The following is a summary of the American Coastal Insurance Corporation (ACIC) Q2 2024 Earnings Call Transcript:

Financial Performance:

• ACIC reported strong Q2 results with a net income of $19.1 million, though core income decreased by $7.5 million year-over-year due to higher ceded earned premiums.

• Gross premium earned increased by $5.6 million to $165.5 million, and operating expenses decreased by $7.1 million.

• Net income from continuing operations, excluding catastrophes, is projected to be between $85 million and $95 million for the full year 2024, with net premiums estimated to be between $285 million and $300 million.

Business Progress:

• ACIC completed core catastrophe reinsurance renewal and entered into agreements to divest the Interboro Insurance Company.

• Plans to participate in the Citizens Commercial Residential takeout in October 2024, expecting to enhance growth.

Opportunities:

• Enhanced core catastrophe reinsurance program to positively impact revenue and earnings growth.

• Expected revenue growth between 33% and 46% in the second half of 2024.

Risks:

• Potential catastrophe losses pose a risk, with the company estimating an after-tax retention of $16.2 million for the first event and $10.3 million for subsequent events.

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