawley Bryant Architects Inc. launched its new Web site, www.fawley-bryant.com, designed by Digital Three Studios.