UIHC reports Q4 net loss $294.9M; subsidiary UPC placed into receivership

AMERICAN COASTAL INSURANCE Corp

Q4 net loss $294.9M ($6.84 diluted EPS); full year net loss $468M ($10.87 EPS).
UPC placed into receivership Feb 27, 2023; de-consolidation effective that date.
Pro forma equity after de-consolidation $48M ($1.12/share) vs reported -$180M (-$4.16).
Hurricane Ian gross loss estimates rose to $1.54B, exhausting UPC's reinsurance.
Renewal rights agreement with Slide Insurance for UPC policies.

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 the year ended December 31, 2022 results: revenue $455,422, net income $(467,999), EPS $(10.87).

Period: the year ended December 31, 2022
Revenue: $455,422
Net income: $(467,999)
EPS: $(10.87)
Result: reported results

Exact text from the filing

($ in thousands, except for per share data) Three Months Ended Year Ended December 31, December 31, 2022 2021 Change 2022 2021 Change Gross premiums written $ 229,239 $ 268,890 (14.7) % $ 1,124,063 $ 1,329,445 (15.4) % Gross premiums earned $ 296,323 $ 341,886 (13.3) % $ 1,223,183 $ 1,408,443 (13.2) % Net premiums earned $ 134,177 $ 145,081 (7.5) % $ 462,626 $ 589,761 (21.6) % Total revenues $ 113,475 $ 154,544 (26.6) % $ 455,422 $ 634,527 (28.2) % Loss before income tax $ (294,616) $ (6,202) NM $ (442,625) $ (83,857) NM Net loss attributable to UIHC $ (294,914) $ (2,316) NM $ (467,999) $ (57,919) NM Net loss available to UIHC common stockholders per diluted share $ (6.84) $ (0.05) NM $ (10.87) $ (1.35) NM

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

AMERICAN COASTAL INSURANCE Corp reported the fourth quarter ended December 31, 2022 results: revenue $113,475, net income $(294,914), EPS $(6.84).

Period: the fourth quarter ended December 31, 2022
Revenue: $113,475
Net income: $(294,914)
EPS: $(6.84)
Result: reported results

Exact text from the filing

($ in thousands, except for per share data) Three Months Ended Year Ended December 31, December 31, 2022 2021 Change 2022 2021 Change Gross premiums written $ 229,239 $ 268,890 (14.7) % $ 1,124,063 $ 1,329,445 (15.4) % Gross premiums earned $ 296,323 $ 341,886 (13.3) % $ 1,223,183 $ 1,408,443 (13.2) % Net premiums earned $ 134,177 $ 145,081 (7.5) % $ 462,626 $ 589,761 (21.6) % Total revenues $ 113,475 $ 154,544 (26.6) % $ 455,422 $ 634,527 (28.2) % Loss before income tax $ (294,616) $ (6,202) NM $ (442,625) $ (83,857) NM Net loss attributable to UIHC $ (294,914) $ (2,316) NM $ (467,999) $ (57,919) NM Net loss available to UIHC common stockholders per diluted share $ (6.84) $ (0.05) NM $ (10.87) $ (1.35) NM

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3 earnings releases filed in the last 30 days. Browse all earnings releases →

AMERICAN COASTAL INSURANCE Corp filing history →

Source: SEC EDGAR

accession 0001401521-23-000016

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