American Coastal Insurance Corporation, the insurance holding company of American Coastal Insurance Company (AmCoastal) has announced that AmCoastal has entered into a five-year extension of its exclusive Managing Agency Contract (MGA Agreement) with AmRisc, LLC effective June 1, 2024, and expiring January 1, 2029, subject to regulatory approval.
From what we understand, the MGA agreement remains mutually exclusive for the admitted condominium association property insurance market in Florida.
“AmRisc is the industry leader in commercial property insurance, and we are thrilled with the long-term extension of our partnership that has been mutually beneficial since 2007,” commented President Brad Martz.
At the same time, Cathy Swanson and Deirdre A. Brown, CPA, have been elected to the Board of Directors of AmCoastal, subject to customary regulatory approval.
Cathy is a renowned business executive with four decades of experience within the banking industry. Currently, she serves as Market President, Pinellas County, for Florida-based Cogent Bank. Prior to that, she was a Market Executive with Seacoast Bank, from 2020 through 2022.
Before she joined Seacoast Bank, Cathy sat on the Board of Directors at Freedom Bank in St. Petersburg, where she served as Chief Executive Officer from 2014 until 2020. As well as this, she also previously held the position of President and Chief Operating Officer, as well as Senior Lender.
Before joining Freedom Bank in December 2012, Cathy served as the Regional Credit Officer for the Florida Gulf Coast Region for Synovus Bank. During her 27-year tenure with Synovus Bank of Tampa Bay, she held the positions of Executive Vice President and Chief Credit Officer, Commercial Team Leader and Director of Human Resources.
In addition, Deirdre is an experienced business leader, having most recently led complex, multi-faceted departments at TECO Energy, Inc. During her tenure at TECO, she held a number of positions, including: Director, Audit Services, Vice President of Customer Service and Regulatory Affairs, Vice President of Business Strategy & Compliance, Chief Compliance & Ethics Officer, and Senior Vice President, Corporate Strategy and Chief Integration Officer.
It should be addressed, that effective as of June 15, 2024, AmCoastal’s Board of Directors decreased from ten members to the following five members: Sherrill Hudson, Patrick Maroney, James Andy Gray, Deirdre Brown, and Cathy Swanson.
Officers are Chris Griffith as President, Svetlana Castle as CFO, and Andy Gray as Chief Compliance and Risk Officer. The Directors and Officers for all other entities under ACIC’s ownership remain unchanged.
Martz, added: “Cathy and Deirdre bring extensive experience in compliance, audit, finance and investments, having held key positions at highly respected companies. With proven track records of leading successful organizations, Cathy and Deirdre are well-qualified to contribute to AmCoastal’s vision.”
