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24 March 2018

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Heritage expands with $250mn Narragansett Bay acquisition

9 August 2017

Heritage Insurance Holdings is to buy Rhode Island-based insurer Narragansett Bay Insurance for $250mn to create a leading "super-regional" personal lines carrier.

In a statement, Clearwater, Florida-based Heritage said it would fund the acquisition with $210mn in cash and $40mn of its stock.

It added that the combined entity would have a presence in 12 states and over $900mn of gross written premium.

Heritage predicted the combination would lead to significant reinsurance and operating "synergies" of around $25mn a year...

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