United Insurance Holdings Corp. (UPC Insurance), a property/casualty insurance holding company based in St. Petersburg, Florida, announced that it received formal approval from the New York State Department of Financial Services (NYDFS) to acquire Interboro Insurance Company.
UPC Insurance first announced the $57 million deal last September. Interboro Insurance Company is a New York-based P/C insurer licensed to operate in four states and Washington, D.C.
UPC Insurance said it now expects to complete the transaction on or before April 30, 2016.
“We are happy to have received approval from the State of New York to complete our acquisition of Interboro,” said John Forney, president and CEO of UPC Insurance.
“We’re grateful to the professionals at the NYDFS who worked with us on the approval process, and we are excited to move to close on the deal,” Forney added. “We look forward to welcoming Interboro to the UPC Insurance family, and to serving brokers and policyholders in New York, which will be a very important state for us.”
Founded in 1999, UPC Insurance is an insurance holding company that sources, writes and services residential P/C insurance policies using a network of independent agents and a group of wholly owned insurance subsidiaries.
UPC Insurance writes and services P/C insurance in Connecticut, Florida, Georgia, Hawaii, Louisiana, Massachusetts, New Jersey, North Carolina, Rhode Island, South Carolina and Texas, and is licensed to write in Alabama, Delaware, Maryland, Mississippi, New Hampshire, New York and Virginia.
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