American Coastal Insurance Corporation Provides Hurricane Loss Updates and Schedules Release of Third Quarter 2024 Financial Results and Conference Call
American Coastal Insurance (ACIC) reported estimated hurricane losses for Q3 and Q4 2024. For Q3, net catastrophe losses from Hurricanes Debby and Helene were approximately $3.8 million, with positive net income expected. Q4 losses from Hurricane Milton are estimated at $16.2 million, with additional $13 million in reinstatement premiums to be amortized through May 2025. The company estimates gross losses from Milton between $150-200 million, while maintaining its full $1.26 billion reinsurance tower intact for subsequent events. ACIC expects to remain profitable in Q4 despite Milton's impact.
American Coastal Insurance (ACIC) ha riportato le perdite stimate causate dagli uragani per il terzo e quarto trimestre del 2024. Per il terzo trimestre, le perdite nette da catastrofi degli uragani Debby e Helene sono state di circa 3,8 milioni di dollari, con un reddito netto positivo atteso. Le perdite del quarto trimestre dovute all'uragano Milton sono stimate in 16,2 milioni di dollari, con ulteriori 13 milioni di dollari in premi di reinsediamento da ammortizzare fino a maggio 2025. L'azienda stima perdite lorde da Milton tra 150-200 milioni di dollari, mantenendo intatta la sua intera torre di riassicurazione di 1,26 miliardi di dollari per eventi successivi. ACIC prevede di rimanere redditizia nel quarto trimestre nonostante l'impatto di Milton.
American Coastal Insurance (ACIC) informó sobre las pérdidas estimadas por huracanes para el tercer y cuarto trimestre de 2024. Para el tercer trimestre, las pérdidas netas por catástrofes de los huracanes Debby y Helene fueron aproximadamente 3,8 millones de dólares, con un ingreso neto positivo esperado. Las pérdidas del cuarto trimestre debido al huracán Milton se estiman en 16,2 millones de dólares, con 13 millones de dólares adicionales en primas de reinstalación que serán amortizadas hasta mayo de 2025. La compañía estima pérdidas brutas de Milton entre 150-200 millones de dólares, manteniendo intacta su torre de reaseguro de 1,26 mil millones de dólares para eventos posteriores. ACIC espera seguir siendo rentable en el cuarto trimestre a pesar del impacto de Milton.
American Coastal Insurance (ACIC)는 2024년 3분기와 4분기에 대한 허리케인 손실 추정치를 보고했습니다. 3분기에 허리케인 데비와 헬렌으로 인한 순재해 손실은 약 380만 달러로 예상되며, 긍정적인 순이익이 예상됩니다. 4분기 허리케인 밀턴으로 인한 손실은 1620만 달러로 추정되며, 추가로 1300만 달러의 재보험 프리미엄이 2025년 5월까지 분할 상환될 예정입니다. 회사는 밀턴으로 인한 총 손실을 1억 5천만에서 2억 달러 사이로 추정하며, 이후 사건을 위한 전체 12억 6천만 달러의 재보험 구조를 유지합니다. ACIC는 밀턴의 영향에도 불구하고 4분기에 수익성을 유지할 것으로 기대합니다.
American Coastal Insurance (ACIC) a rapporté les pertes estimées dues aux ouragans pour le 3ème et 4ème trimestre de 2024. Pour le 3ème trimestre, les pertes nettes dues aux catastrophes causées par les ouragans Debby et Helene étaient d'environ 3,8 millions de dollars, avec un revenu net positif prévu. Les pertes du 4ème trimestre dues à l'ouragan Milton sont estimées à 16,2 millions de dollars, avec des 13 millions de dollars supplémentaires en primes de rétablissement à amortir jusqu'en mai 2025. L'entreprise estime que les pertes brutes dues à Milton se situeront entre 150 et 200 millions de dollars, tout en maintenant intacte sa tour de réassurance de 1,26 milliard de dollars pour les événements ultérieurs. ACIC s'attend à rester rentable au 4ème trimestre malgré l'impact de Milton.
American Coastal Insurance (ACIC) berichtete über die geschätzten Hurrikanverluste für das 3. und 4. Quartal 2024. Für das 3. Quartal lagen die Nettokatastrophenverluste durch die Hurrikane Debby und Helene bei ungefähr 3,8 Millionen Dollar, mit einem erwarteten positiven Nettoergebnis. Die Verluste im 4. Quartal aufgrund des Hurrikans Milton werden auf 16,2 Millionen Dollar geschätzt, hinzu kommen 13 Millionen Dollar an Wiederherstellungsprämien, die bis Mai 2025 amortisiert werden sollen. Das Unternehmen schätzt die Bruttoverluste durch Milton auf zwischen 150 und 200 Millionen Dollar und hält seine gesamte 1,26 Milliarden Dollar reinen Versicherungskapazität für zukünftige Ereignisse intakt. ACIC erwartet, trotz des Einflusses von Milton im 4. Quartal profitabel zu bleiben.
- Company expects positive net income for Q3 2024
- Full $1.26 billion reinsurance tower remains available for future events
- Company expects to remain profitable in Q4 2024 despite hurricane impacts
- Lower retention of $10.3 million for potential second and third events
- Q3 hurricane losses of $3.8 million from Debby and Helene
- Q4 hurricane losses of $16.2 million from Milton
- Additional $13 million in reinstatement premiums to be amortized
- Gross losses between $150-200 million from Hurricane Milton
Insights
This hurricane loss update reveals significant financial implications for ACIC. The combined impact of
The
ST. PETERSBURG, Fla., Oct. 23, 2024 (GLOBE NEWSWIRE) -- American Coastal Insurance Corporation (Nasdaq Ticker: ACIC) (“the Company”, “American Coastal” or “ACIC”) the insurance holding company of American Coastal Insurance Company (“AmCoastal”), announced estimated hurricane losses for the 2024 third and fourth quarters. The Company also expects to release its financial results for the third quarter ended September 30, 2024, on Wednesday, November 6, 2024, after the close of the market, and will conduct its quarterly conference call at 5:00 p.m. ET.
2024 Third Quarter Update:
The Company estimates net current accident quarter catastrophe losses incurred stemming from Hurricanes Debby and Helene in the third quarter of 2024 to be approximately
2024 Fourth Quarter Update:
The Company estimates net current accident quarter catastrophe losses incurred stemming from Hurricane Milton in the fourth quarter of 2024 to be approximately
“Hurricanes Helene and Milton were severe storms with devastating impact, and our primary focus is on servicing our policyholders. ACIC’s underwriting discipline and robust reinsurance program serve to protect AmCoastal’s balance sheet and reduce volatility from the active Atlantic hurricane season. We estimate a gross loss between
Third Quarter 2024 Conference Call Details:
The conference call will include live remarks followed by a question and answer (Q&A) session. Interested parties are invited to participate in the conference call and should dial-in 10 minutes before the conference call is scheduled to begin.
Wednesday, November 6, 2024 – 5:00 p.m. ET
Participant Dial-In Numbers:
United States: 877-445-9755
International: 201-493-6744
To listen to the conference call via webcast, please visit the Company website and click on the webcast link at the top of the page or click here. The webcast will be archived and accessible for approximately 30 days following the call.
About American Coastal Insurance Corporation:
American Coastal Insurance Corporation (amcoastal.com) is the holding company of the insurance carrier, American Coastal Insurance Company, which was founded in 2007 for the purpose of insuring Condominium and Homeowner Association properties, and apartments in the state of Florida. American Coastal Insurance Company has an exclusive partnership for distribution of Condominium Association properties in the state of Florida with AmRisc Group (amriscgroup.com), one of the largest Managing General Agents in the country specializing in hurricane-exposed properties. American Coastal Insurance Company has earned a Financial Stability Rating of “A”, Exceptional’ from Demotech, and maintains an “A-” insurance financial strength rating with a Stable outlook by Kroll. ACIC maintains a ‘BB+’ issuer rating with a Stable outlook by Kroll.
Contact Information:
Alexander Baty
Vice President, Finance & Investor Relations, American Coastal Insurance Corporation
investorrelations@amcoastal.com
(727) 425-8076
Karin Daly
Investor Relations, Vice President, The Equity Group
kdaly@equityny.com
(212) 836-9623
FAQ
What are ACIC's estimated hurricane losses for Q3 2024?
How much are ACIC's estimated losses from Hurricane Milton in Q4 2024?
Will ACIC remain profitable in Q4 2024 despite Hurricane Milton?
What is ACIC's reinsurance coverage capacity after Hurricane Milton?
