American Coastal Insurance Corporation ( (ACIC) ) has released its Q3 earnings. Here is a breakdown of the information American Coastal Insurance Corporation presented to its investors.
American Coastal Insurance Corporation, a property and casualty insurance holding company based in St. Petersburg, Florida, specializes in insuring condominium and homeowner association properties, primarily in hurricane-prone areas. The company partners with AmRisc Group for distribution and has received stable financial strength ratings.
In its latest earnings report for the third quarter of 2024, American Coastal Insurance Corporation reported significant improvements in its financial performance. The company saw a substantial increase in total revenue, reaching $82.1 million, which marks a 56% rise year-over-year. Net income for the quarter also surged to $28.1 million, up from $10.6 million in the same period last year, indicating a robust growth trajectory despite a slight decline in gross premiums written.
Key financial metrics from the report highlight a 48.2% increase in net premiums earned and an 84.3% rise in income from continuing operations net of tax. The company’s combined ratio improved, dropping to 57.7% from 62.7% the previous year, showcasing effective cost management and underwriting discipline. Lower catastrophe losses and favorable prior-year reserve development contributed to these results. Additionally, the company’s book value per share saw a significant increase, rising by 93.5% compared to the previous year.
Looking ahead, American Coastal Insurance Corporation remains steadfast in its commitment to operational excellence and aiding communities affected by hurricanes. The management emphasizes resilience and collaboration as core values and maintains a positive outlook for continued financial strength and strategic growth within its sector.
