American Coastal Insurance

American Coastal Insurance Company (ACIC) is a licensed and admitted Florida based insurance company currently writing Condominium and Homeowner Association properties. ACIC received its Certificate of Authority in June 2007 and by September 2007 began writing business. ACIC was initially capitalized with $50 million surplus and is focused on a high degree of longevity and security. As of June 30, 2016, the surplus is $163.5 million. There is no debt, LOC, preferred capital or other leverage used in the capitalization of ACIC. Since inception ACIC has invested all assets in highly rated bonds, money market accounts, CD's or cash. The total assets at the close of 2Q 2016 were approximately $333 million. ACIC wrote approximately $308 million in 2015 and we expect to write about $275 million in 2016. Demotech recently reaffirmed the Financial Stability rating to "A" Unsurpassed for American Coastal. ACIC's current primary underwriting target is "Best of Class" Florida Garden Style Condominiums. "Best of Class" risks place an emphasis on positive secondary wind underwriting characteristics such as roof shape, bracing, hurricane straps where needed and age of roof coverings for all ISO 1-6 construction. The ACIC filed rating plan is designed to provide competitive pricing along with enhanced coverage such as ISO Broad and Special Causes of Loss Forms as well as several extensions of coverage. Catastrophe exposure management is critical to companies writing hurricane exposed properties. ACIC's reinsurance protection for 2016/2017 is two times the Florida minimum requirements. We have designed the catastrophe reinsurance protection to meet or exceed the standard protection levels for AM Best "A" rated carriers, and plan to maintain this approach in the future. Catastrophe reinsurance is provided by a commercial placement with all "A-"or better rated or fully collateralized reinsurers and the Florida Hurricane Catastrophe Fund. Underwriting services are contracted to AmRisc, LLC, which is the largest Managing General ...