secwatch.observer — SEC 8-K summary
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Issuer:     AMERICAN COASTAL INSURANCE Corp (ACIC)
CIK:        0001401521
Form:       8-K
Filed at:   2023-08-21T23:59:59+00:00
Accession:  0001401521-23-000110
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 4.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

American Coastal restates Q1 2023 financials, net income understated by $6.4M
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- Identified accounting errors in Q1-23 and Q1-22 discontinued ops and income tax; net income understated by ~$6.4M for Q1-23.
- Board determined prior financials should no longer be relied upon; plans to file Form 10-Q/A promptly.
- Q2 2023 core income (non-GAAP) of $26.2M ($0.60/share) improved 345% YoY; combined ratio 67.7%.
- Stockholders' equity at June 30, 2023: $112.4M or $2.59 per share.
- Company changed name to American Coastal Insurance Corp. (ACIC) effective Aug 15, 2023.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1401521/000140152123000110/0001401521-23-000110-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1401521/000140152123000110/uihc-20230821.htm
  HTML page:      https://secwatch.observer/filing/0001401521-23-000110

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