Hermitage-based Lexon Insurance has signed a definitive stock purchase agreement to buy Florida-based Peninsular Insurance.

Under the terms of the agreement, Lexon will acquire all the of Peninsular Surety and the latter will become a Lexon's wholly owned indirect subsidiary following the regulatory approval by the state of Florida.

Lexon president and CEO David Campbell said that the acquisition of Peninsular enables immediate entrance for the Lexon into the Florida Bail Bond market.

Lexon's Bail and Immigration vice president Andrew Renshaw will serve as the incoming president of Peninsular Insurance.

Renshaw as well as chairman Tom Dieruf, vice president and general counsel Peter Balistrieri, treasurer/secretary Gregory Lauer and Matthew Semeraro will serve as the board of directors.