Financial Performance - Gross premiums written decreased by 3.1% to 236,822,000 in the prior year[3] - Net premiums earned fell by 18.8% to 78,014,000 year-over-year[3] - Total revenue declined by 6.6% to 73,542,000 in the same quarter last year[3] - Income from continuing operations decreased by 10.2% to 21,244,000 in the prior year[3] - Consolidated net income increased by 7.2% to 17,779,000 year-over-year[3] - Core income fell by 27.6% to 27,073,000 in the same quarter last year[3] - Net income for Q2 2024 was 0.39 per diluted share, compared to 0.41 per diluted share in Q2 2023, reflecting a decrease of 7.4 million, or 3.1%, to 236.8 million in Q2 2023[18] - Total revenues for Q2 2024 were 73,542,000 in Q2 2023[43] - Net income for Q2 2024 was 17,779,000 in Q2 2023[43] Operational Efficiency - The combined ratio for the quarter was 64.9%, an increase of 1.8 percentage points from 63.1% in the prior year[10] - Loss and LAE decreased by 15.3 million in Q2 2024 from 9.6 million, or 40.9%, to 3.5 million, or 54.7%, to 7.1 million, or 21.6%, to 32.9 million in Q2 2023[15] Asset and Liability Management - Total assets increased to 1,062,378,000 at December 31, 2023[44] - Total liabilities rose to 893,613,000 at December 31, 2023[44] - Cash and cash equivalents increased to 138,930,000 at December 31, 2023[44] - The company’s retained earnings improved to (237,389,000) at December 31, 2023[44] Book Value and Investment - Book value per share increased by 78.8% to 2.59 year-over-year[3] - Book value per common share increased by 28.3% from 4.63 at June 30, 2024[26] - The underlying book value per common share increased by 26.7% from 5.03 at June 30, 2024[26] - The company's cash and investment holdings increased from 572.6 million at June 30, 2024, driven by positive cash flows from operations[25] - The company reported a net unrealized gain on equity securities of 141,000 in Q2 2023[43] Strategic Initiatives - The company successfully placed its core catastrophe reinsurance program, increasing the exhaustion point from the prior year[5] - The company is focused on phasing out personal lines operations, having signed agreements for the sale of Interboro Insurance Company[5] - The company has entered into a Sale Agreement to sell 100% of its subsidiary, IIC, to Forza, which is expected to impact future financial results[40] - ACIC maintains a Financial Stability Rating of "A, Exceptional" from Demotech and an "A-" insurance financial strength rating with a Stable outlook by Kroll[30] - The company anticipates continued growth in the Florida market, driven by its exclusive partnership with AmRisc Group for condominium association properties[30] - Forward-looking statements indicate that ACIC expects to navigate potential risks and uncertainties while pursuing growth strategies in the insurance sector[41] Reclassification and Ratings - The company has reclassified prior year financial results to reflect continuing and discontinued operations appropriately, following the appointment of a receiver for its former subsidiary, UPC[40] - ACIC's core return on equity for the period was E%, reflecting strong underwriting performance[35] - The underlying combined ratio, excluding current year catastrophe losses, was D%, which highlights the company's operational efficiency[36] - American Coastal Insurance Corporation (ACIC) reported a core income of $X million for the quarter, reflecting a Y% increase compared to the previous year[34] - The company's combined ratio for the period was Z%, indicating an improvement from the prior year's ratio of A%[36]
United Insurance(ACIC) - 2024 Q2 - Quarterly Results