Property and casualty (P&C) holding company, American Coastal Insurance Corporation (ACIC) has posted a $28.1 million net income for the third quarter of 2024, an improved figure compared to the $10.6 million income that was posted in the third quarter of 2023.
The company said, that of this income, $27.7 million is attributable to continuing operations for the three months ended September 30, 2024, an increase of $12.7 million from net income of $15.0 million for the same period in 2023.
At the same time, ACIC’s total revenue for the quarter increased by 56.4% to $82.1 million, in comparison to last year’s $52.5 million figure.
However, the organisation’s total gross written premium for Q3 2024 remained relatively flat, decreasing by $1.0 million, or 1.0%, to $93.0 million, from $94.0 million for Q3 2023.
In addition, ACIC was able to maintain a strong underwriting performance during the quarter by posting a combined ratio of 57.7%, improving from 62.7% year-over-year.
And lastly, ACIC reduced its quota share reinsurance coverage from 40% to 20%, lowering the firm’s quota share ceding ratio and overall ceding ratio, effective June 1, 2024.
American Coastal Insurance Corporation’s Chief Executive Officer, Dan Peed, commented: “Foremost, American Coastal is committed to helping and responding to those who were impacted by Hurricanes Debby, Helene and Milton. Having so many associates impacted by the storms, we understand the requirement for, and expectation of, exceptional customer service. Two of American Coastal’s core values are collaboration and resiliency, and I am proud that our associates embody these values in the wake of devastating storms that impacted so many.”
Adding: “Our performance this quarter reflects these core values and the strength of our underwriting discipline and the focus on protecting American Coastal from outsized exposure. We continue reporting increased returns on equity and combined ratios lower than 60%. For the third quarter, our total revenue was $82.1 million, a 56% increase year-over-year.”
