American Coastal

The Insurance Insider US news team runs you through the earnings results for the day.

The transfer is intended to allow Brad Martz to “focus on his position as president of American Coastal,” the company said in a regulatory filing.

The agreement provides coverage for in-force, new and renewal business, with up to $100mn of limit excess of $10mn per occurrence.

A non-binding term sheet was signed on October 6, whereby the buyer will acquire 100% of Interboro’s issued and outstanding securities in exchange for cash.

The Inside P&C news team runs you through the earnings results for the day.

The Inside P&C news team runs you through the earnings results for the day.

ACIC’s program offers sufficient coverage for approximately a one-in-167-year event and a one-in-100-year event followed by a one-in-50-year event in the same season, the company said.

Forecasts for “near-normal” activity may mean the chance at a reprieve for the Florida market, but a history of underestimates warrants caution.

The company now expects to file the quarterly report on or before May 22.

The company is also nearing completion of Interboro Insurance Company’s program renewal.

United said it will require additional time to finalize its financial statements and disclosures “related to subsequent events”.

Executives were speaking after the company reported a combined ratio of 308.8% for the fourth quarter, a 200-point hike from the prior-year period.