UPC subsidiary near insolvency; Hurricane Ian losses surge to $1.54B gross, nets $197M in Q4 2022

AMERICAN COASTAL INSURANCE Corp

UPC expected insolvent as of Dec 31, 2022; Florida OIR notified.
Hurricane Ian gross loss estimate increased to $1.54B from $1B; net loss expense $197M in Q4 2022.
UPC personal lines Ian loss net $145M; all reinsurance exhausted. ACIC commercial Ian net $16M; FHCF has $518M limit remaining.
Adverse prior year reserve development adds $61M net in Q4 2022.
Company to deconsolidate UPC if receivership; pro forma financials filed.

item 2.02 item 2.06 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.8

AMERICAN COASTAL INSURANCE Corp reported preliminary financial results for the fourth quarter of 2022.

Period: the fourth quarter of 2022
Result: preliminary results

Exact text from the filing

we expect to incur approximately $197 million of net loss and loss adjustment expense related to current accident year catastrophe events for the fourth quarter of 2022

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3 earnings releases filed in the last 30 days. Browse all earnings releases →

AMERICAN COASTAL INSURANCE Corp filing history →

Source: SEC EDGAR

accession 0001401521-23-000012

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