An unknown buyer entered into a non-binding term sheet to acquire 100% of the issued and outstanding securities of Interboro Insurance Company from American Coastal Insurance Corporation for $23 million.

An unknown buyer entered into a non-binding term sheet to acquire 100% of the issued and outstanding securities of Interboro Insurance Company from American Coastal Insurance Corporation (NasdaqCM:ACIC) for $23 million on October 6, 2023. The Interboro book value is currently approximately $23 million. However, ACIC expects Interboro to have some earnings between now and the closing and will grow its book value.

Under the terms,the buyer will acquire 100% of the issued and outstanding common stock of Interboro in exchange for a cash purchase price equal to the GAAP book value of Interboro at the time of closing, subject to negotiating and entering into definitive documents containing customary terms and conditions and obtaining regulatory approval(s).