American Coastal Insurance Corporation Announces the Sale of its Personal Lines Subsidiary, Interboro Insurance Company
American Coastal Insurance (NASDAQ: ACIC) has completed the sale of its personal lines subsidiary, Interboro Insurance Company (IIC), to Forza Insurance Holdings for approximately $26.4 million in cash. The transaction, which closed on April 1, 2025, is based on IIC's estimated GAAP equity as of the closing date, with a final purchase price reconciliation expected within 30 days.
This strategic divestment marks ACIC's transformation into a specialized insurer focused exclusively on commercial residential property insurance. The company aims to strengthen its market leadership in this core business segment, with all capital and human resources now fully dedicated to this focus area.
American Coastal Insurance (NASDAQ: ACIC) ha completato la vendita della sua controllata nel settore delle linee personali, Interboro Insurance Company (IIC), a Forza Insurance Holdings per circa 26,4 milioni di dollari in contante. La transazione, chiusa il 1 aprile 2025, si basa sull'equità GAAP stimata di IIC alla data di chiusura, con una riconciliazione finale del prezzo di acquisto prevista entro 30 giorni.
Questa dismissione strategica segna la trasformazione di ACIC in un assicuratore specializzato, focalizzato esclusivamente sull'assicurazione per proprietà residenziali commerciali. L'azienda punta a rafforzare la sua leadership di mercato in questo segmento di business fondamentale, con tutte le risorse finanziarie e umane ora completamente dedicate a quest'area di focus.
American Coastal Insurance (NASDAQ: ACIC) ha completado la venta de su subsidiaria de líneas personales, Interboro Insurance Company (IIC), a Forza Insurance Holdings por aproximadamente $26.4 millones en efectivo. La transacción, que se cerró el 1 de abril de 2025, se basa en el capital GAAP estimado de IIC a la fecha de cierre, con una reconciliación final del precio de compra esperada dentro de 30 días.
Esta desinversión estratégica marca la transformación de ACIC en un asegurador especializado centrado exclusivamente en el seguro de propiedad residencial comercial. La empresa tiene como objetivo fortalecer su liderazgo en el mercado en este segmento de negocio central, con todos los recursos de capital y humanos ahora completamente dedicados a esta área de enfoque.
아메리칸 코스탈 인슈어런스 (NASDAQ: ACIC)는 개인 보험 자회사인 인터보로 인슈어런스 컴퍼니(IIC)를 포르자 인슈어런스 홀딩스에 약 2640만 달러에 현금으로 매각했다고 발표했습니다. 이 거래는 2025년 4월 1일에 종료되었으며, 종료일 기준으로 IIC의 추정 GAAP 자본에 기반하고 있으며, 최종 매입 가격 조정은 30일 이내에 이루어질 예정입니다.
이번 전략적 매각은 ACIC가 상업용 주택 보험에만 집중하는 전문 보험사로의 변화를 의미합니다. 회사는 이 핵심 사업 부문에서 시장 리더십을 강화하는 것을 목표로 하며, 모든 자본 및 인적 자원이 이제 이 집중 분야에 완전히 전념하고 있습니다.
American Coastal Insurance (NASDAQ: ACIC) a achevé la vente de sa filiale dédiée aux lignes personnelles, Interboro Insurance Company (IIC), à Forza Insurance Holdings pour environ 26,4 millions de dollars en espèces. La transaction, qui a été finalisée le 1er avril 2025, est basée sur l'équité GAAP estimée de l'IIC à la date de clôture, avec une réconciliation finale du prix d'achat prévue dans les 30 jours.
Cette cession stratégique marque la transformation d'ACIC en un assureur spécialisé se concentrant exclusivement sur l'assurance des biens résidentiels commerciaux. L'entreprise vise à renforcer sa position de leader sur le marché dans ce segment d'activité clé, avec tous les capitaux et ressources humaines désormais entièrement consacrés à ce domaine d'activité.
American Coastal Insurance (NASDAQ: ACIC) hat den Verkauf seiner Tochtergesellschaft für Privatlinien, der Interboro Insurance Company (IIC), an Forza Insurance Holdings für etwa 26,4 Millionen Dollar in bar abgeschlossen. Die Transaktion, die am 1. April 2025 abgeschlossen wurde, basiert auf dem geschätzten GAAP-Eigenkapital von IIC zum Zeitpunkt des Abschlusses, wobei eine endgültige Kaufpreisanpassung innerhalb von 30 Tagen erwartet wird.
Diese strategische Veräußerung markiert die Transformation von ACIC zu einem spezialisierten Versicherer, der sich ausschließlich auf die gewerbliche Wohnimmobilienversicherung konzentriert. Das Unternehmen strebt an, seine Marktführerschaft in diesem Kernsegment zu stärken, wobei alle Kapital- und Humanressourcen nun vollständig auf diesen Fokusbereich ausgerichtet sind.
- Received $26.4 million in cash from sale of Interboro Insurance Company
- Strategic focus transformation to specialized commercial residential property insurance
- Complete allocation of capital and resources to core business
- Reduction in business diversification by exiting personal lines insurance segment
ST. PETERSBURG, Fla., April 01, 2025 (GLOBE NEWSWIRE) -- American Coastal Insurance Corporation (Nasdaq Ticker: ACIC) (“the Company”, “American Coastal” or “ACIC”), the insurance holding company of American Coastal Insurance Company (“AmCoastal”), announced today that it has completed the previously announced sale of Interboro Insurance Company (“Interboro” or “IIC”) to Forza Insurance Holdings, LLC (“Forza”).
The Company received approximately
“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.” said Brad Martz, President & Chief Executive Officer.
Raymond James & Associates acted as exclusive financial advisor to American Coastal and Debevoise & Plimpton LLP served as legal counsel to American Coastal in connection with this transaction.
About American Coastal Insurance Corporation:
American Coastal Insurance Corporation (amcoastal.com) is the holding company of the insurance carrier, American Coastal Insurance Company, which was founded in 2007 for the purpose of insuring Condominium and Homeowner Association properties, and apartments in the state of Florida. American Coastal Insurance Company has an exclusive partnership for distribution of Condominium Association properties in the state of Florida with AmRisc Group (amriscgroup.com), one of the largest Managing General Agents in the country specializing in hurricane-exposed properties. American Coastal Insurance Company has earned a Financial Stability Rating of “A”, Exceptional’ from Demotech, and maintains an “A-” insurance financial strength rating with a Stable outlook by Kroll. ACIC maintains a ‘BB+’ issuer rating with a Stable outlook by Kroll.
Contact Information:
Alexander Baty
Vice President, Finance & Investor Relations, American Coastal Insurance Corporation
investorrelations@amcoastal.com
(727) 425-8076
Karin Daly
Investor Relations, Vice President, The Equity Group
kdaly@equityny.com
(212) 836-9623
FAQ
How much did ACIC receive for the sale of Interboro Insurance Company?
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