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American Coastal Insurance Corporation Announces the Sale of its Personal Lines Subsidiary, Interboro Insurance Company
ACICUnited Insurance(ACIC) GlobeNewswire·2025-04-01 20:15

Core Points - American Coastal Insurance Corporation has completed the sale of Interboro Insurance Company to Forza Insurance Holdings for approximately 26.4millionincashbasedonGAAPestimatedequityasoftheclosingdate[2][3]−ThesalemarksastrategictransformationforAmericanCoastal,allowingthecompanytofocusentirelyonunderwritingcommercialresidentialpropertyinsurance,enhancingitsmarketleadershipandshareholdervalue[3]FinancialDetails−ThecashreceivedfromForzaisapproximately26.4 million in cash based on GAAP estimated equity as of the closing date [2][3] - The sale marks a strategic transformation for American Coastal, allowing the company to focus entirely on underwriting commercial residential property insurance, enhancing its market leadership and shareholder value [3] Financial Details - The cash received from Forza is approximately 26.4 million, with a reconciliation of the purchase price expected within 30 days based on finalized GAAP equity as of April 1, 2025 [2] Company Background - American Coastal Insurance Corporation is the holding company for American Coastal Insurance Company, which specializes in insuring condominium and homeowner association properties in Florida [5] - The company has a partnership with AmRisc Group for the distribution of condominium association properties and has received a Financial Stability Rating of "A, Exceptional" from Demotech, along with an "A-" insurance financial strength rating from Kroll [5]