American Coastal Insurance Moves HQ

TL;DR

ACIC moved its HQ to 800 2nd Ave S, St. Pete, FL 33701 as of 5/29/24.

AI Summary

On May 29, 2024, American Coastal Insurance Corporation filed an 8-K report. The filing primarily serves as a notification of a change in the company's principal executive offices. The company's principal executive offices have moved to 800 2nd Avenue S., Saint Petersburg, FL 33701.

Why It Matters

A change in principal executive offices can indicate operational shifts or strategic realignments within the company.

Risk Assessment

Risk Level: low — This filing is a routine administrative update regarding office location and does not contain information about financial performance or significant business events.

Key Players & Entities

• AMERICAN COASTAL INSURANCE CORPORATION (company) — Registrant
• 800 2nd Avenue S., Saint Petersburg, FL 33701 (location) — New Principal Executive Offices
• May 29, 2024 (date) — Date of Report

FAQ

Key Financial Figures

• $0.0001 — ange on Which Registered Common stock, $0.0001 par value per share ACIC Nasdaq Stock M
• $1.454 billion — 4/25, AmCoastal purchased approximately $1.454 billion of occurrence-based limit in the aggreg
• $132 m — limit in the aggregate, an increase of $132 million, or 10.0%, from the $1.322 billio
• $1.322 billion — ase of $132 million, or 10.0%, from the $1.322 billion of occurrence-based limit in the aggreg
• $1.16 billion — ure with estimated first event limit of $1.16 billion. Sufficient coverage for approximately
• $20.5 million — season. First event retention of up to $20.5 million per occurrence, with $10.0 million reta
• $10.0 million — p to $20.5 million per occurrence, with $10.0 million retained by AmCoastal and $10.5 million
• $10.5 million — $10.0 million retained by AmCoastal and $10.5 million retained by our captive, an increase of
• $8.2 million — retained by our captive, an increase of $8.2 million from the captive's $2.3 million retenti
• $2.3 million — ease of $8.2 million from the captive's $2.3 million retention in the 2023/24 Core CAT progr
• $13.0 million — ogram. Second event retention of up to $13.0 million per occurrence assuming a 1-in-100-year
• $519.3 million — r is projected to provide approximately $519.3 million of total Florida-only coverage attachin
• $292.7 million — otal Florida-only coverage attaching at $292.7 million and exhausting at $869.7 million, which
• $869.7 m — ing at $292.7 million and exhausting at $869.7 million, which inures to the benefit of t
• $208.2 m — reinstatement premium, is approximately $208.2 million, a decrease of $19.3 million or 8

Filing Documents

• uihc-20240529.htm (8-K) — 31KB
• 0001401521-24-000087.txt ( ) — 179KB
• uihc-20240529.xsd (EX-101.SCH) — 2KB
• uihc-20240529_def.xml (EX-101.DEF) — 14KB
• uihc-20240529_lab.xml (EX-101.LAB) — 25KB
• uihc-20240529_pre.xml (EX-101.PRE) — 15KB
• uihc-20240529_htm.xml (XML) — 3KB

01. Other Events

Item 8.01. Other Events. Effective June 1, 2024, American Coastal Insurance Corporation, through its insurance subsidiaries American Coastal Insurance Company (AmCoastal) and Interboro Insurance Company (IIC), renewed its catastrophe reinsurance programs. Highlights of these agreements are as follows: American Coastal Insurance Company catastrophe reinsurance program For 2024/25, AmCoastal purchased approximately $1.454 billion of occurrence-based limit in the aggregate, an increase of $132 million, or 10.0%, from the $1.322 billion of occurrence-based limit in the aggregate purchased for the 2023/24 core catastrophe reinsurance program. Perils covered include windstorms named or numbered by the National Hurricane Center exposure of AmCoastal in Florida. Separately, AmCoastal placed an all-other perils catastrophe excess of loss program on January 1, 2024, and an excess of loss per risk program for non-catastrophe losses effective February 1, 2024. Occurrence-based structure with estimated first event limit of $1.16 billion. Sufficient coverage for approximately a 1-in-208-year event; and a 1-in-100-year event followed by a 1-in-50-year event in the same season. First event retention of up to $20.5 million per occurrence, with $10.0 million retained by AmCoastal and $10.5 million retained by our captive, an increase of $8.2 million from the captive's $2.3 million retention in the 2023/24 Core CAT program. Second event retention of up to $13.0 million per occurrence assuming a 1-in-100-year event followed by a 1-in-50-year event in the same season. For the Florida Hurricane Catastrophe Fund (FHCF) Reimbursement Contract effective June 1, 2024, AmCoastal elected 90% coverage. The total mandatory FHCF layer is projected to provide approximately $519.3 million of total Florida-only coverage attaching at $292.7 million and exhausting at $869.7 million, which inures to the benefit of the open market catastrophe reinsurance program. Placed an external quota

View Full Filing

View this 8-K filing on SEC EDGAR