Lakewood Ranch insurance firm sold to coastal risk specialty insurer

A Lakewood Ranch property and casualty insurance company is being sold to a newly formed coastal risk specialty insurer.

Omaha, Nebraska-based Applied Underwriters, which owns Centauri Insurance, announced Thursday it would be selling the company to Lilypad Insurance. Lilypad is a subsidiary of Arbol Inc., which provides a climate-risk coverage platform.

Centauri Insurance, headquartered on Lakewood Ranch Boulevard and founded in 2006, provides catastrophe coverage and financial protection to clients in Alabama, Florida, Hawaii, Louisiana, Massachusetts, Mississippi, North Carolina, Oklahoma, South Carolina and Texas, with a particularly large footprint in Hawaii, according to a statement.