American Coastal Insurance Corp (ACIC) News & EventsACICAmerican Coastal Insurance Corp

American Coastal Insurance Forms New Subsidiary ACES Specialty Insurance Company

American Coastal Insurance announced that its newly formed subsidiary, ACES Specialty Insurance Company, has received a Certificate of Authority from the Arizona Department of Insurance and Financial Institutions to transact excess and surplus lines of insurance. The company initially plans to underwrite catastrophe exposed commercial E&S property business through ACES in Florida, Texas and South Carolina. "Receiving ACES's Certificate of Authority is an important milestone for American Coastal and marks the start of a bold new chapter for our organization's long-term strategy," said Brad Martz, president and CEO. ACES expects to begin writing business on or about December 1, subject to customary regulatory, rating agency and other operational requirements.

American Coastal Insurance Restructures Agreement with AmRisc

American Coastal Insurance announced that AmCoastal and AmRisc have restructured their exclusive managing agency agreement, effective July 1, to remove the agreement's fixed expiration date. The prior agreement, extended in June 2024, was scheduled to expire on January 1, 2029. The restructured agreement provides for successive one-year terms that automatically renew, and requires either party to provide 48 months' advance written notice in order to terminate the agreement for convenience, with the agreement remaining in full force and effect through the notice period. As a result, the agreement has no fixed expiration date and will remain in effect for a minimum of four years from the date any such notice is given. AmRisc has been AmCoastal's exclusive distribution and underwriting partner since 2007. AmRisc sources and underwrites the Florida commercial-residential portfolio, and has been profitable in every year since inception. AmRisc is also the company's partner in excess and surplus lines. The quota share supporting AmRisc's nationwide E&S commercial property book added premium to the growing excess and surplus portfolio. Removing the fixed expiration date secures the distribution source behind the company's core Florida franchise and the durability of the broader AmRisc relationship.

American Coastal Authorizes Additional $25M Stock Buyback

American Coastal announced that its board of directors authorized up to an additional $25M of repurchases of the company's common stock. This additional authorization brings the total authorization under the previously announced stock repurchase plan to $50M, with $30.6M available as of August 6. The stock repurchases may be made through solicited or unsolicited transactions in the open market, in privately negotiated transactions, pursuant to Rule 10b5-1 plans or otherwise, subject to business and market conditions and other factors, and at such times and in such amounts as management and the board of directors deem appropriate. The authorization has no expiration date.