American Coastal Insurance Extends Exclusive Managing Agency Contract With AmRisc for Five Years; Effective June 1, 2024, Expiring January 1, 2029; Remains Exclusive for Florida Admitted Condominium Association Property Insurance Market
Portfolio Pulse from Benzinga Newsdesk
American Coastal Insurance has extended its exclusive managing agency contract with AmRisc for five years, effective June 1, 2024, and expiring January 1, 2029. The contract remains exclusive for the Florida admitted condominium association property insurance market.
June 25, 2024 | 8:17 pm
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POSITIVE IMPACT
American Coastal Insurance has extended its exclusive managing agency contract with AmRisc for five years, ensuring continued exclusivity in the Florida admitted condominium association property insurance market.
The extension of the exclusive contract with AmRisc solidifies ACIC's position in the Florida admitted condominium association property insurance market, likely leading to stable or increased revenues.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Seacoast Banking Corporation of Florida (SBCF) may see indirect benefits from the extended contract between American Coastal Insurance and AmRisc, as it operates in the same regional market.
While SBCF is not directly involved, the stability and growth of regional partners like ACIC could have positive indirect effects on the local economy and related financial services.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Synovus Financial Corp (SNV) might experience minimal impact from the contract extension between American Coastal Insurance and AmRisc, as it is not directly related to the insurance market.
SNV operates primarily in the financial sector and is not directly connected to the insurance market, making the impact of this news minimal.
CONFIDENCE 80
IMPORTANCE 20
RELEVANCE 20