Heritage pays 2.1x book on Narragansett growth outlook

Heritage's deal to buy Narragansett Bay for $250mn brings to
an end a lengthy pursuit of the Northeast-focused homeowners
specialist that began in 2014, shortly after the Floridian
completed its IPO.
And while the 2.1x book multiple being paid to land its second
key strategic acquisition might be viewed as rich in some quarters,
Heritage chairman and CEO Bruce Lucas believes the price offers
value because of the "huge" potential upside and
synergies that are "off the chart".
He told...