Heritage sets $250mn Narragansett Bay acquisition

Expansive homeowners insurer Heritage Insurance Holdings has
agreed to acquire Northeast carrier Narragansett Bay's parent
NBIC Holdings in a $250mn cash and stock deal.
In a statement, Clearwater, Florida-based Heritage said it would
fund the acquisition with $210mn in cash and $40mn of its
stock.
It added that the combined entity will be a "leading super
regional personal lines carrier" with a presence in 12 states
and over $900mn of gross written premium.
Heritage predicted the combination wo