American Coastal Insurance Corporation (ACIC), a property and casualty insurance holding company, has completed the sale of its personal lines subsidiary, Interboro Insurance Company, to Forza Insurance Holdings, LLC.
ACIC first announced the sale of New York-based Interboro in May 2024, marking the completion of the run-off of its personal lines portfolio.
The company received approximately $26.4 million in cash from Forza, based on the estimated generally accepted accounting principles (GAAP) equity of Interboro as of the closing date.
The final purchase price will be reconciled within approximately 30 days, based on Interboro’s finalised GAAP equity as of April 1, 2025.
Brad Martz, President & Chief Executive Officer at ACIC, said, “The sale of Interboro formally completes our strategic transformation into a specialty insurer focused on underwriting commercial residential property insurance. All of our capital and human resources are now fully focused on our core business, and we expect our market leadership will continue to drive exceptional value for our shareholders.”
Raymond James & Associates served as ACIC’s exclusive financial advisor, while Debevoise & Plimpton LLP provided legal counsel for the transaction.
