United Insurance Holdings enters tax agreement with Florida DFS to recover $38.4M in reinsurance

AMERICAN COASTAL INSURANCE Corp

United Insurance Holdings and its subsidiary American Coastal Insurance Co. signed a Tax Memorandum of Understanding with the Florida DFS on May 15, 2023.
The agreement addresses $38,352,000 in reinsurance recoveries due to ACIC from UPC, now in DFS receivership since February 27, 2023.
Parties will cooperate to realize UPC's deferred tax assets, which are valueless standalone but usable by ACIC subject to profitability conditions.
Proceeds from tax allocation will be held in a segregated ACIC account as collateral; annual true-ups and excess payments to DFS are required.

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