American Coastal Insurance Announces The Sale Of 100% Of The Issued And Outstanding Stock Of Interboro Insurance To Forza Insurance; Financial Terms Of The Transaction Not Disclosed
Portfolio Pulse from Benzinga Newsdesk
American Coastal Insurance Corporation (ACIC) has agreed to sell 100% of Interboro Insurance to Forza Insurance. The sale is pending approval from the New York Department of Financial Services and marks the completion of ACIC's run-off of its personal lines portfolio, allowing it to concentrate on its commercial specialty property portfolio. Additionally, Interboro and SageSure have signed service agreements for policy and claims administration.
May 09, 2024 | 9:31 pm
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ACIC sells Interboro Insurance to Forza, allowing focus on commercial specialty property portfolio. Pending regulatory approval.
The sale of Interboro Insurance to Forza allows ACIC to divest from its personal lines portfolio and concentrate on the more lucrative commercial specialty property sector. This strategic move is likely to be viewed positively by investors as it aligns with ACIC's growth objectives. The transaction's success is contingent upon regulatory approval, which introduces a degree of uncertainty. However, the announcement of this sale and the focus on a fast-growing sector are likely to have a positive short-term impact on ACIC's stock price.
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