Skadden advised NBIC Holdings, Inc., the parent company of Narragansett Bay Insurance Company on the transaction
Heritage Insurance Holdings, Inc., a property and casualty insurance holding company, today announced that it has signed a definitive agreement to acquire NBIC Holdings, Inc., the parent company of Narragansett Bay Insurance Company (“NBIC”), a leading specialty underwriter of personal residential insurance products and services in states along the Eastern seaboard.
The purchase price for the acquisition will be $250 million, subject to post-closing adjustments. The acquisition will be financed with $210 million in cash and $40 million of the Company’s common stock. 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 ROE.
The Skadden team includes: Insurance M&A partners Todd Freed (Picture) and Christopher Ulery; Corporate Finance partner Dwight Yoo; Financial Institutions associates Patrick Lewis and Liana-Marie Lien; and Tax partner Jessica Hough (Washington, D.C.).
Involved fees earner: Todd Freed – Skadden Arps Slate Meager & Flom; Christopher Ulery – Skadden Arps Slate Meager & Flom; Dwight Yoo – Skadden Arps Slate Meager & Flom; Patrick Lewis – Skadden Arps Slate Meager & Flom; Liana-Marie Lien – Skadden Arps Slate Meager & Flom; Jessica Hough – Skadden Arps Slate Meager & Flom;
Law Firms: Skadden Arps Slate Meager & Flom;
Clients: NBIC Holdings, Inc.;