American Coastal Insurance Files 8-K

Ticker: ACIC · Form: 8-K · Filed: Oct 4, 2024 · CIK: 1401521

American Coastal Insurance CORP 8-K Filing Summary
FieldDetail
CompanyAmerican Coastal Insurance CORP (ACIC)
Form Type8-K
Filed DateOct 4, 2024
Risk Levellow
Pages3
Reading Time3 min
Key Dollar Amounts$0.0001
Sentimentneutral

Sentiment: neutral

Topics: corporate-event, filing, financials

Related Tickers: UIHC

TL;DR

ACIC filed an 8-K on Oct 4th, updating corporate events and financials.

AI Summary

American Coastal Insurance Corporation filed an 8-K on October 4, 2024, reporting other events and financial statements. The company, formerly known as United Insurance Holdings Corp., is incorporated in Delaware and headquartered in Saint Petersburg, Florida.

Why It Matters

This filing provides an update on the company's corporate events and financial reporting, which is crucial for investors to stay informed about the company's status.

Risk Assessment

Risk Level: low — The filing is a routine corporate disclosure and does not appear to contain significant negative news.

Key Numbers

Key Players & Entities

FAQ

What is the primary purpose of this 8-K filing?

The primary purpose of this 8-K filing is to report 'Other Events' and 'Financial Statements and Exhibits' as of October 4, 2024.

What was American Coastal Insurance Corporation's former name?

American Coastal Insurance Corporation was formerly known as United Insurance Holdings Corp.

In which state is American Coastal Insurance Corporation incorporated?

American Coastal Insurance Corporation is incorporated in Delaware.

What is the address of the registrant's principal executive offices?

The address of the registrant's principal executive offices is 570 Carillon Parkway, Suite 100, Saint Petersburg, FL 33716.

When was the company's name last changed?

The company's name was last changed on October 2, 2008, from United Insurance Holdings Corp.

Filing Stats: 809 words · 3 min read · ~3 pages · Grade level 11.6 · Accepted 2024-10-04 17:03:36

Key Financial Figures

Filing Documents

01 Other Events

Item 8.01 Other Events. American Coastal Insurance Corporation (the "Company") is filing this Current Report on Form 8-K to recast its consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 15, 2024 (the "2023 Form 10-K") to reflect the Company's reportable discontinued operations and resulting segment changes. As previously announced, on May 9, 2024, 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 Interboro Insurance Company ("IIC"). Therefore, the Company determined that the operations of IIC should be reported as discontinued operations in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 205, Presentation of Financial Statements. In addition, in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 280, Segment Reporting, the Company has determined following the signed agreement to sell IIC the Company now operates under one operating segment. The Company has recast its previously filed consolidated financial statements to reflect these changes. These recast consolidated financial statements also include our independent registered public accounting firm's opinion on internal control over financial reporting. The recast historical consolidated financial statements, as well as the other items from the 2023 Form 10-K listed below containing recast financial information, are filed as Exhibit 99.1 to this Current Report and are incorporated by reference into this Item 8.01: a. Part I, Item 1. Business; b. Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations; c. Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk; d. Part II, I

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits Exhibit No. Description 23.1 Consent of Deloitte & Touche, LLP. 99.1 Revised Items of American Coastal Insurance Corporation Form 10-K for fiscal year ended December 31, 2023. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 101.INS XBRL Instance Document 101.SCH XBRL Taxonomy Extension Schema 101.CAL XBRL Taxonomy Extension Calculation Linkbase 101.DEF XBRL Taxonomy Extension Definition Linkbase 101.LAB XBRL Taxonomy Extension Label Linkbase 101.PRE XBRL Taxonomy Extension Presentation Linkbase 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 October 4, 2024 By: /s/ B. Bradford Martz B. Bradford Martz, President

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