Back in February, after higher than expected claims from Hurricane Ian, Florida insurance regulators placed United Property & Casualty Insurance Co. (UPC) in receivership and declared the company insolvent.
Last week, UPC’s parent company – United Insurance Holdings – based in St. Petersburg, Florida, announced it was changing its name to American Coastal Insurance Corp and will trade on NASDAQ as “ACIC,” starting Aug. 15, 2023.
In a statement, R. Daniel Peed, Chairman of the Board and Chief Executive Officer said, “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.”
Founded in 2007, American Coastal Insurance specializes in condominium and homeowner association coverage in Florida.
American Coastal Insurance has an “A Exceptional” financial stability grade with Demotech.
Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.