Greenberg Traurig shareholder Fred Karlinsky helped launch Heritage Insurance Holdings Inc. when the company started operations in 2012 and has represented the insurer on many matters since.
When the Clearwater-based property and casualty insurer set its sights on acquiring a Hawaiian insurer, Karlinsky and a team of lawyers at the firm were called on again to get the deal done.
The $134 million cash transaction closed March 21, six months after Heritage announced it had agreed to buy Zephyr Acquisition Co. and its subsidiary, Zephyr Insurance Co. The amount is about $14 million more than projected in the September announcement because Zephyr had higher-than-expected earnings in the second half of 2015 and the first quarter of 2016, the companies said in a news release.
"Heritage was looking for diversification," Karlinsky said. "Hawaii windstorm is the ultimate diversification."
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Karlinsky is co-chair of Greenberg Traurig's insurance regulatory and transactions group. Other members of the Fort Lauderdale-based team representing Heritage in the acquisition are shareholders Stanley "Stash" Jacobs, a corporate and securities attorney; Richard Fidei, who focuses his practice on insurance regulatory and compliance matters; and Bruce March, deputy chair of the global corporate and securities practice. Andromeda Monroe, an insurance regulatory senior attorney, and corporate and securities associates Reggie Zachariah and Julie Morgan also worked on the deal.
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