The following is a summary of the American Coastal Insurance Corporation (ACIC) Q3 2024 Earnings Call Transcript:

Financial Performance:

• American Coastal reported a robust Q3 with total revenue of $82.1 million.

• Q3 net income stood at $28.1 million, with a core income increase of $11.4 million year-over-year.

• Gross premium earned grew to $160.2 million.

• The combined ratio improved to 57.7% from 62.7% last year.

• The company's cash and investments surged by 83.1%, and stockholders' equity increased by 53.8%.

• Book value per share rose by 49.2% to $5.38.

Business Progress:

• American Coastal successfully implemented its first-ever takeout from Citizens, adding policies to its condo book and launching a new apartment program.

Opportunities:

• The reduction of the quota share from 40% to 20% has allowed for greater retention of underwriting profits, and the company anticipates the continuation of strong revenue growth.

Risks:

• The active hurricane season brought considerable catastrophe losses, specifically Hurricanes Debby, Helene, and Milton impacting financial results.

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