AMERICAN COASTAL INSURANCE Corp (ACIC): M&A transaction — Florida court orders liquidation of United Property & Casualty subsidiary; deconsolidation effective Feb 27, 2023

AMERICAN COASTAL INSURANCE Corp

Circuit Court for Leon County, FL issued consent order on Feb 27, 2023 appointing Florida Dept of Financial Services as receiver for UPC.
UPC subsidiary will be liquidated and deconsolidated from UIHC financial results effective Feb 27, 2023.
Pro forma financial statements reflecting disposal of UPC and deconsolidation were previously filed on Feb 10, 2023.
The order includes an injunction and automatic stay related to the liquidation proceedings.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

AMERICAN COASTAL INSURANCE Corp completed a disposition involving Florida Department of Financial Services (closed 2023-02-27).

Action: disposition
Counterparty: Florida Department of Financial Services
Closing: 2023-02-27

Exact text from the filing

On February 27, 2023, the Circuit Court of the Second Judicial Circuit for Leon County, Florida issued a consent order appointing the Florida Department of Financial Services as receiver of United Insurance Holding Corp.'s (the "Company") subsidiary, United Property & Casualty Insurance Company ("UPC") for purposes of liquidation, injunction and notice of automatic stay. This order completes the Company's disposal of UPC which will be de-consolidated from our financial results on this date.

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Source: SEC EDGAR

accession 0001401521-23-000014

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