Reinsurance News
American Coastal
AmCoastal estimates Milton losses of $150-200m, reinstatement protects reinsurance
24th October 2024
American Coastal Insurance Corporation (ACIC) and its insurance holding company American Coastal Insurance Company (AmCoastal) estimate a gross loss range of $150 to $200 million from Milton. ACIC estimates net current accident quarter catastrophe losses incurred from Milton in Q4 2024 to be approximately $16.2 million, net of tax impacts. ACIC ... Read the full article
American Coastal announces five-year extension of MGA agreement with AmRisc
26th June 2024
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 ... Read the full article
American Coastal reports lower net income for Q1’24 as GWP rise
13th May 2024
American Coastal Insurance Corporation, a property and casualty insurer, has reported net income for Q1 2024 of $23.6 million, or $0.48 per diluted share, compared to $267.3 million, or $6.14 per diluted share, for Q1 2023. This decrease in net income reflects $236 million of income from discontinued operations in Q1 ... Read the full article
American Coastal on course to secure more reinsurance with June renewal near completion
10th May 2024
American Coastal Insurance Corporation has secured more than 90% of the total reinsurance limit it's seeking for its June 1st renewal, as the firm looks to increase the total open market limit by around $265 million for the 2024 hurricane season, $200 million of which comes from its new, multi-year ... Read the full article
American Coastal completes run-off of personal lines book with sale of Interboro to Forza
10th May 2024
American Coastal Insurance Corporation has announced the sale of its New York domiciled insurer, Interboro Insurance Company, to Forza Insurance Holdings, LLC, a move which completes the run-off of American Coastal's personal lines portfolio. The definitive agreement sees Forza acquire 100% of the issued and outstanding stock of Interboro and enables ... Read the full article
American Coastal sees solid improvement in net income in Q4
5th March 2024
American Coastal Insurance Corporation (ACIC), the property and casualty insurance holding company, has reported a $14.3 million net income attributable to the firm for the fourth quarter of 2023, compared to a net loss of $296.8 million for the fourth quarter of 2022. ACIC confirmed that of this income, $17.1 million ... Read the full article
American Coastal renews all other perils cat XoL reinsurance with risk adjusted price decrease
10th January 2024
Florida property insurer American Coastal, formerly known as United Insurance Holdings, successfully renewed its all other perils catastrophe excess of loss agreement at the 1.1 2024 renewal, providing the firm with up to $100 million in limit excess of $10 million per occurrence to limit its losses from catastrophe events ... Read the full article
American Coastal Insurance posts improved combined ratio of 68.7% for Q3’23
14th November 2023
American Coastal Insurance, formerly known as United Insurance Holdings, released its financial results for Q3 2023, reporting a combined ratio of 68.7% for Q3'23 as compared to a ratio of 139.3% for Q3'22. American Coastal Insurance, a property and casualty insurance holding company, reported a net income attributable to the Company ... Read the full article
American Coastal could raise more than $69m with sale of common stock
28th September 2023
American Coastal Insurance, formerly known as United Insurance Holdings, has entered into an equity distribution agreement under which it may offer and sell up to 8,000,000 shares of its common stock, potentially raising up to $69.12 million. American Coastal shares began trading on the Nasdaq market under the symbol ACIC from ... Read the full article
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