American Coastal Insurance Corporation (ACIC) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello everyone. Thank you for joining us and welcome to the American Coastal Insurance Corporation Q2 twenty twenty six Earnings Call. After today's prepared remarks, we will host a question and answer session. I will now hand the conference over to Bennett Bradford Martz, President and CEO. Brad, please go ahead. Thank you. On behalf of the company, I'd like to note that statements made during this call that are not historical facts are forward looking statements. For more information regarding these statements, please note the language on Slide two of our earnings presentation. During the second quarter of twenty twenty six, American Coastal continued to maintain its market leadership position in Florida commercial residential property insurance, but also experienced continued downward rate pressure causing gross premiums written to decrease roughly 5% compared to the same period a year ago. Some minor non hurricane catastrophe losses incurred of approximately $3,100,000 also impacted comparability with the prior year given the lack of any such losses in 2025. Despite top and bottom line compression year over year, our underlying combined ratio of 68.7% was very respectable as was the twenty six point six percent return on equity in the current quarter. During the open window trading window that is in the second quarter, the company repurchased nearly 1,400,000 shares of its common stock, bringing the year to date total shares repurchased to just over 1,800,000. And I'm happy to announce that the Board of Directors has increased our authority to buy back up to roughly 30,600,000 worth of our common stock in the future. Our earnings presentation was revamped this quarter with the intent to improve the messaging around what makes ACIC special. I strongly encourage an...