Investment Thesis - American Coastal Insurance reported strong first quarter earnings with an underlying combined ratio of 57.8% and core ROE of 69.7%, indicating exceptional profitability metrics compared to peers [1] - The company's shares are considered a buy due to attractive premiums in coastal homeowners insurance and cheap valuation metrics relative to the sector median [1] Company Overview - American Coastal Insurance is engaged in commercial and personal property and casualty insurance, focusing on high-risk areas like Florida and New York [2] - The company employs a contrarian underwriting strategy, targeting perceived high-risk areas where larger carriers have reduced their policy concentration [2] - The company has a robust reinsurance program providing significant coverage, which enhances its reputation and profitability [2] Operational Efficiency - The company demonstrated improved efficiency with an expense ratio reduction from 43.4% to 35.2% year-over-year in Q1 2024 [3] - American Coastal's investment strategy focuses on stable debt securities, contributing to its low-cost operational history [3] Earnings Performance - For Q1 2024, net income was $23.6 million, or $0.48 per diluted share, with total gross written premiums increasing by 5.5% to $197.5 million [4] - The company successfully reduced loss and LAE by 3.1% to $15.9 million, attributing strong performance to better rates in high-risk areas [4] - Management expects continued premium growth and has renewed its MGA agreement with AmRisc, indicating confidence in future earnings [4] Personal Lines Segment - The personal lines insurance segment experienced a spike in loss ratios from 29% to 71.4% year-over-year, prompting management to cut costs significantly [5] - Rate increases in the personal lines market are expected to stabilize, leading to improved loss ratios and potential earnings growth [5] - The company has low retention in its reinsurance agreements, which protects against extreme losses [5] Valuation - Projected revenues are expected to reach $300 million by 2025, with a conservative net margin of 25% leading to estimated earnings of $75 million [6] - The fair value of the stock is estimated at $15 per share based on a 10x P/E ratio, which is slightly below the sector median [6] - The P/B ratio of 2.0x may not accurately reflect future valuation due to past losses, suggesting a potential undervaluation of the company [6]

Group 1 - American Coastal Insurance (ACIC) is outperforming the Finance sector with a year-to-date return of approximately 13.6%, compared to the sector average of 2.3% [2] - ACIC has a Zacks Rank of 1 (Strong Buy), indicating a positive earnings outlook with a 20% increase in the full-year earnings estimate over the past quarter [2] - The Insurance - Property and Casualty industry, to which ACIC belongs, is ranked 29 in the Zacks Industry Rank and has an average gain of 13% year-to-date, showing ACIC's strong performance within its industry [3] Group 2 - Mr Cooper (COOP) is another Finance stock that has outperformed the sector, with a year-to-date return of 25.6% [3] - Mr Cooper has a Zacks Rank of 2 (Buy), with a consensus EPS estimate increase of 9.1% over the past three months [3] - The Financial - Consumer Loans industry, which includes Mr Cooper, is currently ranked 45 and has seen a year-to-date increase of 3.7% [3]

Core Insights - American Coastal Insurance (ACIC) shows a significant improvement in earnings outlook, making it an attractive investment option [1] - Analysts are increasingly optimistic, raising earnings estimates for the company, which is expected to positively impact stock prices [1][5] - The Zacks Rank system indicates a strong correlation between earnings estimate revisions and stock price movements, with ACIC currently holding a Zacks Rank 1 (Strong Buy) [1][5] Current-Quarter Estimate Revisions - The expected earnings for the current quarter are $0.30 per share, reflecting a year-over-year decline of 53.85% [3] - The Zacks Consensus Estimate for the current quarter has increased by 20% over the last 30 days, with one estimate rising and no negative revisions [3] Current-Year Estimate Revisions - For the full year, the earnings estimate stands at $1.50 per share, indicating a year-over-year decrease of 25.74% [4] - The consensus estimate for the current year has also seen a 20% increase, with one estimate moving higher and no negative revisions [4] Zacks Rank and Performance - The positive estimate revisions have led to a Zacks Rank 1 (Strong Buy) for American Coastal, suggesting strong potential for outperformance [5] - Research indicates that stocks with Zacks Rank 1 and 2 significantly outperform the S&P 500 [5] Stock Performance - The stock has appreciated by 13.4% over the past four weeks due to strong estimate revisions, indicating potential for further upside [6]

Core Viewpoint - American Coastal Insurance (ACIC) has received a Zacks Rank 1 (Strong Buy) upgrade, indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][2]. Earnings Outlook - The Zacks rating reflects an upward trend in earnings estimates, which is crucial for stock price movements [1][3]. - Analysts have raised their earnings estimates for American Coastal, with the Zacks Consensus Estimate increasing by 20% over the past three months [5]. Earnings Estimate Revisions - The company is expected to earn $1.50 per share for the fiscal year ending December 2024, representing a year-over-year decline of 25.7% [5]. - The Zacks Rank system effectively utilizes earnings estimate revisions to classify stocks, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [4]. Institutional Investor Influence - Institutional investors play a role in stock price movements by adjusting their valuations based on earnings estimates, leading to buying or selling actions that affect stock prices [3]. Market Positioning - The upgrade to Zacks Rank 1 places American Coastal in the top 5% of Zacks-covered stocks, suggesting potential for near-term stock price increases [7].

Group 1 - American Coastal Insurance (ACIC) has a year-to-date return of approximately 29.3%, significantly outperforming the Finance sector average return of about 4.1% [2][3] - The Zacks Consensus Estimate for ACIC's full-year earnings has increased by 20% over the past quarter, indicating improved analyst sentiment [2] - ACIC holds a Zacks Rank of 1 (Strong Buy), suggesting strong potential for continued performance [1][2] Group 2 - ACIC is part of the Insurance - Property and Casualty industry, which has an average year-to-date gain of 14.9%, further highlighting ACIC's strong performance [3] - Mr Cooper (COOP), another outperforming stock in the Finance sector, has a year-to-date return of 25.9% and also holds a Zacks Rank of 1 (Strong Buy) [2][3] - The Financial - Consumer Loans industry, to which Mr Cooper belongs, has seen a year-to-date increase of 9.7% [3]

Financial Data and Key Metrics Changes - The first quarter 2024 net income was $23.6 million, up 38% from the fourth quarter of 2023, highlighting an expanding net earned premium margin [9] - Core return on equity reached 69.7%, driven by an underlying combined ratio of 57.8% [8] - Book value per share increased by 18.3% from the end of 2023 to March 31, 2024 [8][15] Business Line Data and Key Metrics Changes - Gross premium written increased by $10.4 million year-over-year to $197.5 million, while gross premium earned grew by $24.3 million to $168.8 million [12] - The combined ratio improved to 58.3%, a 4-point improvement from 62.3% in the same period last year [12] - Personal lines were profitable, with operating expenses benefiting from the collection of $2.5 million in return agent commissions [14] Market Data and Key Metrics Changes - Year-over-year, enforced premiums in commercial business were up about 16%, while exposures were down 19% [16] - Average effective rate change across the enforced portfolio during Q1 was 4.3% [16] - Retention in personal lines was strong at nearly 92%, despite double-digit average rate increases for renewed policies [18] Company Strategy and Development Direction - The company is focused on enhancing shareholder value through strategic initiatives and risk management [7] - A significant reduction in external quota share from 40% to 20% is expected to materially increase net premiums earned [20] - The company aims to maintain a strong combined ratio while improving cost efficiency in its catastrophe reinsurance program [19] Management's Comments on Operating Environment and Future Outlook - Management noted an increase in competition in the commercial lines business but described the market as firm and rate-adequate [24] - The target for the underlying combined ratio remains at 65%, with expectations for continued strong performance [26] - The company anticipates a smooth transition regarding the sale of Interboro Insurance Company, aiming for a year-end closing [36] Other Important Information - The company has secured over 90% of the total limit sought for its catastrophe reinsurance renewals [19] - Cash and investments grew 36.7% to $504 million, reflecting a strong liquidity position [15] Q&A Session Summary Question: Competition perspective in commercial lines business - Management acknowledged increased competition compared to last year but emphasized that it does not significantly impact their portfolio or renewal retention rates [24] Question: Target for underlying combined ratio - Management confirmed that the target remains at 65%, considering current reinsurance costs and market factors [26] Question: Impact of reinsurance renewal on profits - It was indicated that the reduction in ceded commissions from 40% to 20% will have a significant positive impact on the bottom line, driving total revenues year-over-year [29] Question: Increase in net premiums earned - Management attributed the increase in net premiums earned to stronger premium production and positive underwriting actions taken in both personal and commercial lines [31] Question: Timeline for the sale of Interboro - The expected timeline for closing the sale is between 6 to 12 months, with a goal for a year-end transaction [36]

Financial Performance - Gross premiums written for the three months ended March 31, 2024, were $197,458,000, an increase from $187,123,000 in the same period of 2023, representing a growth of 7.1%[155] - Gross premiums earned increased to $168,822,000 for the three months ended March 31, 2024, compared to $144,476,000 for the same period in 2023, reflecting a growth of 16.9%[156] - Net premiums earned decreased to $68,730,000 in Q1 2024 from $87,324,000 in Q1 2023, a decline of 21.2%[156] - Total revenues for the three months ended March 31, 2024, were $73,204,000, down from $90,320,000 in the same period of 2023, a decrease of 18.9%[156] - Net income from continuing operations for Q1 2024 was $23,599,000, compared to $30,367,000 in Q1 2023, a decline of 22.3%[156] - Net income attributable to American Coastal Insurance Corporation for Q1 2024 decreased by $243,681,000, or 91.2%, to $23,599,000 from $267,280,000 in Q1 2023[190] Ratios and Efficiency - The loss ratio, net for Q1 2024 was 23.1%, compared to 18.9% in Q1 2023, indicating a deterioration in loss performance[156] - The expense ratio for Q1 2024 improved to 35.2% from 43.4% in Q1 2023, reflecting better cost management[156] - The combined ratio for Q1 2024 was 58.3%, an improvement from 62.3% in Q1 2023, indicating enhanced operational efficiency[156] - The underlying loss and LAE ratio for Q1 2024 was 9.2%, a decrease of 2.5 points from 11.7% in Q1 2023[195] Investment and Cash Management - Total cash, cash equivalents, restricted cash, and investment portfolio increased to $504,456,000 as of March 31, 2024, from $369,022,000 at December 31, 2023, representing a 36.6% increase[166] - The investment portfolio consisted of 39.4% total investments, with cash and cash equivalents making up 56.6% of the total as of March 31, 2024, compared to 41.7% at December 31, 2023[167] - Approximately 83.1% of fixed maturities were U.S. Treasuries or corporate bonds rated "A" or better as of March 31, 2024[167] - The company does not invest in derivative securities and limits investments in non-investment-grade fixed maturities[166] - The investment strategy aims to preserve capital, maximize after-tax investment income, maintain liquidity, and minimize risk[165] - Cash inflows from operating activities totaled $124,484,000 for the three months ended March 31, 2024, compared to cash outflows of $104,164,000 during the same period in 2023[225] - Net purchases of investments totaled $2,005,000 during the three months ended March 31, 2024, compared to net sales of investments of $195,082,000 during the same period in 2023[226] - Cash provided by financing activities totaled $11,398,000 for the three months ended March 31, 2024, compared to no cash used in financing activities for the same period in 2023[227] Policy and Claims Management - The total number of catastrophe loss events incurred in Q1 2024 was 6, with total losses of $754,000, compared to 3 events and $2,615,000 in Q1 2023[182] - Unpaid losses and loss adjustment expenses totaled $279,556,000 as of March 31, 2024, down from $370,221,000 as of December 31, 2023[186] - The total ceding ratio for reinsurance costs increased to 59.3% for the three months ended March 31, 2024, compared to 39.6% for the same period in 2023[174] - Ceded premiums earned amounted to $100,092,000 for the three months ended March 31, 2024, compared to $57,152,000 for the same period in 2023, reflecting a significant increase[178] Segment Performance - Gross written premiums for the commercial lines operating segment increased by $7,960,000, or 4.5%, to $184,601,000 for the three months ended March 31, 2024, from $176,641,000 for the same period in 2023[200] - Pretax earnings for the commercial lines operating segment decreased by $6,124,000, or 15.7%, to $32,795,000 for the three months ended March 31, 2024, from $38,919,000 for the same period in 2023[199] - Gross written premiums for the personal lines operating segment increased by $2,375,000, or 22.7%, to $12,857,000 for the three months ended March 31, 2024, from $10,482,000 for the same period in 2023[210] - Pretax earnings for the personal lines operating segment increased by $3,013,000, or 158.0%, to $1,106,000 for the three months ended March 31, 2024, from a pretax loss of $1,907,000 for the same period in 2023[209] Operational Changes - As of October 6, 2023, the company is seeking a buyer for Interboro Insurance Company (IIC) to exit the personal lines business, with the expected sale price being the book value of the entity[153] - A capital contribution of $1,265,000 was made to the reinsurance subsidiary, UPC Re, during the three months ended March 31, 2024[220] - The number of new and renewal policies in Florida decreased to 1,062 in Q1 2024 from 1,157 in Q1 2023[193] - Total operating expenses decreased by $13,758,000 to $24,175,000 in Q1 2024 from $37,933,000 in Q1 2023[196]

Exhibit 99.1 FOR IMMEDIATE RELEASE AMERICAN COASTAL INSURANCE CORPORATION REPORTS FINANCIAL RESULTS FOR ITS FIRST QUARTER ENDED MARCH 31, 2024 Company to Host Quarterly Conference Call at 5:00 P.M. ET on May 9, 2024 The information in this press release should be read in conjunction with an earnings presentation that is available on the Company's website at investors.amcoastal.com/Presentations. St. Petersburg, FL - May 9, 2024: American Coastal Insurance Corporation (Nasdaq: ACIC) ("ACIC" or "the Company") ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ___________________________________ FORM 10-K ___________________________________ ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period _____ to _____ Commission File Number 001-35761 American Coastal Insurance Corporation (Exact Name of Regis ...

American Coastal Insurance Corporation (NASDAQ:ACIC) Q4 2023 Earnings Conference Call February 29, 2024 5:00 PM ET Company Participants Karin Daly - IR Daniel Peed - Chairman of the Board and CEO Bennett Bradford Martz - President Conference Call Participants Greg Peters - Raymond James Aryan Gupta - Eagle Eye Asset Private Limited Bill Dezellem - Tieton Capital Operator Hello, and welcome to the American Coastal Insurance Corporation's 2023 Fourth Quarter and Full Year Earnings Conference Call and Webcast. ...