American Coastal announces the sale of Interboro
American Coastal Insurance Corporation, the insurance holding company of Interboro Insurance Company, a New York domiciled insurance company, has signed definitive agreements with Forza Insurance Holdings 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 commercial specialty property portfolio.
Concurrently, Interboro and SageSure entered into a program administrator agreement and a claims services agreement. Under the terms of these service agreements, SageSure will provide policy administration, underwriting and claims administration services on behalf of Interboro.
Once closed, the acquisition of Interboro will further diversify Forza’s portfolio of property insurance companies, which currently includes SureChoice Underwriters Reciprocal Exchange and Elevate Reciprocal Exchange, both with a geographic focus in the Gulf and Southeast.
Interboro writes homeowners insurance in New York through a network of over 450 independent brokers. Interboro is also licensed to write business in South Carolina, Louisiana, Alabama, and Washington, D.C. In 2023, the company generated $34 million in written premiums.
“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.” – Brad Martz, President of American Coastal.
“Interboro is a longstanding, reliable writer of homeowners business in New York, a natural addition to Forza’s holdings. We look forward to welcoming new associates from Interboro and to developing and growing our resilient portfolio that continues to expand our strategic partnership with SageSure.” – Travis Lewis, Executive Chairman of Forza.
