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Heritage Insurance to acquire NBIC Holdings for $250M

Heritage Insurance Holdings Inc. has agreed to acquire Narragansett Bay Insurance Co.'s parent company, NBIC Holdings Inc., for $250 million, subject to post-closing adjustments.

Narragansett Bay Insurance is a specialty underwriter of personal residential insurance products and services along the East Coast. Heritage Insurance's subsidiaries write personal and commercial residential premium through agents in Florida, Hawaii, North Carolina, South Carolina, Georgia and Alabama. The combined entity will have a presence in 12 states and more than $900 million of gross premiums written. The company expects a roughly 50% increase in gross premiums written and net income in 2018 as a result of the deal.

The acquisition will be financed with $40 million of Heritage Insurance's common stock and $210 million in cash. The cash component will be partly financed with cash on hand, including proceeds from the company's senior secured notes issued in December 2016. Heritage Insurance also intends to undertake an offering of convertible senior notes along with a concurrent share repurchase.

The transaction is expected to be immediately accretive to earnings per share and return on equity. The deal is expected to close in the fourth quarter. After the deal closes, the Florida-based Heritage Insurance expects about 45% of its revenue to be generated outside of Florida and Florida tri-county personal lines policies to represent about 7% of all total insured value, Chairman and CEO Bruce Lucas said in a news release.

Citi is acting as exclusive financial adviser to Heritage Insurance, while Greenberg Traurig LLP is serving as legal counsel. Evercore is acting as exclusive financial adviser and Skadden Arps Slate Meagher & Flom LLP is serving as legal counsel to Narragansett Bay Insurance.