Welcome to our dedicated page for American Coastal Insurance news (Ticker: ACIC), a resource for investors and traders seeking the latest updates and insights on American Coastal Insurance stock.
American Coastal Insurance Corp (ACIC) provides investors and industry professionals with a centralized hub for tracking corporate developments in property and casualty insurance. This page aggregates official press releases, financial disclosures, and strategic updates from the company’s Commercial and Personal Lines segments.
Users gain access to critical information including earnings announcements, regulatory filings, and leadership updates, all essential for monitoring this insurer’s market position. The curated collection eliminates the need to scour multiple sources, offering direct access to primary materials that influence investment decisions.
Content spans operational milestones such as underwriting strategy adjustments, risk management innovations, and market expansion initiatives. Regular updates reflect the company’s dual focus on commercial property coverage and personal lines insurance, maintaining relevance for both institutional analysts and individual stakeholders.
Bookmark this page for streamlined tracking of ACIC’s evolving role in the insurance sector. Combine these primary sources with broader market analysis to maintain a complete perspective on the company’s performance and industry standing.
American Coastal Insurance (ACIC) has announced its upcoming 2024 Virtual Investor Day, scheduled for December 4, 2024, at 11:00 a.m. ET. The event will feature the management team presenting detailed insights into the company's strategic initiatives, operational strategies, and financial outlook, followed by an interactive Q&A session.
The presentation will be accessible through a live webcast on the company's Investor Relations website at investors.amcoastal.com, with a replay available after the event concludes.
American Coastal Insurance (ACIC) reported estimated hurricane losses for Q3 and Q4 2024. For Q3, net catastrophe losses from Hurricanes Debby and Helene were approximately $3.8 million, with positive net income expected. Q4 losses from Hurricane Milton are estimated at $16.2 million, with additional $13 million in reinstatement premiums to be amortized through May 2025. The company estimates gross losses from Milton between $150-200 million, while maintaining its full $1.26 billion reinsurance tower intact for subsequent events. ACIC expects to remain profitable in Q4 despite Milton's impact.
American Coastal Insurance (ACIC) reported its Q2 2024 financial results. Net income reached $19.1 million ($0.39 per diluted share), up 7.2% from Q2 2023. However, net premiums earned dropped by 18.8% to $63.4 million, and total revenue decreased 6.6% to $68.7 million. The company signed a Stock Purchase Agreement with Forza Insurance Holdings, selling its subsidiary Interboro Insurance Company, reflected as discontinued operations.
Gross premiums written fell by 3.1% to $229.4 million. Operating expenses decreased by $7.1 million, driven by lower policy acquisition costs and operating expenses, but general and administrative expenses rose by $3.5 million. The combined ratio was 64.9%, up 1.8 points from Q2 2023. The book value per share increased 28.3% to $4.63 from December 31, 2023.
Notably, cash and investment holdings surged to $572.6 million from $311.9 million at year-end 2023, supported by positive cash flows from operations.
American Coastal Insurance (Nasdaq: ACIC) announced it will release its financial results for the second quarter ending June 30, 2024, on August 7, 2024, after market close. The company will hold a conference call at 5:00 p.m. ET on the same day, featuring live remarks and a Q&A session.
Participants can dial in 10 minutes before the call using the following numbers:
- United States: 877-445-9755
- International: 201-493-6744
To listen via webcast, visit the company's website, with the archived webcast available for 30 days post-call.
American Coastal Insurance (ACIC) announced the sale of Interboro Insurance Company to Forza Insurance Holdings, The transaction marks the completion of ACIC's personal lines portfolio run-off, focusing on the commercial specialty property portfolio. Interboro will now be managed by Forza and SageSure under new service agreements, aiming to expand Forza's property insurance portfolio.
American Coastal Insurance (Nasdaq: ACIC) reported Q1 2024 financial results with a 16.9% increase in gross premiums earned but a 21.3% decrease in net premiums earned. Core income decreased by 20.9% to $24.3 million. The company's return on equity dropped to 67.7% from 195.4% in Q1 2023. Despite a 5.5% rise in gross premiums written, net income fell by 91.2% to $23.6 million. ACIC continued focusing on commercial lines business, leading to improved written premiums in Florida and rate increases across personal lines.
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