American Coastal Reports Profitable Q1 for This Year

SAINT PETERSBURG, Fla. (AP) — American Coastal Insurance Corp. (ACIC) on Thursday reported first-quarter earnings of $23.6 million.

The Saint Petersburg, Florida-based company, the rebranding of part of now-insolvent United Property & Casualty Insurance Co., said it had net income of 48 cents per share. Earnings, adjusted for non-recurring costs, came to 50 cents per share.

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The property and casualty insurance company posted revenue of $73.2 million in the period. Its adjusted revenue was $73.3 million.

American Coastal shares have increased 15% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $10.91, more than doubling in the last 12 months.

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Topics Profit Loss