Added to YB: 2023-11-22
Pitch date: 2023-11-22
ACIC [bullish]
American Coastal Insurance Corporation
+59.5%
current return
Author Info
Company Info
American Coastal Insurance Corporation, through its subsidiaries, primarily engages in the commercial and personal property and casualty insurance business in the United States.
Market Cap
$492.2M
Pitch Price
$7.94
Price Target
22.47 (+77%)
Dividend
N/A
EV/EBITDA
2.62
P/E
6.20
EV/Sales
1.03
Sector
Insurance
Category
value
American Coastal (NASDAQ: $ACIC) Q3 Update
ACIC: AmCo delivers Q3 beat w/ $14.4M net income, BV/sh +$2.78. Largely unimpacted by Idalia ($2.5M losses). Selling personal lines biz IIC for $17-23M in '24. FL remains hard mkt, premiums +22% on 35-36% rate hikes. Refi regulation helping results. Raising $10-20M via ATM for growth. 22% quota share w/ BRK.B & ACGL. Upside to $22.47 (138%) on earnings power despite stressing 2 named CATs/yr & higher retention.
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