American Coastal Insurance Corporation Announces a Five-Year Extension of Its Exclusive MGA Agreement With AmRisc and the Election of Two New Directors to Its Insurance Subsidiary

American Coastal Insurance Corporation (Nasdaq Ticker: ACIC) (“the Company”, “American Coastal” or “ACIC”) the insurance holding company of American Coastal Insurance Company (“AmCoastal”) announced today that AmCoastal has entered a five-year extension of its exclusive Managing Agency Contract (the “MGA Agreement”) with AmRisc, LLC effective June 1, 2024, and expiring January 1, 2029, subject to regulatory approval. The MGA agreement remains mutually exclusive for the admitted condominium association property insurance market in Florida.

“AmRisc is the industry leader in commercial property insurance, and we are thrilled with the long-term extension of our partnership that has been mutually beneficial since 2007,” said President Brad Martz.

Board of Directors Election and Update for American Coastal Insurance Company

The Company also announced the election of Cathy Swanson and Deirdre A. Brown, CPA, to the Board of Directors of AmCoastal, subject to customary regulatory approval,.

Effective June 15, 2024, AmCoastal’s Board of Directors decreased from ten members to the following five members: Sherrill Hudson, Patrick Maroney, James Andy Gray, Deirdre Brown, and Cathy Swanson. Officers are Chris Griffith as President, Svetlana Castle as CFO, and Andy Gray as Chief Compliance and Risk Officer. The Directors and Officers for all other entities under ACIC’s ownership remain unchanged.

President Brad Martz, stated, “Cathy and Deirdre bring extensive experience in compliance, audit, finance and investments, having held key positions at highly respected companies. With proven track records of leading successful organizations, Cathy and Deirdre are well-qualified to contribute to AmCoastal’s vision.”

Cathy Swanson

Ms. Cathy Swanson is a business executive, with 40 years of experience in the banking industry. Cathy is currently Market President, Pinellas County, for Florida-based Cogent Bank, helping Cogent establish a presence in South Pinellas County and specifically in St. Petersburg. Before joining Cogent, Cathy was a Market Executive with Seacoast Bank (an affiliate of Seacoast Banking Corporation of Florida – Nasdaq: SBCF) from 2020 through 2022.

Prior to her time with Seacoast Bank, Cathy was on the Board of Directors at Freedom Bank in St. Petersburg, where she served as Chief Executive Officer from 2014 until 2020. Cathy previously held the position of President and Chief Operating Officer, as well as Senior Lender. Before joining Freedom Bank in December 2012, Cathy was the Regional Credit Officer for the Florida Gulf Coast Region for Synovus Bank. During her 27-year tenure with Synovus Bank of Tampa Bay (an affiliate of Synovus Financial Corporation - NYSE: SNV), previously United Bank, she held the positions of Executive Vice President and Chief Credit Officer, Commercial Team Leader and Director of Human Resources.

Cathy’s current community leadership roles include serving as a member of the BayCare Health System Board of Trustees, Chair of the BayCare Finance Committee, member of the Audit Committee and Compensation Committee. She is also Past Chair and current Trustee of St. Anthony’s Hospital, part of the BayCare Health System. Cathy is past Chair and on the Board of American Stage Theatre Company, Past Chair of the Board of Trustees for the St. Petersburg Free Clinic and Past Chair of Sponsorships for American Cancer Society’s Making Strides event. She previously served on the Board of Directors of the Florida Bankers Association and on the Florida Bankers Education Foundation Board.

In 2018, Cathy was recognized as a Businesswoman of the Year honoree by the Tampa Bay Business Journal. She is a graduate of the 1998 class of Leadership St. Pete, a member of the Leadership St. Pete Alumni Association, and a former member of the St. Petersburg Area Chamber of Commerce. Cathy is a long-time member of the Kiwanis Club of St. Petersburg, having served as Division 13 Lt. Governor of the Kiwanis Florida District (2013-2015) as well as Past President of the St. Petersburg Club (2005-2006) where she was also awarded Layperson of the Year in 2010.

Cathy is a graduate of the University of Tulsa, Tulsa, Oklahoma. She also attended the American Bankers Association National Commercial Lending School at the University of Oklahoma, Norman, Oklahoma and the National School of Human Resources and the School of Bank Marketing at the University of Colorado, Boulder, Colorado.

Deirdre A. Brown, CPA

Ms. Deirdre A. Brown, CPA is a business leader with significant accomplishments leading complex, multi-faceted departments at TECO Energy, Inc. (previously NYSE: TEC). During Deirdre ’s esteemed career at TECO, she held the positions of: Director, Audit Services, Vice President of Customer Service and Regulatory Affairs, Vice President of Business Strategy & Compliance, Chief Compliance & Ethics Officer, and Senior Vice President, Corporate Strategy and Chief Integration Officer.

Deirdre also has extensive Board of Directors and community outreach experience that includes Emeritus director and past finance committee chair of Women Executive Leadership, Board of Trustees member and past board member of Junior Achievement of Tampa Bay, past board member and strategic planning lead of Big Brothers Big Sisters Association of Florida, and past board president and chair of the finance committee of The Helen Gordon Davis Centre for Women.

Deirdre earned a B.S. in Accounting from Florida State University and an M.B.A. in Management from University of South Florida (Summa Cum Laude) and attended Harvard Business School’s Advanced Management Program. She is a Certified Public Accountant, Certified Internal Auditor, and Certified Development Dimensions International Instructor (Management Development).

About American Coastal Insurance Corporation:

American Coastal Insurance Corporation (amcoastal.com) is the holding company of the insurance carrier, American Coastal Insurance Company, which was founded in 2007 for the purpose of insuring Condominium and Homeowner Association properties, and apartments in the state of Florida. American Coastal Insurance Company has an exclusive partnership for distribution of Condominium Association properties in the state of Florida with AmRisc Group (amriscgroup.com), one of the largest Managing General Agents in the country specializing in hurricane-exposed properties. American Coastal Insurance Company has earned a Financial Stability Rating of “A”, Exceptional’ from Demotech, and maintains an “A-” insurance financial strength rating with a Stable outlook by Kroll. ACIC maintains a ‘BB+’ issuer rating with a Stable outlook by Kroll.

Forward-Looking Statements

Statements made in this press release may be “forward-looking statements.” These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words such as “may,” “will,” “expect,” "endeavor," "project," “believe,” "plan," “anticipate,” “intend,” “could,” “would,” “estimate” or “continue” or the negative variations thereof or comparable terminology, and include statements regarding signing definitive documentation for the transaction, receipt of regulatory approvals and effectiveness of the quota share reinsurance agreement. We believe these statements are based on reasonable estimates, assumptions, and plans. However, if the estimates, assumptions, or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those communicated in these forward-looking statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements may be found in our filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” section in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date on which they are made, and, except as required by applicable law, we undertake no obligation to update or revise any forward-looking statement.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240625935195/en/