American Coastal Insurance Q1 core income down 20.9% to $0.50/share; combined ratio improves to 58.3%

AMERICAN COASTAL INSURANCE Corp

2024-Q1 EPS reported $0.48 revenue$73,204,000

Core income (non-GAAP) $24.3M ($0.50), down 20.9% YoY from $30.7M ($0.70).
Gross premiums earned rose 16.9% to $168.8M, but net premiums fell 21.3% due to 40% quota share.
Combined ratio improved 4 pts to 58.3%; underlying combined ratio improved to 57.8% from 63.0%.
Personal lines (Interboro) earned pre-tax profit of $1.1M vs loss last year; divestiture definitive agreements nearly complete.
Issued $200M cat bond (Armor Re II) at 10.25% and plans to reduce quota share to 20% from 40% on 6/1/24.

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 first quarter ended March 31, 2024.

Period: first quarter ended March 31, 2024
Result: reported results

Exact text from the filing

AMERICAN COASTAL INSURANCE CORPORATION REPORTS FINANCIAL RESULTS FOR ITS FIRST QUARTER ENDED MARCH 31, 2024

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Source: SEC EDGAR

accession 0001401521-24-000038

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