American Coastal Insurance Reports $3.8M Q3 Catastrophe Losses From Hurricanes Debby And Helene; $2.4M Retained By AmCoastal, $1.4M By Reinsurance Entity; Expects Positive Net Income For Q3 2024
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American Coastal Insurance (ACIC) reports $3.8M in Q3 catastrophe losses from Hurricanes Debby and Helene, with $2.4M retained by AmCoastal and $1.4M by a reinsurance entity. Despite these losses, ACIC expects positive net income for Q3 2024.
October 23, 2024 | 8:29 pm
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American Coastal Insurance (ACIC) reported $3.8M in catastrophe losses for Q3 2024 due to Hurricanes Debby and Helene. Despite these losses, ACIC expects to achieve positive net income for the quarter.
The reported losses are significant but are not expected to impact the excess of loss layers of ACIC's reinsurance program. The company's expectation of positive net income suggests resilience and effective risk management, likely leading to a positive short-term impact on stock price.
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