Investor Presentaiton
Executive Summary
Q2-23 Results
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Non-GAAP Core Income of $26.2m ($0.60) increased $36.9m (345%) from a loss of -$10.7m (-$0.25) y/y excluding discontinued operations.
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Net income from continuing operations of $20.4m ($0.47) improved $33.7m (253%) from a loss of -$13.3m (-$0.31) last year driven by
strong underwriting performance in commercial lines. Our combined ratio of 67.7% improved from 76.9% in the same period last year.
Gross premiums earned of $158.2m grew $28.7m (+22%) due to improving rate adequacy in commercial lines.
Current year catastrophe losses of $6.5m were mostly offset by favorable prior year reserve development of $5.2m in the current quarter.
Investment losses of -$5.2m (-$0.12) net of tax were incurred due to the sale of fixed maturity investments required to fund loss and reinsurance
payment obligations during the period but are not expected to recur.
Stockholders' equity attributable to ACIC as of June 30, 2023, increased to $112.4m or $2.59 per share and $3.07 per share excluding
unrealized losses in accumulated other comprehensive income.
Other Highlights
Successfully completed our 6/1/23 catastrophe reinsurance programs for AmCoastal & IIC. AmCoastal's retention is $10m and UPC Re has a
maximum retention of $2.25m if AmCoastal's Layer 1 is exhausted. IIC's is $3m per occurrence and UPC Re has no exposure to IIC's program.
Our name changed from United Insurance Holdings Corp. (Nasdaq: UIHC) to American Coastal Insurance Corp. with our new ticker symbol
(Nasdaq: ACIC) becoming effective on August 15, 2023.
Errors related to discontinued operations & income taxes required us to restate results for 1Q-23 and created differences from our
earnings release on August 10, 2023.
American Coastal
INSURANCE CORPORATION™View entire presentation