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American Coastal Insurance (ACIC) announced the sale of Interboro Insurance Company to Forza Insurance Holdings, The transaction marks the completion of ACIC's personal lines portfolio run-off, focusing on the commercial specialty property portfolio. Interboro will now be managed by Forza and SageSure under new service agreements, aiming to expand Forza's property insurance portfolio.
American Coastal Insurance (Nasdaq: ACIC) reported Q1 2024 financial results with a 16.9% increase in gross premiums earned but a 21.3% decrease in net premiums earned. Core income decreased by 20.9% to $24.3 million. The company's return on equity dropped to 67.7% from 195.4% in Q1 2023. Despite a 5.5% rise in gross premiums written, net income fell by 91.2% to $23.6 million. ACIC continued focusing on commercial lines business, leading to improved written premiums in Florida and rate increases across personal lines.