American Coastal Insurance Corporation · NASDAQ:ACIC
American Coastal Insurance — Q2 2023 Earnings Presentation
11 slides from American Coastal Insurance's earnings presentation, Aug 21, 2023
Slide 1: First & Second Quarter 2023 Update
First & Second Quarter 2023 Update August 21, 2023 Investor Presentation
Slide 2: Company Overview
2 Company Overview ACIC is a specialty underwriter of catastrophe exposed property insurance. American Coastal Insurance Corp. (Nasdaq: ACIC - effective 8.15.2023) is the insurance holding company for two P&C carriers: American Coastal Insurance Company (AmCoastal) and Interboro Insurance Company (I
Slide 3: Executive Summary
3 Executive Summary • Q2-23 Results • 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. • Net income from continuing operations of $20.4m ($0.47) improved $33.7m (253%) from a loss of -$13.3m (-$0.31) last year drive
Slide 4: 2Q-23 Summary Results
4 2Q-23 Summary Results A combined ratio of 67.7% combined with premium growth fueled significant improvements y/y. ¹ 2022 amounts recast for discontinued operations. $ in thousands, except per share amounts Q2-23 Q2-22 ¹ Change 2023 2022 ¹ Change Net income (loss) 17,779$ (69,029)$ n/m 285,059$ (10
Slide 5: 2Q-23 Detailed Results
5 2Q-23 Detailed Results Investment losses and higher catastrophe loss & reinsurance costs were overcome by top line growth. ¹ 2022 amounts recast for discontinued operations. $ in millions Q2-23 Q2-22 ¹ Change % Chg Gross Premiums Earned 158.2$ 129.5$ 28.7 22.2% Ceded Premiums Earned (75.0) (65.0)
Slide 6: 2Q-23 Segment Results
6 2Q-23 Segment Results Corrections made to discontinued operations impacted PL servicing revenue & expense QTD & YTD. CL – Commercial lines PL – Personal lines $ in millions CL PL Other Total CL PL Other Total Gross Premiums Earned 145.8$ 12.4$ -$ 158.2$ 277.8$ 24.8$ -$ 302.7$ Ceded Premiums Earned
Slide 7: Summary of Income Statement Changes
7 Summary of Income Statement Changes ER = earnings release from August 10, 2023 $ in millions except per share amounts 10-Q/A 10-Q Change % Chg 10-Q ER Change % Chg 10-Q ER Change % Chg Gross Premiums Earned 144.5$ 144.5$ - 0.0% 158.2$ 158.2$ - 0.0% 302.7$ 302.7$ (0.0) 0.0% Ceded Premiums Earned (5
Slide 8: Summary of Balance Sheet Changes
8 Summary of Balance Sheet Changes $ in millions except per share amounts 10-Q/A 10-Q Change 10-Q 8-K Change Cash, investments, and restricted cash 372.7$ 372.7$ -$ 241.7$ 241.7$ -$ Accrued investment income 1.8 1.8 - 1.6 1.6 - Property and equipment, net 4.7 18.1 (13.4) 4.5 4.5 - Premiums receivabl
Slide 9: 2023-24 Core Catastrophe Reinsurance - AmCoastal
9 2023-24 Core Catastrophe Reinsurance - AmCoastal UPC Re’s participation could increase our retention from $10m to $12.3m if Layer 1 is exhausted.
Slide 10: 2023-24 Catastrophe Reinsurance - IIC
10 2023-24 Catastrophe Reinsurance - IIC IIC maintained its $3m occurrence retention and UPC Re did not participate on IIC’s program.
Slide 11: Cautionary Statements
11 Cautionary Statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward looking statements include expectations regarding our diversification, growth opportunities, retention rates, liquidity, investme
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