Six months after its namesake insurance carrier was deemed insolvent, United Å˽ðÁ«´«Ã½Ó³» Holdings is rebranding itself in the name of its surviving insurer, as American Coastal Å˽ðÁ«´«Ã½Ó³» Corp.
The St. Petersburg, Florida-based holding company for now-defunct United Property & Casualty Å˽ðÁ«´«Ã½Ó³» Co. announced it has changed its name and stock market symbol. The firm will be traded on NASDAQ as “ACIC,” starting Aug. 15, the company said in a news release.
“This year has been transformational for our company, employees and the customers we serve,” said Daniel Peed, chairman of the board and CEO of United P&C and United Å˽ðÁ«´«Ã½Ó³» Holdings. “The rebranding honors the heritage and credibility of AmCoastal throughout our overall mission and values. AmCoastal is a leader in the industry with the number one market share in Florida commercial residential condominium associations.”
American Coastal Å˽ðÁ«´«Ã½Ó³» was founded in 2007 and has specialized in condominium and homeowner association coverage in Florida. It also is the exclusive distributor of condo policies for AmRisc Group, a subsidiary of Truist Å˽ðÁ«´«Ã½Ó³» Holdings, one of the largest managing general agents in the U.S., the company said. American Coastal owns Interboro Å˽ðÁ«´«Ã½Ó³» Co., a New York-domiciled personal lines carrier.
The holding company reported it had $261 million net income for the first quarter of 2023, up substantially from its $470 million loss in Q1 the year before. Net premiums written stood at $155 million, compared to $581 million for the first quarter of 2022, the company’s financial information shows. American Coastal said it will release its second quarter, 2023, financial results on Aug. 10, with an earnings call that evening.
The Demotech rating firm in April of this year gave American Coastal Å˽ðÁ«´«Ã½Ó³» an “A Exceptional” financial stability grade. American Coastal’s number of policies in force was not reported.
United P&C was founded in 1999 and had as many as 180,000 policies in Florida at one time. But the company signaled it was in trouble in late 2021 when it stopped writing new HO policies in Florida. In July 2022 the company it announced it was pulling out of the Florida, Louisiana, Texas and New York markets altogether. A buyer for the firm did not materialize and UPC entered into an orderly runoff plan in August 2022.
Then came Hurricane Ian, which hit southwest Florida, where UPC had considerable exposure. Florida regulators declared UPC insolvent early this year.
Topics Florida
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