PROVIDENCE – A Florida insurance company, Heritage Insurance Holdings Inc., has received approval to acquire the Narragansett Bay Insurance Co., Heritage announced Monday.
In August, Heritage said it expected the acquisition to be approximately $250 million. The company made the move in August but the sale was subject to approval from the Insurance Division of the R.I. Department of Business Regulation. NBIC had already signed an agreement to be acquired by Heritage in August.
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Heritage is a publicly held property and casualty insurer.
With the acquisition approved this week, Heritage expects the deal to close by the end of the business day on Nov. 30.
Bruce Lucas, Heritage chairman and CEO, said, “I am very excited to close the acquisition of NBIC. The acquisition represents a significant step forward for Heritage as we continue to diversify our top-line growth and geographic diversification.”
“NBIC has demonstrated strong and consistent financial performance over the past several years, and has grown to be a premier provider of homeowners insurance,” said Todd Hart, CEO of NBIC, in a statement in August after the acquisition attempt was announced. “We strongly believe that joining forces with Heritage will complement and strengthen our business, and position us to better serve our agents and policy holders.”
NBIC previously said “NBIC management and Heritage will be collaborating to develop a comprehensive integration plan,” but no further details have emerged.
The combined entity will have a presence in 12 states and over $900 million of gross premiums written. NBIC is currently owned by investment firms Pine Brook and Soros Fund Management.
Representatives from both Heritage and NBIC were not available for comment at the time of publication.
Chris Bergenheim is the PBN web editor.
