American Coastal Insurance Announces $16.2M Hurricane Milton Q4 Loss, $13M Reinstatement Premiums From Oct 2024 To May 2025
Portfolio Pulse from Benzinga Newsdesk
American Coastal Insurance (ACIC) reports a $16.2M loss from Hurricane Milton in Q4 2024, with $13M in reinstatement premiums from Oct 2024 to May 2025. Despite the losses, ACIC's reinsurance strategy keeps them well-positioned for future events.
October 23, 2024 | 8:30 pm
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American Coastal Insurance (ACIC) faces a $16.2M loss due to Hurricane Milton in Q4 2024. The company will also incur $13M in reinstatement premiums over the next eight months. Despite these challenges, ACIC's reinsurance strategy leaves them well-prepared for future events, maintaining profitability.
The $16.2M loss and $13M in reinstatement premiums are significant financial impacts. However, ACIC's strong reinsurance strategy mitigates these losses, maintaining their financial stability and profitability. This balanced impact results in a neutral short-term price direction.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100