AMERICAN COASTAL INSURANCE Corp Confirms Name Change, Nasdaq Listing

TL;DR

**AMERICAN COASTAL INSURANCE Corp (ACIC) officially changed its name and confirmed its Nasdaq listing.**

AI Summary

AMERICAN COASTAL INSURANCE Corp (formerly UNITED INSURANCE HOLDINGS CORP.) filed an 8-K on January 9, 2024, to update its corporate name and confirm its common stock, with a $0.0001 par value per share, is registered on the Nasdaq Stock Market LLC under the trading symbol ACIC. This filing primarily serves to formally document the name change and confirm its listing, which is important for investors to ensure they are tracking the correct entity and its stock performance.

Why It Matters

This filing clarifies the company's current legal name and confirms its stock is actively traded on Nasdaq, ensuring investors have accurate information for tracking their investment.

Risk Assessment

Risk Level: low — This filing is a routine administrative update and does not indicate any operational or financial risks.

Analyst Insight

Investors should update their records to reflect the new company name, AMERICAN COASTAL INSURANCE Corp, and continue to monitor the ACIC ticker for any future financial or operational news.

Key Numbers

• $0.0001 — Par Value per Share (The stated par value for each share of common stock.)

Key Players & Entities

• AMERICAN COASTAL INSURANCE Corp (company) — registrant's current name
• UNITED INSURANCE HOLDINGS CORP. (company) — registrant's former name
• Nasdaq Stock Market LLC (company) — exchange where common stock is registered
• $0.0001 (dollar_amount) — par value per share of common stock
• January 9, 2024 (date) — date of earliest event reported

Forward-Looking Statements

• The company's stock will continue to trade under the ACIC ticker without interruption due to this administrative filing. (ACIC) — high confidence, target: 2024-01-31

FAQ

Key Financial Figures

• $0.0001 — ange on Which Registered Common stock, $0.0001 par value per share ACIC Nasdaq Stock M
• $100 million — agreement. The agreement provides up to $100 million of limit excess of $10 million per occu
• $10 million — s up to $100 million of limit excess of $10 million per occurrence to limit the Company's l
• $12.25 million — the Company's consolidated retention to $12.25 million per occurrence. The cost of the agree
• $9.9 m — reinstatement premium, is approximately $9.9 million, a decrease of 9.24% year-over-ye
• $88 million — ment provides coverage of approximately $88 million for a first event and $84 million for a
• $84 million — ately $88 million for a first event and $84 million for a second event, or $172 million in
• $172 million — and $84 million for a second event, or $172 million in the aggregate, an aggregate increase
• $71 million — the aggregate, an aggregate increase of $71 million or 70.3% year-over-year. This Item 8.

Filing Documents

• uihc-20240109.htm (8-K) — 24KB
• 0001401521-24-000003.txt ( ) — 174KB
• uihc-20240109.xsd (EX-101.SCH) — 2KB
• uihc-20240109_def.xml (EX-101.DEF) — 14KB
• uihc-20240109_lab.xml (EX-101.LAB) — 27KB
• uihc-20240109_pre.xml (EX-101.PRE) — 15KB
• uihc-20240109_htm.xml (XML) — 3KB

01. Other Events

Item 8.01. Other Events. American Coastal Insurance Corporation ("ACIC" or the "Company") successfully renewed its all other perils catastrophe excess of loss agreement (the "AOP CAT" agreement). This agreement provides coverage for in-force, new and renewal business. Effective January 1, 2024, ACIC, through its wholly owned insurance subsidiary American Coastal Insurance Company ("AmCoastal"), renewed the AOP CAT agreement. The agreement provides up to $100 million of limit excess of $10 million per occurrence to limit the Company's losses from catastrophe loss events other than named windstorms and earthquakes. The Company's wholly owned reinsurance subsidiary, UPC Re, is a participant in the AOP CAT agreement, bringing the Company's consolidated retention to $12.25 million per occurrence. The cost of the agreement, excluding potential reinstatement premium, is approximately $9.9 million, a decrease of 9.24% year-over-year when risk-adjusted. Exclusive of ACIC's retention the AOP CAT agreement provides coverage of approximately $88 million for a first event and $84 million for a second event, or $172 million in the aggregate, an aggregate increase of $71 million or 70.3% year-over-year. This Item 8.01 may contain forward-looking statements about our reinsurance program and related attachment point, total coverage and costs. These statements are subject to the Private Securities Litigation Reform Act of 1995 and are based on management's estimates, assumptions and projections. These forward-looking statements can generally be identified as such because the context of the statement includes words such as estimate, expect or words of similar nature. The actual changes to our reinsurance program and related attachment point, total coverage and costs may differ materially from those discussed in this report, depending on our reinsurers' capacity to pay claims and related adjustment provisions in our agreements with the private reinsurers. Signature Pursuant

View Full Filing

View this 8-K filing on SEC EDGAR