United Insurance Holdings (UPC Insurance) has completed the acquisition of New York-based Interboro Insurance for $57m.
Under the deal, UPC Insurance paid $48.5 of cash, in addition to issuing $8.5m promissory note to Interboro that will mature in 18 months with an annual interest rate of 6%.
Established in 1914, Interboro provides homeowners insurance in New York and South Carolina through a network of around 600 independent brokers.
The company also carries out operations in Louisiana, Alabama, and Washington, D.C.
UPC Insuranc acquired around $55m of homeowners’ insurance gross written premium volume in New York and South Carolina.
UPC Insurance president and CEO John Forney said: "We are pleased to have closed on this important strategic initiative, but it is the beginning not the end of this phase of our journey.
"Interboro has been around for over 100 years, and has an excellent book of homeowners’ business in New York and South Carolina.
"We look forward to welcoming our new associates from Interboro to the UPC family, and to working with them to grow the business in a meaningful way."
Through its network of independent agents and a group of wholly owned insurance subsidiaries, UPC Insurance offers residential and commercial property and casualty insurance policies to its customers.
Image: UPC Insurance has acquired New York-based Interboro Insurance. Photo: courtesy of adamr / FreeDigitalPhotos.net.