By Michael Loney

April 1 - (The Insurer) - Florida carrier American Coastal Insurance Corporation has completed the previously announced sale of its Interboro Insurance Company personal lines subsidiary to Forza Insurance Holdings.

American Coastal received $26.4 million in cash from Forza based on the generally accepted accounting principles estimated equity of Interboro as of the closing date.

The company and Forza will reconcile the purchase price within approximately 30 days, based on Interboro’s finalized equity as of April 1.

“The sale of Interboro formally completes our strategic transformation into a specialty insurer focused on underwriting commercial residential property insurance,” said Brad Martz, American Coastal president and CEO.

Raymond James & Associates acted as exclusive financial advisor to American Coastal and Debevoise & Plimpton served as its legal counsel in connection with this transaction.

St. Petersburg, Florida-based American Coastal announced the sale to Forza in May last year, at the time saying that SageSure will taking over underwriting, servicing and claims for the New York-domiciled carrier.

Investment firm Forza has close ties with SageSure and supported the launch of reciprocal exchanges SURE and Elevate with the cat-focused MGU.

United Insurance Holdings Corp was rebranded to American Coastal Insurance Corporation in 2023.

The change in corporate name followed a renewed emphasis on commercial residential business, as well as its personal lines subsidiary United Property & Casualty Insurance Company being placed into receivership in February 2023 after Hurricane Ian losses exhausted all of its available reinsurance.