American Coastal Insurance Q3 net income $14.4M vs loss last year; combined ratio 68.7%

AMERICAN COASTAL INSURANCE Corp

2023-Q3 EPS reported $6.73 revenue$213,149,000

Net income from continuing operations $14.4M ($0.33 EPS) vs loss of $27.4M ($0.64 loss) YoY; core income $14.9M.
Combined ratio improved to 68.7% from 139.3% YoY due to lower catastrophe losses and operating expenses.
Gross premiums earned $165.8M, up 20% YoY; net premiums earned down 20.6% due to increased ceded premiums.
Plans to sell personal lines carrier Interboro Insurance at GAAP book value; transaction expected in 2024.
Launched ATM equity offering (1-3 million shares) to support growth; KBRA affirmed ratings, outlook stable.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

AMERICAN COASTAL INSURANCE Corp reported financial results for the third quarter ended September 30, 2023.

Period: the third quarter ended September 30, 2023
Result: reported results

Exact text from the filing

American Coastal Insurance Corporation (Nasdaq: ACIC) ("ACIC" or "the Company"), a property and casualty insurance holding company, today reported its financial results for the third quarter ended September 30, 2023.

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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 0001401521-23-000137

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