American Coastal Insurance has signed definitive agreements to sell its subsidiary, Interboro Insurance, to Forza Insurance Holdings.
The financial terms of the transaction were not disclosed.
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Interboro, a New York-based insurer established in 1914, operates through more than 450 independent brokers.
It writes homeowners insurance in New York and is also licensed in South Carolina, Louisiana, Alabama and Washington, DC.
The transaction marks American Coastal’s exit from personal lines insurance and the company will now concentrate on its commercial specialty property portfolio.
In conjunction with the sale, Interboro has entered into service agreements with independent managing general agent (MGA) SageSure for policy administration, underwriting and claims management.
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By GlobalDataForza’ acquisition of Interboro is expected to diversify its property insurance company portfolio, which includes SureChoice Underwriters Reciprocal Exchange and Elevate Reciprocal Exchange, both focusing on the Gulf and south-east regions.
American Coastal president Brad Martz said: “Interboro is a strong strategic fit for Forza and SageSure. We are incredibly pleased that we have found the right purchaser and programme administrator to continue Interboro’s 100+ year journey. Peter N Resnick, president of Interboro, and his talented team will complement the teams from Forza and SageSure and will be able to take Interboro to new heights.”
Forza executive chairman Travis Lewis said: “Interboro is a long-standing, reliable writer of homeowners business in New York, a natural addition to Forza’s holdings. We look forward to welcoming new associates from Interboro and to developing and growing our resilient portfolio that continues to expand our strategic partnership with SageSure.”
The deal’s finalisation is subject to approval from the New York Department of Financial Services.
Last month, SageSure agreed to acquire GeoVera Advantage Insurance Services to enhance its underwriting capabilities in earthquake risk and accelerate its market expansion.
