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American Coastal Insurance Corporation (ACIC-0.72%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing a total revenue of $296,657,000 for the year, compared to $264,400,000 in the previous year. This increase was driven by higher gross premiums written, which rose to $647,805,000 from $635,709,000.
Net premiums earned increased to $273,990,000 from $262,060,000, while net investment income grew significantly to $20,795,000 from $8,300,000 due to higher interest rates and increased holdings.
The company's total expenses were $197,061,000, up from $170,548,000 the previous year. This rise was primarily due to increased loss and loss adjustment expenses, which totaled $69,319,000, up from $46,678,000.
Net income from continuing operations was $76,319,000, a decrease from $85,204,000 in the prior year, mainly due to a gain from discontinued operations in 2023.
The filing also reports on the company's reinsurance program, which includes AmCoastal's core catastrophe reinsurance program and all other perils catastrophe excess of loss agreement.
American Coastal Insurance Corporation's strategic shift towards becoming a specialty commercial underwriter continues, with the sale of Interboro Insurance Company to Forza Insurance Holdings, LLC expected to close on April 1, 2025.
The company's cash and investment portfolios totaled $540,811,000 at the end of 2024, compared to $311,874,000 at the end of 2023.
The filing details various financial agreements and regulatory matters, including compliance with statutory capital requirements and assessments by state insurance regulators.
The company identified no material weaknesses in its internal controls over financial reporting as of December 31, 2024, following remediation efforts.
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 annual 10-K report dated March 10, 2025. To report an error, please email earnings@qz.com.