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

Benzinga · Oct 24 04:28

2024 Third Quarter Update:

The Company estimates net current accident quarter catastrophe losses incurred stemming from Hurricanes Debby and Helene in the third quarter of 2024 to be approximately $3.8 million, net of tax impacts. $2.4 million of this impact from Helene is retained by AmCoastal, with $1.4 million being retained by the Company's captive reinsurance entity. The Company does not expect losses from Debby or Helene to reach the excess of loss layers of AmCoastal's reinsurance program and expects to deliver positive net income for the third quarter of 2024.

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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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