Press Release|Insurance

KBRA Places the Rating for Interboro Insurance Company on Watch Developing

15 Nov 2023   |   New York


KBRA places on Watch Developing the A- Insurance Financial Strength Rating (IFSR) for Interboro Insurance Company (IIC).

On November 13, 2023, American Coastal Insurance Corporation (ACIC) announced that it had executed a non-binding term sheet with a third-party to acquire IIC. ACIC expects the sale to be completed in 2024 at a price equal to GAAP book value at the time of closing. IIC has a current GAAP book value of approximately $23 million. ACIC has noted that the sale is part of the company's strategy to focus on commercial lines. The Watch Developing status reflects this announcement and the significant uncertainty related to, among other things, the ability to complete the sale, projected future financial results, and IIC's future risk profile or appetite. The IFSR rating for American Coastal Insurance Company and the issuer and debt ratings for ACIC remain unchanged.

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A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at

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Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1002692

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