secwatch.observer — SEC 8-K summary
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Issuer:     AMERICAN COASTAL INSURANCE Corp (ACIC)
CIK:        0001401521
Form:       8-K
Filed at:   2023-02-10T23:59:59+00:00
Accession:  0001401521-23-000012
Event type: other_material
Sentiment:  negative
Materiality: 1.00
Item codes: 2.02, 2.06, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1401521/000140152123000012/0001401521-23-000012-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1401521/000140152123000012/uihc-20230210.htm
  HTML page:      https://secwatch.observer/filing/0001401521-23-000012

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