Lafayette, Louisiana-based Gulf States Holdings Inc. has acquired Coastal American Holdings Inc. and its subsidiary Coastal American Insurance Co. Coastal American’s home office is located in Gulfport, Miss.
Terms of the transaction were not disclosed but included a stock and cash component.
Gulf States Holdings Inc.’s primary subsidiary is Gulf States Insurance Co., a rapidly growing Louisiana homeowner company.
Management of Gulf States, led by industry veteran H. Marcus Carter, Jr., has assumed the management responsibilities at Coastal American. The underwriting has already been transitioned to Gulf States systems from a former third鈥恜arty administrator.
Coastal American was formed following result of Hurricane Katrina to address the lack of availability of homeowners insurance on the Mississippi Gulf Coast.
Source: Gulf States Holdings Inc.
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