Heritage finally closes Zephyr deal at $120mn

Heritage finally sealed its deal to acquire Hawaiian specialty
carrier Zephyr yesterday (21 March) for a final consideration of
$120mn that is $14mn higher than initially announced.
The Floridian homeowners specialist said the amount paid
increased because of Zephyr's higher-than-expected earnings in
the last three quarters.
It said the improved earnings had increased shareholder equity
but that it would not impact the goodwill amount associated with
the deal.
Heritage chairman and CEO, Bruce Lu