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Subsequent Events | 6 Months Ended
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Jun. 30, 2023
Subsequent Events [Abstract] |
Subsequent Events | SUBSEQUENT EVENTS We evaluate all subsequent events and transactions for potential recognition or disclosure in our financial statements. At June 30, 2023, the Company was involved in legal proceedings whereby on August 18, 2021, Jacqueline A. Miraglia filed suit in the United States District Court for the District of Delaware against United Insurance Holdings Corp. alleging violations arising under Title VII of the Civil Rights Act of 1964 and the Age Discrimination in Employment Act of 1967, and sought damages in an unspecified amount. On September 27, 2022, venue was transferred to the United States District Court for the Middle District of Florida, Tampa Division and in November, 2022, the plaintiff amended the complaint to add Skyway Claims Services as a defendant. On July 6, the Company entered into a Settlement Agreement and General Release, which resulted in an immaterial payment to the plaintiff and does not involve an admission of any wrongdoing by any party. On July 10, 2023, we filed with the Secretary of the State of the State of Delaware a Second Certificate of Amendment of Certificate of Incorporation to change its corporate name from United Insurance Holdings Corp. to American Coastal Insurance Corporation, effective July 10, 2023. In connection with the Company's name change, the Board of Directors amended the Company's by-laws to reflect the corporate name American Coastal Insurance Corporation, also effective on July 10, 2023. No other changes were made to the Company's by-laws. On July 27, 2023, we announced that the Company will begin trading on NASDAQ under the ticker symbol "ACIC", prior to market open on August 15, 2023. The new ticker replaces the current ticker symbol "UIHC", which has been used since the Company's formation and initial public offering on the over-the-counter (OTC) market in 2007, and subsequent listing on The Nasdaq Capital Market in 2012. On August 10, 2023, the Company issued a press release related to its earnings for the second quarter ended June 30, 2023 (the Earnings Release). The Earnings Release was filed as exhibit 99.1 to the Form 8-K filed on August 10, 2023. Subsequent to the Earnings Release, the Company has reported changes to its provision for income taxes and Income from discontinued operations, net of tax on its Consolidated Statements of Comprehensive Loss. In addition, the Company has decreased its reported other liabilities and increased its reported other assets on its Consolidated Balance Sheets. On August 21, 2023, the Company filed an amended 10-Q for the first quarter ended March 31, 2023. This amended filing corrects our allocation of discontinued operations to include activities related directly to the support of our former subsidiary UPC. In addition, this amendment corrects our provision for income taxes to appropriately reflect the impact of the disposition of UPC.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
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