UIHC reports Q3 net loss of $70.9M, goodwill impairment, and substantial doubt over subsidiary's viability

AMERICAN COASTAL INSURANCE Corp

2022-Q3 EPS reported -$4.02 revenue$341,947,000

Net loss of $70.9M ($1.65 diluted EPS) vs. $14.3M loss year ago; core loss of $57.5M ($1.34/share).
Hurricane Ian drove $37.4M net current year catastrophe losses; over 23,000 claims handled, reinsurance key.
Goodwill impairment of $13.6M related to personal lines withdrawal; stockholders' equity fell to $80.4M ($1.86/book value).
Regulatory approval received for withdrawal plans in FL, LA, TX; but substantial doubt exists about UPCIC's run-off viability.
Personal lines policies down 36% YoY; commercial lines grew 15% premium in-force; workforce cut by 37%.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

AMERICAN COASTAL INSURANCE Corp reported for its third quarter ended September 30, 2022 results: revenue $123,788, net income Net loss attributable to UIHC $(70,884), EPS $(1.65) per diluted share.

Period: for its third quarter ended September 30, 2022
Revenue: $123,788
Net income: Net loss attributable to UIHC $(70,884)
EPS: $(1.65) per diluted share
Result: reported results

Exact text from the filing

% Gross premiums earned $ 301,896 $ 353,461 (14.6) % $ 926,860 $ 1,066,557 (13.1) % Net premiums earned $ 116,187 $ 153,271 (24.2) % $ 328,449 $ 444,680 (26.1) % Total revenues $ 123,788 $ 162,740 (23.9) % $ 341,947 $ 479,983 (28.8) % Loss before income tax $ (70,797) $ (18,600) NM $ (148,009) $ (77,655) (90.6) % Net loss attributable to UIHC $ (70,884) $ (14,322)

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Source: SEC EDGAR

accession 0001401521-22-000120

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