From Yahoo Finance: 2025-04-02 10:53:00

American Coastal Insurance has sold its subsidiary, Interboro Insurance Company, to Forza Insurance for approximately $26.4m in cash. This marks American Coastal’s exit from personal lines insurance to focus on commercial specialty property. Interboro, established in 1914, operates in New York and other states, offering homeowners insurance. The final purchase price will be confirmed in 30 days based on Interboro’s equity. The transaction was facilitated by Raymond James & Associates and legal counsel was provided by Debevoise & Plimpton.

Forza Insurance, founded in 2021, aims to source capital for strategic investments. The acquisition of Interboro is expected to enhance Forza’s property insurance portfolio, which includes SureChoice Underwriters Reciprocal Exchange and Elevate Reciprocal Exchange. American Coastal’s President and CEO, Brad Martz, stated that the sale of Interboro aligns with the company’s strategic transformation into a specialty insurer focused on commercial residential property insurance.



Read more at Yahoo Finance: American Coastal Insurance concludes sale of Interboro to Forza