Heritage Insurance Holdings (HRTG), a property and casualty insurance holding company, announced that it has acquired BRC Restoration Specialists, a leading Florida based provider of restoration services and emergency and recovery assistance, for $6m in cash and $2m in common stock.
Heritage currently has a state-wide water mitigation division that delivers a broad array of services to policyholders.
The acquisition accelerates the expansion of Heritage’s vertically integrated repair service expertise to include additional water mitigation professionals and a complete line of restoration services.
Bruce Lucas, Heritage’s Chairman and CEO stated: "We expect that BRC will enhance our customer service by expanding our vertically integrated offering to include a full-service construction company that operates throughout Florida.
BRC is a perfect fit with our water division and it will allow Heritage to service all facets of our claims including, water, mold, fire, roofing repairs and other related construction services. This will result in faster response times, better service, and expedient claims resolution for policyholders."
John Crist, COO of BRC Restoration Specialists, Inc. added: "I am excited to join Heritage and combine the water mitigation know-how of the Heritage Claims Response Team with BRC’s Residential, Commercial and Industrial reconstruction expertise."
Heritage Insurance Holdings is a property and casualty insurance holding company headquartered in Clearwater, Florida. Its subsidiary, Heritage Property & Casualty Insurance Company, writes approximately $500m of personal and commercial residential premium through a large network of experienced agents.