American Coastal Insurance Corporation (ACIC) has recast certain information in its annual report on Form 10-K for the year ended December 31, 2023, originally filed with the Securities and Exchange Commission on March 15, 2024. This recast is due to the company's discontinued operations and resulting segment changes following the sale of 100% of the issued and outstanding stock of Interboro Insurance Company to Forza Insurance Holdings, LLC.
The recast consolidated financial statements reflect the discontinued operations and resulting segment changes. The recast sections of the 2023 Form 10-K include Part I, Item 1 (Business), Part II, Item 7 (Management’s Discussion and Analysis of Financial Condition and Results of Operations), Part II, Item 7A (Quantitative and Qualitative Disclosures about Market Risk), Part II, Item 8 (Financial Statements and Supplementary Data), and Part II, Item 9A (Controls and Procedures).
These recast sections should be read in conjunction with the original 2023 Form 10-K. The recast 2023 Form 10-K does not reflect events occurring after the March 15, 2024 filing date of the original 2023 Form 10-K and does not modify or update the disclosures therein except to reflect the changes in the company’s reportable discontinued operations and segment reporting.
The company has not provided specific figures or metrics in the press release. Today the company's shares have moved 1.6% to a price of $11.2. Check out the company's full 8-K submission here.
