Heritage Insurance Holdings Inc., a Clearwater, Fla.-headquartered property/casualty insurance holding company, has secured regulatory approval from the Rhode Island Department of Business Regulation to acquire NBIC Holdings Inc. NBIC Holdings is the parent company of Narragansett Bay Insurance Co. (NBIC), a property/casualty insurance carrier headquartered in Pawtucket, R.I.
Heritage set the closing date for the transaction as the close of business on November 30, 2017. The combined entity will be a regional personal lines carrier with a presence in 12 states and more than $900 million of gross premiums written. The transaction is expected to be immediately accretive to earnings per share and return on average equity.
The acquisition also represents a step forward for Heritage as it continues to diversify its top line growth and geographic diversification, according to Heritage Chairman and CEO Bruce Lucas in a company press release.
Heritage’s subsidiaries, Heritage Property & Casualty Insurance Co. and Zephyr Insurance Co., write personal and commercial residential accounts through agents in Florida, Hawaii, North Carolina, South Carolina, Georgia and Alabama.
NBIC writes personal residential premium through agents in Rhode Island, New York, Connecticut, Massachusetts and New Jersey.
Source: Heritage Insurance Holdings Inc.
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