Heritage Insurance Holdings, Inc. (NYSE:HRTG), a property and casualty insurance holding company, today announced that it has secured regulatory approval from the Insurance Division of the Rhode Island Department of Business Regulation to proceed with its acquisition of NBIC Holdings, Inc., the parent company of Narragansett Bay Insurance Company. Heritage has set the closing date for the transaction as of the close of business on November 30, 2017. The combined entity will be a leading super regional personal lines carrier, with a presence in 12 states and over $900 million of gross premiums written. The transaction is expected to be immediately accretive to earnings per share and return on average equity.
Bruce Lucas, the Company's Chairman and CEO, said, "I am very excited to close the acquisition of NBIC. The acquisition represents a significant step forward for Heritage as we continue to diversify our top line growth and geographic diversification. Upon closing, Heritage will have over $900 million in gross written premiums spread across twelve states. This is a major milestone in our evolution from a Florida insurer to a super regional insurer with approximately two-thirds of our total insured value outside of Florida. NBIC is a seasoned company with a strong track record and talented management team, and will be a important asset for the Company as we continue our growth. We look forward to working with NBIC's employees and agents as we continue to continue to build a best in class super regional insurer."
Heritage Insurance Holdings, Inc. is a property and casualty insurance holding company headquartered in Clearwater, Florida. Its subsidiaries, Heritage Property & Casualty Insurance Company and Zephyr Insurance Company, write personal and commercial residential premium through a large network of experienced agents in Florida, Hawaii, North Carolina, South Carolina, Georgia and Alabama. Heritage Insurance Holdings, Inc. is led by a seasoned senior management team with an average of 30 years of insurance industry experience.
About Narragansett Bay Insurance Company
Narragansett Bay Insurance Company is a property and casualty insurance carrier headquartered in Pawtuckett, Rhode Island. NBIC writes personal residential premium through a large network of experienced agents in Rhode Island, New York, Connecticut, Massachusetts, and New Jersey.