secwatch.observer — SEC 8-K summary
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Issuer:     AMERICAN COASTAL INSURANCE Corp (ACIC)
CIK:        0001401521
Form:       8-K
Filed at:   2023-05-16T23:59:59+00:00
Accession:  0001401521-23-000057
Event type: other_material
Sentiment:  neutral
Materiality: 0.60
Item codes: 8.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1401521/000140152123000057/0001401521-23-000057-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1401521/000140152123000057/uihc-20230516.htm
  HTML page:      https://secwatch.observer/filing/0001401521-23-000057

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