American Coastal Insurance Corporation filed SEC Form 8-K: Completion of Acquisition or Disposition of Assets, Financial Statements and Exhibits
$ACIC
Property-Casualty Insurers
Finance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): April 1, 2025
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Item 2.01: Completion of Acquisition or Disposition of Assets
On April 1, 2025, American Coastal Insurance Corporation (the "Company") completed the sale of 100% of the issued and outstanding stock of its wholly owned subsidiary, Interboro Insurance Company ("IIC") to Forza Insurance Holdings, LLC ("Forza").
The Company received $26.4 million in consideration from Forza based on the estimated generally accepted accounting principles ("GAAP") equity of IIC as of the closing date. The Company and Forza will true-up this consideration in approximately 30 days using the finalized GAAP equity of IIC as of April 1, 2025.
On May 14, 2024, the Company filed a Current Report on Form 8-K disclosing the stock purchase agreement between the Company and Forza related to this sale. The stock purchase agreement is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits
| Exhibit No. | Description | |||||||
| Stock Purchase Agreement, dated as of May 9, 2024, between the Company and Forza Insurance Holdings, LLC. (incorporated by reference to the Company's Current Report on Form 8-K filed on May 14, 2024) | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunder duly authorized.
| AMERICAN COASTAL INSURANCE CORPORATION | ||||||||
| April 1, 2025 | By: | /s/ B. Bradford Martz | ||||||
| B. Bradford Martz, President & Chief Executive Officer | ||||||||