American Coastal Insurance Corporation Announces Leadership Changes

Rhea-AI Summary

American Coastal Insurance Corporation (ACIC) announced changes to its executive leadership team, appointing Svetlana Castle as Chief Financial Officer and promoting J. Andy Gray to Chief Compliance and Risk Officer. Castle brings 15 years of insurance industry experience and will be responsible for finance, accounting, and tax operations. Gray, with extensive experience in tax, accounting, and internal audit, will oversee compliance and risk management. The changes aim to introduce innovative perspectives and increase accountability and oversight to the company's operations.

ST. PETERSBURG, Fla.--(BUSINESS WIRE)-- American Coastal Insurance Corporation (Nasdaq: ACIC) (“the Company, “American Coastal”, or “ACIC”) a property and casualty insurance holding company, today announced changes to its executive leadership team.

Svetlana Castle, JD, MPA, CPA Appointed as Chief Financial Officer

Svetlana Castle, JD, MPA, CPA, has been appointed as the new Chief Financial Officer, effective Monday, January 22, 2024. Ms. Castle will be joining as a member of ACIC’s executive team and report directly to ACIC President, B. Bradford Martz.

“We believe that the current timing presents an opportune moment to introduce innovative perspectives to our operations. We believe Ms. Castle’s experience and leadership experience compliments our team well. Her deep understanding and expertise will play a pivotal role to serve our organization and help build shareholder value overtime,” said Mr. Martz.

Ms. Castle will be responsible for the finance, accounting, and tax operations for ACIC. She has 15 years of experience in the insurance industry, in addition to vast experience across shared services operations, enterprise risk management, financial reporting and forecasting, and auditing. Ms. Castle holds a Juris Doctor degree, Master’s degree in Accounting, Bachelor of Arts degree in Accounting, and Bachelor of Science degree in Education - Mathematics.

With the addition of Ms. Castle, Mr. Martz will step down from his role of Chief Financial Officer to focus on his position as President of the Company and will shift his responsibilities to strategic initiatives and investor relations.

J. Andy Gray, CPA Promoted to Chief Compliance and Risk Officer

Mr. J. Andy Gray, CPA, has been promoted to the newly created position of Chief Compliance and Risk Officer. Mr. Gray, with extensive experience in tax, accounting, and internal audit, joined the Company in 2017, after the Company’s merger with American Coastal Insurance Company, and has held various roles within the organization.

“Mr. Gray’s deep experience and vigilance is a great fit for this role, which will bring increased accountability and oversight to our operations. Compliance and risk management are non-negotiable and critical components for our business,” said Mr. Martz.

Mr. Gray most recently served as Vice President, Enterprise Risk Management, where he oversaw Internal Audit and reported directly to the Company’s Audit Committee. Prior to joining American Coastal, he served as a Partner with Thomas Howell Ferguson, a regional accounting firm, from 1993 until 2015, specializing in insurance.

Mr. Gray will report directly to Mr. Martz with certain compliance deliverables and continue to report risk management responsibilities to the Audit Committee.

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), a subsidiary of Truist Insurance Holdings, 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.

American Coastal Insurance Corporation’s portfolio of investments also includes Interboro Insurance Company, a New York domiciled personal lines carrier founded in 1914.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240118010921/en/

Alexander Baty

Vice President, Finance & Investor Relations, American Coastal Insurance Corporation

investorrelations@amcoastal.com

(727) 425-8076



Karin Daly

Investor Relations, Vice President, The Equity Group

kdaly@equityny.com

(212) 836-9623

Source: American Coastal Insurance Corporation

FAQ

Who has been appointed as the new Chief Financial Officer of American Coastal Insurance Corporation?

Svetlana Castle, JD, MPA, CPA has been appointed as the new Chief Financial Officer of American Coastal Insurance Corporation.

What is the ticker symbol for American Coastal Insurance Corporation?

The ticker symbol for American Coastal Insurance Corporation is ACIC.

What will be Svetlana Castle's responsibilities as the new Chief Financial Officer?

Svetlana Castle will be responsible for the finance, accounting, and tax operations for American Coastal Insurance Corporation.

Who has been promoted to the newly created position of Chief Compliance and Risk Officer?

J. Andy Gray, CPA, has been promoted to the newly created position of Chief Compliance and Risk Officer.

What will J. Andy Gray oversee in his new role?

J. Andy Gray will oversee compliance and risk management in his new role as Chief Compliance and Risk Officer.