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American Coastal Insurance Corporation (ACIC-1.46%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing gross premiums written of $93,016,000, slightly down from $93,986,000 in the same quarter the previous year.
Net premiums earned for the quarter were $74,486,000, compared to $50,264,000 in the previous year, with the increase attributed to changes in reinsurance ceding rates.
Net income for the quarter was $28,119,000, up from $10,568,000 in the previous year. Income from continuing operations was $27,669,000, compared to $15,015,000 in the previous year.
The company reported a combined ratio of 57.7% for the quarter, down from 62.7% in the previous year, reflecting improved underwriting performance.
Net investment income increased to $6,110,000 from $2,087,000 in the previous year, driven by higher yields on the investment portfolio.
General and administrative expenses increased to $8,174,000 from $6,011,000, primarily due to higher overhead costs and salary-related expenses.
American Coastal Insurance Corporation's cash, cash equivalents, restricted cash, and investment portfolio totaled $571,113,000 at the end of the quarter, compared to $311,874,000 at the end of the previous year.
The filing also details the company's reinsurance program, including its core catastrophe reinsurance program and quota share agreements, which are designed to manage risk and protect the company's financial stability.
The company continues to focus on its commercial property insurance offerings in Florida, with no new business written in New York or Texas during the quarter.
American Coastal Insurance Corporation is in the process of selling its subsidiary, Interboro Insurance Company, to Forza Insurance Holdings, LLC, with the transaction subject to regulatory approval.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the American Coastal Insurance Corporation quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.