American Coastal Insurance Corporation Announces the Sale of its Personal Lines Subsidiary, Interboro Insurance Company
American Coastal Insurance Corporation (ACIC)
Company Research
Source: GlobeNewswire
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 $26.4 million in cash from Forza based on the generally accepted accounting principles (“GAAP”) estimated equity of IIC as of the closing date. The Company and Forza will reconcile the purchase price within approximately 30 days, based on the finalized GAAP equity of IIC as of April 1, 2025. “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,
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