American Coastal Insurance Corporation · NASDAQ:ACIC
American Coastal Insurance — United Insurance Holdings — Q1 2023 Earnings Presentation
10 slides from American Coastal Insurance's earnings presentation, May 15, 2023
Slide 1: Investor Presentation First Quarter 2023
Investor Presentation First Quarter 2023
Slide 2: Company Overview
Company Overview 2 UIHC is a specialty underwriter of catastrophe exposed property insurance. United Insurance Holding Corp. (Nasdaq: UIHC) was founded in 1999 and is the insurance holding company for two P&C carriers: American Coastal Insurance Company (ACIC) and Interboro Insurance Company (IIC) a
Slide 3: Executive Summary
3 Executive Summary • Q1-23 Results • GAAP net income of $260.9m included a $230.3m gain from discontinued operations from de-consolidating our former affiliate United Property & Casualty Insurance Company (UPC). The prior year was recast to conform to the presentation of discontinued operations. •
Slide 4: Q1-23 Summary Results
Q1-23 Summary Results 4 UIHC’s solid results were fueled by our leading commercial residential business in Florida. ¹ 2022 amounts recast for discontinued operations $ in thousands, except per share amounts Q1-23 Q1-22 ¹ Change Net income (loss) 260,878$ (33,172)$ n/m per diluted share (EPS) 5.99$ (
Slide 5: Q1-23 Detailed Results
Q1-23 Detailed Results 5 Pre-tax earnings from continuing operations of $40.4m soared +619% y/y. ¹ 2022 amounts recast for discontinued operations Includes non-recurring management fee income and operating expenses related to UPC that no longer eliminate in consolidation. $ in millions Q1-23 Q1-22 ¹
Slide 6: Q1-23 Segment Results
Q1-23 Segment Results 6 Commercial lines remained profitable despite the impact of reserve strengthening. Our Personal Lines (PL) segment is now limited to Interboro, and other affiliates focused on servicing PL related operations. PL net expense ratio includes all operating expenses but excludes se
Slide 7: Balance Sheet Highlights
Balance Sheet Highlights 7 Stockholders’ equity and BVPS were restored to positive amounts upon de-consolidation of our former affiliate UPC. Mar. 31, Dec. 31, ($ in thousands, except per share amounts) 2023 2022 ¹ % Variance Selected Balance Sheet Data Cash & investments 372,721$ 340,905$ 9.3% Unpa
Slide 8: 2023-24 Projected Catastrophe Reinsurance Program - ACIC
2023-24 Projected Catastrophe Reinsurance Program - ACIC 8 ACIC is nearly complete placing its reinsurance tower meeting rating agency standards. 1st Event
Slide 9: 2023-24 Projected Catastrophe Reinsurance Program - IIC
2023-24 Projected Catastrophe Reinsurance Program - IIC 9 IIC is also nearly complete placing its reinsurance tower meeting rating agency standards. 1st Event
Slide 10: Cautionary Statements
Cautionary Statements 10 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
United Insurance Holdings — Q1 2023 Earnings Presentation on 6ix