X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

United Insurance Holdings Corp. has entered into a stock purchase agreement with Interboro, LLC, to acquire Interboro Insurance Company, a New York-domiciled property and casualty insurer authorized in New York, South Carolina, Alabama, Louisiana, and Washington, D.C.

Under the terms of the agreement, UPC Insurance will acquire all of the issued and outstanding common stock of Interboro for $57.0 million. UPC Insurance will pay $48.5 million of cash at closing and issue an $8.5 million promissory note to Interboro, LLC, which note will mature in 18 months after closing and bear interest at an annual rate of six percent. The purchase price is subject to adjustment if Interboro’s GAAP net book value is less than or greater than $40.7 million as of the closing of the transaction.

This premium content is locked for
Insurance Coverage Law Center subscribers only.

Start a free trial to enjoy unlimited access to the single source of objective legal analysis, practical insights, and news for the insurance industry.

  • Access the most current expert analysis and daily developments across jurisdictions
  • Solve complex research issues with expert tools and intelligence
  • Tap into insurance coverage expert guidance

Already have an account?
For enterprise-wide or corporate access, please contact our Sales Department at 1-800-543-0874 or email [email protected].

 

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.