secwatch.observer — SEC 8-K summary
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Issuer:     AMERICAN COASTAL INSURANCE Corp (ACIC)
CIK:        0001401521
Form:       8-K
Filed at:   2024-05-09T23:59:59+00:00
Accession:  0001401521-24-000038
Event type: earnings
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1401521/000140152124000038/0001401521-24-000038-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1401521/000140152124000038/acic-20240509.htm
  HTML page:      https://secwatch.observer/filing/0001401521-24-000038

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer