Claims Aid Consultants Public AdjustersAfter UPC Insolvency, Parent Company Rebrands to American Coastal Insurance
Six months after its namesake insurance carrier was deemed insolvent, United Insurance Holdings is rebranding itself in the name of its surviving insurer, as American Coastal Insurance Corp.
– Article by William Rabb, Insurance Journal
The St. Petersburg, Florida-based holding company for now-defunct United Property & Casualty Insurance Co. announced it has changed its name and stock market symbol. The firm will be traded on NASDAQ as “ACIC,” starting Aug. 15, the company said in a news release.
The St. Petersburg, Florida-based holding company for now-defunct United Property & Casualty Insurance Co. announced it has changed its name and stock market symbol. The firm will be traded on NASDAQ as “ACIC,” starting Aug. 15, the company said in a news release.
“This year has been transformational for our company, employees and the customers we serve,” said Daniel Peed, chairman of the board and CEO of United P&C and United Insurance Holdings. “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.”
American Coastal Insurance was founded in 2007 and has specialized in condominium and homeowner association coverage in Florida. It also is the exclusive distributor of condo policies for AmRisc Group, a subsidiary of Truist Insurance Holdings, one of the largest managing general agents in the U.S., the company said.
American Coastal owns Interboro Insurance Co., a New York-domiciled personal lines carrier. The holding company reported it had $261 million net income for the first quarter of 2023, up substantially from its $470 million loss in Q1 the year before.
Net premiums written stood at $155 million, compared to $581 million for the first quarter of 2022, the company’s financial information shows. American Coastal said it will release its second quarter, 2023, financial results on Aug. 10, with an earnings call that evening.
The Demotech rating firm in April of this year gave American Coastal Insurance an “A Exceptional” financial stability grade. American Coastal’s number of policies in force was not reported.
United P&C was founded in 1999 and had as many as 180,000 policies in Florida at one time. But the company signaled it was in trouble in late 2021 when it stopped writing new HO policies in Florida.
In July 2022 the company announced it was pulling out of the Florida, Louisiana, Texas and New York markets altogether. A buyer for the firm did not materialize and UPC entered into an orderly runoff plan in August 2022.
Then came Hurricane Ian, which hit southwest Florida, where UPC had considerable exposure. Florida regulators declared UPC insolvent early this year.
Need help with property damage? Claims Aid Consultants are here for you! We are fully licensed and bonded Public Adjusters offering Certified Appraiser, Umpire, and Adjusting services. We specialize in reopening old underpaid and denied claims. Our team works exclusively for you, not the insurance company. Our expert public adjusters will fight to get you the best settlement and ensure your home or business is renovated and repaired as quickly as possible. Don’t hesitate, contact us today for a free, no-obligation property damage inspection and policy review.
Call 954-48CLAIM or 772-249-7988. Se habla Español.
Investigating Florida’s Home Insurance Crisis
This investigation only proves our point and is the reason we do what we do…. If you want to know what is really going on in the insurance market in Florida – this is a MUST SEE REPORT!
Need help with property damage? Claims Aid Consultants are here for you! We are fully licensed and bonded Public Adjusters offering Certified Appraiser, Umpire, and Adjusting services.
We specialize in reopening old underpaid and denied claims.
Our team works exclusively for you, not the insurance company. Our expert public adjusters will fight to get you the best settlement and ensure your home or business is renovated and repaired as quickly as possible.
Don’t hesitate, contact us today for a free, no-obligation property damage inspection and policy review.
Call 954-48CLAIM or 772-249-7988. Se habla Español. Antonio Hernandez, Lic. W013213.
When is Appraisal Appropriate?
Policyholders often think the only way to settle the dispute is to hire a lawyer. Fortunately, this is not the case. Appraisal is a method of Alternative Dispute Resolution often found in many homeowner and commercial insurance policies.
When there is a disagreement over the insurance company’s valuation of an insurance claim, requesting appraisal may be appropriate.
Appraisal is a Policy Provision found in the Loss Settlement section. It is an Alternate Dispute Resolution, which can resolve disagreement when the Carrier and Policyholder do not agree on the amount of loss. It is an alternative to a lawsuit. Appraisal does not address coverage issues, but can include or exclude items based on causation depending on the state.
The appraisal language in a HO3 policy typically reads as follows:
Appraisal. If you and we fail to agree on the actual cash value, amount of loss, or cost of repair or replacement, either can make a written demand for appraisal. Each will then select a competent, independent, appraiser and notify the other of the appraiser’s identity within 20 days of receipt of the written demand. The two appraisers will choose an umpire. If they cannot agree upon an umpire within 15 days, you or we may request that the choice be made by a judge of a district court of a judicial district where the loss occurred. The two appraisers will then set the amount of loss, stating separately the actual cash value and loss to each item.
The language will often, but not always, state that appraisal is mandatory when properly demanded by the insurer or insured. It is important to have a qualified Appraiser review your policy to determine your options.
When properly executed, appraisal is binding on the parties as to the amount of loss only. Appraisal does not determine coverage.
Once the Appraisal clause/provision is invoked, the insured’s appraiser and the insurance carrier’s appraiser will estimate the damage and try to come to an agreement on the amount of loss.
If the appraisers fail to agree, they will submit their differences to the umpire. An itemized decision agreed to by two of these three will set the amount of loss. Such award shall be binding. Each party will pay its own appraiser and bear the other expenses of the appraisal and umpire equally.
If appraisal is not properly invoked, employed, and/or carried out the process may not be binding, so it is important to select a qualified appraiser and umpire.
Got Property Damage? Claims Aid Consultants are fully licensed and bonded Public Adjusters providing Certified Appraiser, Umpire and Adjuster services for our clients.
Contact us today for a free, no-obligation property damage inspection and policy review throughout the state of Florida, Georgia, South Carolina and Texas. We can re-open old underpaid & denied claims. We ONLY work for you, not the insurance company.
Our expert public adjusters will work to get you the best settlement, and your home or business renovated and repaired as quick as possible. Call 954-48CLAIM or 772-249-7988. Se habla Español. Antonio Hernandez, Lic. #W013213
Contact Us
Send us a message below and we’ll do our best to get back to you within one business day.
You must be logged in to post a comment.