St. Petersburg-based property and casualty specialist United Insurance Holdings Corp. (UPC Insurance) recently revealed that it has been given the green light on an acquisition involving Interboro Insurance Co. of Mineola, New York.
New York State’s Department of Financial Services (NYDPS) granted approval for the transaction, which United expects to close by April 30.
“We are happy to have received approval from the State of New York to complete our acquisition of Interboro,” John Forney, UPC Insurance’s president and CEO, said. “We’re grateful to the professionals at the NYDFS who worked with us on the approval process, and we are excited to move to close on the deal.”
Interboro is a property/casualty insurer licensed to operate in four states and Washington, D.C.
“We look forward to welcoming Interboro to the UPC Insurance family, and to serving brokers and policyholders in New York, which will be a very important state for us,” Forney said.
UPC, established in 1999, provides policy coverage for residential property and casualty through its team of independent agents and subsidiaries, practicing in 18 states nationwide and overseeing operations from its Florida base.