trending Market Intelligence /marketintelligence/en/news-insights/trending/dOOQ9f06tviadSB9KiX1hg2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

United Insurance closes acquisition of Interboro Insurance

Infrastructure Issues: Tools to Dig Deep on Potential Risks

Part Two IFRS 9 Blog Series: The Need to Upgrade Analytical Tools

2018 US Property Casualty Insurance Market Report

Fintech

Fintech Funding Flows To Insurtech In February


United Insurance closes acquisition of Interboro Insurance

United InsuranceHoldings Corp. has completed its acquisition of InterboroInsurance Co.

The company acquired all the issued and outstanding common stockof Interboro Insurance for $57.0 million. It paid $48.5 million in cash at closingand issued an $8.5 million promissory note to Interboro LLC. That note will mature18 months following the closing and bear interest at an annual rate of 6%.

The purchase price is subject to adjustment if Interboro Insurance'sGAAP net book value is less than or greater than $40.7 million as of the post-closingaccounting of the transaction.

Raymond James & Associates served as United Insurance's financialadviser, while Squire Patton Boggs (US) LLP provided legal advice. Willis CapitalMarkets & Advisory acted as Interboro LLC's financial adviser, and Nixon Peabodyacted as legal counsel.