American Coastal Q3 core EPS $0.54 vs est $0.15; book value $5.38; guides FY24 net income $75-80M

AMERICAN COASTAL INSURANCE Corp

2024-Q3 EPS reported $1.44 revenue$217,390,000

Q3 core income $26.9M ($0.54), +73.6% YoY, vs analyst estimate $0.15; combined ratio 57.7% vs 62.7%.
Net premiums earned $74.5M, +48.2% YoY, driven by reduced quota share cession from 40% to 20% eff June 1, 2024.
Hurricane Milton estimated net loss $20.5M pre-tax; full reinsurance tower intact with net retention $10.3M after tax.
Book value per share $5.38, +93.5% YoY; underlying book value $5.63; stockholders' equity $259.6M.
FY 2024 guidance: net income from continuing ops $75-80M; Q4 net income $4.6-9.6M including Milton losses.

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