American Coastal Insurance Finalizes Sale of Interboro to Forza

American Coastal Insurance has completed the sale of its subsidiary, Interboro Insurance Company, to Forza Insurance.

The deal, first announced in May 2024, was settled for approximately $26.4m in cash on Interboro’s preliminary GAAP (generally accepted accounting principles) estimated equity as of the closing date.

The transaction marks American Coastal’s exit from personal lines insurance, and the company will now focus on its commercial specialty property portfolio.

Established in 1914, Interboro operates in New York through a network of over 450 independent brokers.

The company provides homeowners insurance in New York and is also licensed to operate in South Carolina, Louisiana, Alabama, and Washington, DC.

The final purchase price will be adjusted and confirmed within the next 30 days, based on the finalized GAAP equity of Interboro as of April 1, 2025, the company added.

Brad Martz, President and CEO of American Coastal Insurance Corporation, said: “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 dedicated to our core business, and we expect our market leadership will continue to drive exceptional value for our shareholders.”

The transaction was facilitated by Raymond James & Associates, which acted as the financial advisor to American Coastal, while legal counsel was provided by Debevoise & Plimpton.

Forza Insurance, founded in 2021, aims to source capital for strategic investments to promote growth within its portfolio of insurance companies and deliver returns for its investors.

The acquisition is expected to enhance Forza’s existing property insurance portfolio, which includes SureChoice Underwriters Reciprocal Exchange and Elevate Reciprocal Exchange.

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