AMERICAN COASTAL INSURANCE Corp 8-K, filed Dec 9, 2022
AMERICAN COASTAL INSURANCE Corp (ACIC)
8-K
2022-12-09
For: 2022-12-09
View Original
Added on
April 12, 2026
About this 8-K
AMERICAN COASTAL INSURANCE Corp filed this 8-K on December 9, 2022.
Items reported
- Item 8.01: Other events
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): December 9, 2022
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Item 8.01. Other Events
On December 8, 2022, Kroll Bond Rating Agency, LLC ("KBRA") announced downgrades of the issuer and debt ratings for United Insurance Holdings Corp. ("UIHC" or "the Company") to BB+ from BBB- and the insurance financial strength rating ("IFSR") for the Company's insurance subsidiary, United Property and Casualty Insurance Company ("UPC") to B+ from BB-. KBRA also affirmed the A- ISFR for the Company's insurance subsidiaries American Coastal Insurance Company and Interboro Insurance Company. All ratings have been removed from Watch Downgrade and now have a Negative Outlook. KBRA subsequently withdrew the IFSR rating of UPC as requested by the Company.
As a result of the issuer and debt rating downgrade for the Company, the interest rate on the Company's $150 million 10-year senior notes will increase from 6.25% to 7.25%. The Company has not experienced any other impacts from this downgrade as of December 9, 2022.
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 hereunto duly authorized.
| UNITED INSURANCE HOLDINGS CORP. | ||||||||
| December 9, 2022 | By: | /s/ B. Bradford Martz | ||||||
| B. Bradford Martz, Chief Financial Officer and President (principal financial officer and principal accounting officer) | ||||||||