Quarterly ResultMay 5, 2026, 04:09 PM
American Coastal Q1 Net Income $19.3M, EPS $0.39; Book Value $6.86
AI Summary
American Coastal Insurance Corporation reported Q1 2026 consolidated net income of $19.3 million, or $0.39 per diluted share, a decrease primarily attributed to the absence of income from discontinued operations present in the prior year. Gross premiums written declined by 24.5% to $149.4 million due to a softening commercial property market and increased competition. Despite top-line pressure, the company maintained a strong combined ratio of 66.0% and saw its book value per share increase by 5.4% to $6.86, while also completing its Core CAT reinsurance program renewal with favorable terms.
Key Highlights
- Consolidated net income for Q1 2026 was $19.3 million, a 9.8% decrease from $21.3 million in Q1 2025.
- Diluted EPS was $0.39 in Q1 2026, down 9.3% from $0.43 in Q1 2025, primarily due to discontinued operations.
- Gross premiums written decreased 24.5% to $149.4 million in Q1 2026, reflecting increased competition and a softening market.
- Net premiums earned declined 3.9% to $65.6 million in Q1 2026, offset by lower reinsurance costs.
- The combined ratio was 66.0% in Q1 2026, a 1.0 point increase from 65.0% in Q1 2025.
- Book value per share increased 5.4% to $6.86 at March 31, 2026, from $6.51 at December 31, 2025.
- The company successfully completed its Core CAT reinsurance program renewal with attractive pricing and improved coverage.
- A dividend totaling approximately $36.6 million was paid during the first quarter of 2026.