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Business Observer Monday, Aug. 3, 2015 3 years ago

Insurance firm, for $8M, grows anti-mold unit

Heritage Insurance Holdings plans to do more reconstruction work for clients.

CLEARWATER — Property and casualty insurance company Heritage Insurance Holdings Inc. has acquired BRC Restoration Specialists Inc. for $6 million in cash and $2 million in common stock.

Safety Harbor-based BRC Restoration provides recovery services, including building repairs, mold remediation, emergency services and consulting, to commercial, industrial and residential customers, according to a statement.

Heritage Insurance (symbol: HRTG; recent price: $24.72) expects to gain several experienced water-mitigation professionals for its existing water-mitigation division, the release adds. The purchase also will help Heritage Insurance gain additional reconstruction services, executives say in the release.

“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,” Bruce Lucas, Heritage's Chairman and CEO, says in the release. “This will result in faster response times, better service, and expedient claims resolution for policyholders.”

As part of the sale, John Crist, chief operating officer of BRC Restoration Specialists, has been named president of Heritage Insurance's Contractors Alliance Network.

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