American Coastal Insurance Corporation · NASDAQ:ACIC
American Coastal Insurance — United Insurance Holdings — Q1 2020 Earnings Presentation
9 slides from American Coastal Insurance's earnings presentation, May 6, 2020
Slide 1: Investor Presentation Supplement to First Quarter 2020 Results
Investor Presentation Supplement to First Quarter 2020 Results May 6, 2020 St. Petersburg, FL
Slide 2: Summary of Operating Results
Summary of Operating Results All key metrics improved in Q1-2020 compared to the prior year ($ in thousands, except per share amounts) Q1-2020 Q1-2019 Change Core income $ 9,129 $ 3,202 185.1% per diluted share $ 0.21 $ 0.07 Core income included the following items Net current year catastrophe loss
Slide 3: Q1-2020 Financial Commentary
Q1-2020 Financial Commentary I. REVENUE HIGHLIGHTS • Gross Premiums Written of $335.2m: • Up +5.2% (+$16.6m) y/y • Personal Lines +6.6% (+$13.9m) | Commercial up +15.7% (+$12.4m) | E&S down -33.7% (-$9.7m) • Excluding E&S, Florida +10.3% (+$18.1m) | Non-Florida +7.2% (+$8.2m) • Gross Premiums Earned
Slide 4: Rate Increases Are Flowing Through Our Book
Rate Increases Are Flowing Through Our Book FL HO3 business represented $11.8m (67%) of the additional premium generated All Personal Lines Metric 2019 Q3 2019 Q4 2020 Q1 Renewing Policies 132,563 117,918 113,631 Renewal Acceptance 89.7% 90.4% 86.8% Company Initiated Non-Renewals 2,180 1,772 3,981 R
Slide 5: Capital & Liquidity Remains Solid
Capital & Liquidity Remains Solid Mar. 31, Dec. 31, ($ in thousands, except per share amounts) 2020 2019 Change Selected Balance Sheet Data Cash & investments $ 1,277,679 $ 1,298,780 -1.6% Fixed maturity and equity values declined during Financial debt 158,636 158,932 -0.2% the quarter due to econom
Slide 6: Investments Strategy Minimizes Asset Risk
Investments Strategy Minimizes Asset Risk Fixed income total return for Q1-20 was +0.14% and consistent with our expectations QUALITY DISTRIBUTION 9% 50.0% 1% 44.3% 45.0% 4% 25% Corporate fixed maturities Mortgage backed securities 40.0% 9% Cash & cash equivalents 35.0% Municipal bonds 30.0% 25.0% 2
Slide 7: Mid-Year Reinsurance Renewal Program Summary
Mid-Year Reinsurance Renewal Program Summary • Programs include Core CAT, per risk and quota share • Quota share is 100% complete • Cession rate of 22.5% for UPC & FSIC is unchanged • Core CAT program 91% done • Replaced planned catastrophe bond with traditional cover on better terms • Risk-adjusted
Slide 8: Cautionary Statements
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, investment
Slide 9: UPCZ Insurance - Keep the Promises
UPCZ® INSURANCE Keep the Promises
United Insurance Holdings — Q1 2020 Earnings Presentation on 6ix