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American Coastal Insurance Corporation ("ACIC" or the "Company") successfully renewed its all other perils catastrophe excess of loss agreement (the "AOP CAT" agreement). This agreement provides coverage for in-force, new and renewal business.
Material Event – Form 8-K
Item 8.01. Other Events.
Effective January 1, 2024 , ACIC, through its wholly owned insurance subsidiary American Coastal Insurance Company ("AmCoastal"), renewed the AOP CAT agreement. The agreement provides up to $100 million of limit excess of $10 million per occurrence to limit the Company's losses from catastrophe loss events other than named windstorms and earthquakes. The Company's wholly owned reinsurance subsidiary, UPC Re, is a participant in the AOP CAT agreement, bringing the Company's consolidated retention to $12.25 million per occurrence.
The cost of the agreement, excluding potential reinstatement premium, is approximately $9.9 million , a decrease of 9.24% year-over-year when risk-adjusted. Exclusive of ACIC's retention the AOP CAT agreement provides coverage of approximately $88 million for a first event and $84 million for a second event, or $172 million in the aggregate, an aggregate increase of $71 million or 70.3% year-over-year.
This Item 8.01 may contain forward-looking statements about our reinsurance program and related attachment point, total coverage and costs. These statements are subject to the Private Securities Litigation Reform Act of 1995 and are based on management's estimates, assumptions and projections. These forward-looking statements can generally be identified as such because the context of the statement includes words such as estimate, expect or words of similar nature. The actual changes to our reinsurance program and related attachment point, total coverage and costs may differ materially from those discussed in this report, depending on our reinsurers' capacity to pay claims and related adjustment provisions in our agreements with the private reinsurers.
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