Liquidation: AMERICAN COASTAL INSURANCE Corp

Form Type: ARS

Filing Date: 2025-04-02

Corporate Action: Liquidation

Type: Update

Accession Number: 000140152125000045

Filing Summary: American Coastal Insurance Corporation (ACIC) reported a robust financial performance in 2024, achieving a pre-tax income of $102 million, up 6% from 2023, despite facing increased losses due to a hurricane season with active named storms. The company's commercial residential property insurance sector has maintained a profitable track record, marking its 18th consecutive year of underwriting profit. By the end of 2024, ACIC had approximately $236 million in stockholders’ equity. Plans for 2025 include divesting Interboro Insurance Company, marking a strategic pivot towards being exclusively a commercial property insurance underwriter following the completion of the transaction on April 1, 2025. The company anticipates maintaining strong financial performance through enhancements in its reinsurance program. ACIC also aims to grow its business in the niche low-rise apartment insurance market in Florida, with plans to increase condo policies in force to approximately 4,500 by year-end. The company’s strategic vision entails balancing underwriting capabilities and earnings growth while remaining well-positioned as the market leader in Florida's residential insurance sector.