ACIC - Mergers and acquisitions

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 f

American Coastal Insurance Corporation (Nasdaq Ticker: ACIC) ("the Company", "American Coastal" or "ACIC"), the insurance holding company of Interboro Insurance Company ("Interboro"), a New York domiciled insurance company, announced today that it has signed definitive agreements with Forza Insurance Holdings, LLC ("Forza") in which ACIC will sell and Forza will acquire 100% of the issued and outstanding stock of Interboro. Closing is subject to the approval of the New York Department of Financial Services. The transaction completes the run-off of ACIC's personal lines portfolio and allows ACIC to focus on its fast-growing commercial specialty property portfolio. Concurrently, Interboro a