American Coastal Insurance Corporation has finalized the sale of Interboro Insurance Company to Forza Insurance Holdings, according to a statement issued by the company. The deal involves the transfer of 100% of the issued and outstanding stock of New York-based Interboro, but it is still contingent upon approval from the New York Department of Financial Services.
This transaction marks the end of American Coastal’s involvement in the personal lines insurance market, allowing the company to shift its focus towards expanding its commercial specialty property portfolio.
In related developments, Interboro and SageSure have secured a program administrator agreement and a claims services agreement, which were signed on May 9. Under these agreements, SageSure will handle policy administration, underwriting, and claims services for Interboro.
“Interboro is a strong strategic fit for Forza and SageSure. We are incredibly pleased that we have found the right purchaser and program 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,” AmCoastal president Brad Martz said.
The acquisition is set to broaden Forza’s portfolio of property insurance entities, which already includes SureChoice Underwriters Reciprocal Exchange and Elevate Reciprocal Exchange, both of which operate primarily in the Gulf and Southeast regions.
“Interboro is a longstanding, reliable writer of homeowners’ business in New York, a natural addition to Forza’s holdings,” Forza executive chairman Travis Lewis said, noting that the addition of Interboro’s team will support the expansion of the strategic partnership with SageSure.
The financial and legal aspects of the transaction were handled by Raymond James & Associates and Debevoise & Plimpton LLP for American Coastal, and Howden Capital Markets & Advisory and ACCEL Law Group for Forza.
