New Apartment Program Launch
American Coastal launched a new apartment program in Florida, writing 19 new apartment risks totaling $2.3 million of premium, indicating early success in diversifying their risk portfolio.
Revenue and Growth Metrics
Total revenues grew nearly 55% year-over-year in Q4, supported by better-than-expected new business growth and renewal account retention.
Enhanced Reinsurance Protections
The company placed a new three-year catastrophe bond, increasing from $100 million to $200 million, priced below the expected range, and introduced a cascading feature for multiple hurricane events.
Strong Financial Performance
Pre-tax income for the full year 2024 was approximately $102 million, up nearly 6% year-over-year, despite $23 million more in net catastrophe losses.
Increased Stockholders' Equity
The company starts 2025 with approximately $236 million of stockholders' equity, a 39.6% increase, showcasing strong capitalization.