8-K
filed May 14, 2024, 7:59 PM ET
ticker ACIC
CIK 0001401521
M&A
confidence high
sentiment neutral
materiality 0.70
ACIC agrees to sell subsidiary Interboro Insurance to Forza at equity value; subject to NYDFS approval
AMERICAN COASTAL INSURANCE Corp
- ACIC to sell 100% of Interboro Insurance Company to Forza Insurance Holdings.
- Purchase price equals IIC's GAAP shareholders' equity at closing; no fixed dollar amount given.
- Closing conditions include NYDFS approval of Forza's acquisition of control and new rate/form filing.
- Concurrent service agreements with SageSure for policy administration and claims services.
Key facts
Extracted from this filing and checked against the source text.
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
AMERICAN COASTAL INSURANCE Corp entered into Administrator Agreement with SageSure Insurance Managers, LLC (effective 2024-05-09).
- Action
- entry
- Counterparty
- SageSure Insurance Managers, LLC
- Effective
- 2024-05-09
Exact text from the filing
In addition, in connection with the Sale Agreement, IIC and SageSure Insurance Managers, LLC entered into a Program Administrator Agreement (the "Administrator Agreement"), dated as of May 9, 2024
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
AMERICAN COASTAL INSURANCE Corp entered into Claims Agreement with SageSure Capital Holdings, Inc. (effective 2024-05-09).
- Action
- entry
- Counterparty
- SageSure Capital Holdings, Inc.
- Effective
- 2024-05-09
Exact text from the filing
IIC entered into a Claims Services Agreement (the "Claims Agreement") with SageSure Capital Holdings, Inc., dated as of May 9, 2024
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
AMERICAN COASTAL INSURANCE Corp entered into Sale Agreement with Forza Insurance Holdings, LLC (effective 2024-05-09).
- Action
- entry
- Agreement
- asset purchase
- Counterparty
- Forza Insurance Holdings, LLC
- Effective
- 2024-05-09
Exact text from the filing
On May 9, 2024, American Coastal Insurance Corporation (“ACIC” or the “Company”) entered into a Stock Purchase Agreement (the "Sale Agreement") with Forza Insurance Holdings, LLC ("Forza") in which ACIC will sell and Forza will acquire 100% of the issued and outstanding stock of ACIC's subsidiary, Interboro Insurance Company ("IIC").
View on SEC.gov
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