8-K
filed February 6, 2023, 6:59 PM ET
ticker ACIC
CIK 0001401521
M&A
confidence high
sentiment negative
materiality 0.80
AMERICAN COASTAL INSURANCE Corp (ACIC): M&A transaction — UIHC transfers renewal rights on ~72K Florida policies to Slide Insurance, exits large portion of personal lines book
AMERICAN COASTAL INSURANCE Corp
- UPC cancels ~72,000 Florida HO3/DP3 policies; Slide simultaneously issues replacement stub policies effective Feb 1, 2023.
- No purchase price; Slide pays UPC only the unearned premium (less agent commissions and unpaid installments).
- UIM sells IP and data to Slide and provides policy admin services; receives 2% of gross earned premium on renewed policies.
- Transaction requires Florida OIR approval and Demotech reaffirmation of Slide's 'A' rating as condition precedent.
- UPC retains claims with loss date on or before Jan 31, 2023; Slide assumes claims from Feb 1, 2023 onward.
Key facts
Extracted from this filing and checked against the source text.
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.95
AMERICAN COASTAL INSURANCE Corp completed a disposition involving Slide Insurance Company for two percent of gross earned premium of the policies renewed (closed 2023-02-01).
- Action
- disposition
- Counterparty
- Slide Insurance Company
- Consideration
- two percent of gross earned premium of the policies renewed
- Closing
- 2023-02-01
Exact text from the filing
On February 1, 2023, United Insurance Holdings Corp. (the “Company”), together with its wholly-owned subsidiary, United Property and Casualty Insurance Company, an insurance company organized under the laws of the State of Florida (“UPC”), entered into a Renewal Rights Agreement, dated as of February 1, 2023 (the “Renewal Rights Agreement”), with Slide Insurance Company, an insurance company organized under the laws of the State of Florida ("Slide"), pursuant to which, UPC agreed to transfer to Slide the renewal rights to UPC’s personal lines homeowners business in Florida.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
AMERICAN COASTAL INSURANCE Corp entered into Renewal Rights Agreement with Slide Insurance Company (effective 2023-02-01).
- Action
- entry
- Agreement
- asset purchase
- Counterparty
- Slide Insurance Company
- Effective
- 2023-02-01
Exact text from the filing
On February 1, 2023, United Insurance Holdings Corp. (the “Company”), together with its wholly-owned subsidiary, United Property and Casualty Insurance Company, an insurance company organized under the laws of the State of Florida (“UPC”), entered into a Renewal Rights Agreement, dated as of February 1, 2023 (the “Renewal Rights Agreement”), with Slide Insurance Company, an insurance company organized under the laws of the State of Florida ("Slide"), pursuant to which, UPC agreed to transfer to Slide the renewal rights to UPC’s personal lines homeowners business in Florida.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
AMERICAN COASTAL INSURANCE Corp entered into Asset Purchase and Services Agreement with Slide Insurance Company (effective 2023-02-01).
- Action
- entry
- Agreement
- asset purchase
- Counterparty
- Slide Insurance Company
- Effective
- 2023-02-01
Exact text from the filing
In addition, on February 1, 2023, the Company, together with its wholly-owned subsidiary, United Insurance Management, L.C., a Florida limited liability company ("UIM"), entered into an Asset Purchase and Services Agreement (the "Service Agreement"), with Slide, pursuant to which, UIM agreed to sell, and Slide agreed to purchase certain intellectual property and data.
View on SEC.gov
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