American Coastal Insurance Enters Material Agreement

Ticker: ACIC · Form: 8-K · Filed: May 14, 2024 · CIK: 1401521

American Coastal Insurance CORP 8-K Filing Summary
FieldDetail
CompanyAmerican Coastal Insurance CORP (ACIC)
Form Type8-K
Filed DateMay 14, 2024
Risk Levelmedium
Pages2
Reading Time3 min
Key Dollar Amounts$0.0001
Sentimentneutral

Sentiment: neutral

Topics: material-agreement, corporate-news

Related Tickers: ACIC

TL;DR

ACIC just signed a big deal, filing shows.

AI Summary

On May 9, 2024, American Coastal Insurance Corporation entered into a material definitive agreement. The company, formerly known as United Insurance Holdings Corp., filed this 8-K report with the SEC on May 14, 2024, detailing the agreement.

Why It Matters

This filing indicates a significant new contract or partnership for American Coastal Insurance, which could impact its future operations and financial performance.

Risk Assessment

Risk Level: medium — Entering into a material definitive agreement can introduce new risks and opportunities that are not yet fully understood.

Key Players & Entities

FAQ

What is the nature of the material definitive agreement entered into by American Coastal Insurance Corporation?

The filing does not specify the nature of the material definitive agreement, only that one was entered into on May 9, 2024.

When was this Form 8-K filed with the SEC?

This Form 8-K was filed on May 14, 2024.

What was American Coastal Insurance Corporation's former name?

American Coastal Insurance Corporation's former name was UNITED INSURANCE HOLDINGS CORP.

In which state is American Coastal Insurance Corporation incorporated?

American Coastal Insurance Corporation is incorporated in Delaware.

What is the principal executive office address for American Coastal Insurance Corporation?

The principal executive office address is 800 2nd Avenue S., Saint Petersburg, FL 33701.

Filing Stats: 675 words · 3 min read · ~2 pages · Grade level 11.7 · Accepted 2024-05-14 16:19:31

Key Financial Figures

Filing Documents

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement On May 9, 2024, American Coastal Insurance Corporation ("ACIC" or the "Company") entered into a Stock Purchase Agreement (the "Sale Agreement") with Forza Insurance Holdings, LLC ("Forza") in which ACIC will sell and Forza will acquire 100% of the issued and outstanding stock of ACIC's subsidiary, Interboro Insurance Company ("IIC"). The aggregate purchase price for the shares will be equal to IIC's GAAP shareholders' equity on the closing date. Closing is subject to customary closing conditions, including New York Department of Financial Services ("NYDFS") approval of Forza's application for acquisition of control, and NYDFS approval of a new rate and form filing. In addition, in connection with the Sale Agreement, IIC and SageSure Insurance Managers, LLC entered into a Program Administrator Agreement (the "Administrator Agreement"), dated as of May 9, 2024, and IIC entered into a Claims Services Agreement (the "Claims Agreement") with SageSure Capital Holdings, Inc., dated as of May 9, 2024 (collectively, the "Service Agreements"). Under the terms of the Service Agreements, SageSure Insurance Managers, LLC, will provide policy administration and underwriting services and SageSure Capital Holdings, Inc will provide claims administration services on behalf of IIC. The foregoing descriptions of the Sale Agreement, the Administrator Agreement and the Claims Agreement are not complete and are qualified in their entirety by reference to the full text of these agreements, copies of which are filed as Exhibits 1.1, 1.2 and 1.3, respectively to this Current Report on Form 8-K and are incorporated in this Item 1.01 by reference.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits Exhibit No. Description 1.1 Stock Purchase Agreement, dated as of May 9, 2024, between the Company and Forza Insurance Holdings, LLC. 1.2 Program Administrator Agreement, dated as of May 9, 2024, between the Company and SageSure Insurance Managers, LLC. 1.3 Claims Services Agreement, dated as of May 9, 2024, between the Company and SageSure Capital Holdings, Inc. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). Signature Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunder duly authorized. AMERICAN COASTAL INSURANCE CORPORATION May 14, 2024 By: /s/ B. Bradford Martz B. Bradford Martz, President

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