A new property and casualty insurance company has been created as part of a strategic partnership between a Florida and Japanese insurer as a way to reach new markets.
According to a statement, Florida’s UPC Insurance has teamed up with Tokio Marine Group – a multinational insurance company headquartered in Japan – to create the new Journey Insurance Company.
Journey will initially focus on offering homeowners and commercial residential property insurance in Florida, Texas and South Carolina.
The Florida Office of Insurance Regulation has recently approved Journey as a Florida domiciled property and casualty insurance company. UPC owns 66 percent of Journey, while Tokio subsidiary R.J. Kiln & Co. owns 33.3 percent.
“Journey marks the fifth insurance company in the UPC family, and the first to be rated by A.M. Best,” said Jonh Forney, UPC president and CEO.
“We’re thrilled to be able to launch this new partnership with Tokio Marine and we appreciate their support. Journey gives us an exciting new way to grow our business in key markets by serving customers and distribution channels we previously could not reach. We can’t wait to get started.”