UIHC United Insurance Holdings Corp.

American Coastal Insurance Corporation Reports Financial Results for Its Second Quarter Ended June 30, 2025

American Coastal Insurance Corporation Reports Financial Results for Its Second Quarter Ended June 30, 2025

Company to Host Quarterly Conference Call at 5:00 P.M. ET on August 6, 2025

The information in this press release should be read in conjunction with an earnings presentation that is available on the Company's website at .

ST. PETERSBURG, Fla., Aug. 06, 2025 (GLOBE NEWSWIRE) -- American Coastal Insurance Corporation (Nasdaq: ACIC) ("ACIC" or the "Company"), a property and casualty insurance holding company, today reported its financial results for the second quarter ended June 30, 2025.

($ in thousands, except for per share data)Three Months Ended June 30,  Six Months Ended June 30, 
 2025  2024  Change  2025  2024  Change 
                  
Gross premiums written$228,346  $229,449   (0.5)% $426,198  $414,050   2.9%
Gross premiums earned 165,460   155,450   6.4%  327,561   315,720   3.8%
Net premiums earned 78,443   63,381   23.8%  146,715   126,012   16.4%
Total revenue 86,467   68,656   25.9%  158,669   135,254   17.3%
Income from continuing operations, net of tax 28,037   19,073   47.0%  47,748   42,782   11.6%
Income (loss) from discontinued operations, net of tax (1,595)  (19) NM   42   (129) NM 
                  
Consolidated net income$26,442  $19,054   38.8% $47,790  $42,653   12.0%
Net income available to ACIC stockholders per diluted share                 
Continuing Operations$0.56  $0.39   43.6% $0.96  $0.87   10.3%
Discontinued Operations (0.03)  -   100.0%  -   -   %
Total$0.53  $0.39   35.9% $0.96  $0.87   10.3%



Reconciliation of net income to core income:                 
Plus: Non-cash amortization of intangible assets and goodwill impairment$610  $609   0.2% $1,219  $1,421   (14.2)%
Less: Income (loss) from discontinued operations, net of tax (1,595)  (19) NM   42   (129) NM 
Less: Net realized gains (losses) on investment portfolio -   (121)  100.0%  1,382   (121) NM 
Less: Unrealized gains (losses) on equity securities 2,231   49  NM   268   (1) NM 
Less: Net tax impact (1) (340)  143  NM   (91)  324  NM 
Core income(2) 26,756   19,611   36.4%  47,408   44,001   7.7%
Core income per diluted share (2)$0.54  $0.40   35.0% $0.96  $0.90   6.7%
                  
Book value per share         $6.00  $4.63   29.6%

NM = Not Meaningful

(1) In order to reconcile net income to the core income measures, the Company included the tax impact of all adjustments using the 21% federal corporate tax rate.

(2) Core income and core income per diluted share, both of which are measures that are not based on generally accepted accounting principles ("GAAP"), are reconciled above to net income and net income per diluted share, respectively, the most directly comparable GAAP measures. Additional information regarding non-GAAP financial measures presented in this press release can be found in the "Definitions of Non-GAAP Measures" section below.

Comments from Chief Executive Officer, B. Bradford Martz:

“I’m  pleased our team delivered another strong quarter growing both total revenues and underwriting profits year over year. The Company continued to grow its market share in commercial residential given the exceptional actual and expected return on equity. We remain focused on value creation for our shareholders and believe these results, and the recent credit rating upgrades from Kroll Bond Rating Agency, reflect a  very positive outlook for American Coastal.”

Return on Equity and Core Return on Equity

The calculations of the Company's return on equity and core return on equity are shown below.

($ in thousands)Three Months Ended June 30,  Six Months Ended June 30, 
      
 2025  2024  2025  2024 
Income from continuing operations, net of tax$28,037  $19,073  $47,748  $42,782 
Return on equity based on GAAP income from continuing operations, net of tax (1) 43.6%  45.6%  37.1%  51.1%
            
Income (loss) from discontinued operations, net of tax$(1,595) $(19) $42  $(129)
Return on equity based on GAAP income (loss) from discontinued operations, net of tax (1) (2.5)%  %  %  (0.2)%
            
Consolidated net income$26,442  $19,054  $47,790  $42,653 
Return on equity based on GAAP net income (1) 41.1%  45.6%  37.1%  51.0%
            
Core income$26,756  $19,611  $47,408  $44,001 
Core return on equity (1)(2) 41.6%  46.9%  36.8%  52.6%

(1) Return on equity for the three and six months ended June 30, 2025 and 2024 is calculated on an annualized basis by dividing the net income or core income for the period by the average stockholders' equity for the trailing twelve months.

(2) Core return on equity, a measure that is not based on GAAP, is calculated based on core income, which is reconciled on the first page of this press release to net income, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the "Definitions of Non-GAAP Measures" section below.

Combined Ratio and Underlying Ratio

The calculations of the Company's combined ratio and underlying combined ratio are shown below.

($ in thousands)Three Months Ended

June 30,
 Six Months Ended

June 30,
 2025  2024  Change 2025  2024  Change
Consolidated                   
Loss ratio, net(1) 19.8%  24.1%  (4.3)pts  18.4%  22.0%  (3.6)pts
Expense ratio, net(2) 40.8%  40.8%   pts  44.3%  37.1%  7.2 pts
Combined ratio (CR)(3) 60.6%  64.9%  (4.3)pts  62.7%  59.1%  3.6 pts
Effect of current year catastrophe losses on CR %  %   pts  %  0.2%  (0.2)pts
Effect of prior year favorable development on CR (1.6)%  (1.5)%  (0.1)pts  (2.4)%  (0.8)%  (1.6)pts
Underlying combined ratio(4) 62.2%  66.4%  (4.2)pts  65.0%  59.7%  5.3 pts

(1) Loss ratio, net is calculated as losses and loss adjustment expenses ("LAE"), net of losses ceded to reinsurers, relative to net premiums earned.

(2) Expense ratio, net is calculated as the sum of all operating expenses, less interest expense relative to net premiums earned.

(3) Combined ratio is the sum of the loss ratio, net and expense ratio, net.

(4) Underlying combined ratio, a measure that is not based on GAAP, is reconciled above to the combined ratio, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the "Definitions of Non-GAAP Measures" section below.

Combined Ratio Analysis

The calculations of the Company's loss ratios and underlying loss ratios are shown below.

 Three Months Ended June 30, Six Months Ended June 30,
 2025  2024  Change 2025  2024  Change
Net loss and LAE$15,540  $15,277  $263   $26,929  $27,751  $(822) 
% of Gross earned premiums 9.4%  9.8%  (0.4)pts  8.2%  8.8%  (0.6)pts
% of Net earned premiums 19.8%  24.1%  (4.3)pts  18.4%  22.0%  (3.6)pts
Less:                   
Current year catastrophe losses$  $(8) $8   $  $203  $(203) 
Prior year reserve favorable development (1,275)  (968)  (307)   (3,469)  (1,022)  (2,447) 
Underlying loss and LAE (1)$16,815  $16,253  $562   $30,398  $28,570  $1,828  
% of Gross earned premiums 10.2%  10.5%  (0.3)pts  9.3%  9.0%  0.3 pts
% of Net earned premiums 21.4%  25.6%  (4.2)pts  20.7%  22.7%  (2.0)pts

(1) Underlying loss and LAE is a non-GAAP financial measure and is reconciled above to loss and LAE, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the "Definitions of Non-GAAP Measures" section, below.

The calculations of the Company's expense ratios are shown below.

 Three Months Ended June 30, Six Months Ended June 30,
 2025  2024  Change 2025  2024  Change
Policy acquisition costs$24,257  $13,939  $10,318   $47,723  $23,534  $24,189  
General and administrative 7,778   11,938   (4,160)   17,284   23,190   (5,906) 
Total operating expenses$32,035  $25,877  $6,158   $65,007  $46,724  $18,283  
% of Gross earned premiums 19.4%  16.6%  2.8 pts  19.8%  14.8%  5.0 pts
% of Net earned premiums 40.8%  40.8%  0.0 pts  44.3%  37.1%  7.2 pts
                          



Quarter to Date Financial Results

Net income for the second quarter ended June 30, 2025 was $26.4 million, or $0.53 per diluted share, compared to net income of $19.1 million, or $0.39 per diluted share, for the second quarter ended June 30, 2024. Drivers of net income during the second quarter of 2025 included increased gross premiums earned and decreased ceded premiums earned, driving an overall increase in revenues. This increase in revenue was offset by increased policy acquisition costs quarter-over-quarter, partially offset by decreased general and administrative expenses. During the second quarter of 2025, the Company's net loss attributable to discontinued operations was $1.6 million, compared to a net loss of $19 thousand attributable to discontinued operations during the second quarter of 2024.

The Company's total gross written premium decreased by $1.1 million, or 0.5%, to $228.3 million for the second quarter ended June 30, 2025, from $229.4 million for the second quarter ended June 30, 2024. The breakdown of the quarter-over-quarter changes in both direct written and assumed premiums are shown in the table below.

($ in thousands)Three Months Ended June 30,       
 2025  2024  Change $  Change % 
Direct Written and Assumed Premium           
Direct premium$228,373  $229,449  $(1,076)  (0.5)%
Assumed premium (1) (27)  -   (27)  (100.0)%
Total commercial property gross written premium$228,346  $229,449  $(1,103)  (0.5)%

(1) Assumed premium written for 2025 primarily included commercial property business assumed from unaffiliated insurers that was subsequently cancelled.

Loss and LAE increased by $263,000, or 1.7%, to $15.5 million for the second quarter ended June 30, 2025, from $15.3 million for the second quarter ended June 30, 2024. Loss and LAE expense as a percentage of net earned premiums decreased 4.3 points to 19.8% for the second quarter ended June 30, 2025, compared to 24.1% for the second quarter ended June 30, 2024. Excluding catastrophe losses and reserve development, the Company's gross underlying loss and LAE ratio for the second quarter ended June 30, 2025, would have been 10.2%, a decrease of 0.3 points from 10.5% for the second quarter ended June 30, 2024.

Policy acquisition costs increased by $10.4 million, or 74.8%, to $24.3 million for the second quarter ended June 30, 2025, from $13.9 million for the second quarter ended June 30, 2024, primarily due to a decrease in ceding commission income as the result of the Company's decrease in quota share reinsurance coverage from 40% to 20%, effective June 1, 2024 and from 20% to 15%, effective June 1, 2025. External management fees also increased as a result of a one percent increase in the management fee and profit share accrual agreed to in our contract renewal with AmRisc, LLC.

General and administrative expenses decreased by $4.1 million, or 34.5%, to $7.8 million for the second quarter ended June 30, 2025, from $11.9 million for the second quarter ended June 30, 2024, driven by a non-recurring employee retention tax credit refund submitted to the Internal Revenue Service in 2022 and received during the second quarter of 2025. This non-recurring refund was previously disclosed in our Quarterly Report on Form 10-Q, filed on May 8, 2025, as a gain contingency. In addition, external spending for professional and consulting services decreased quarter-over-quarter.

Reinsurance Costs as a Percentage of Gross Earned Premium

Reinsurance costs as a percentage of gross earned premium in the second quarter of 2025 and 2024 were as follows:

 2025  2024 
      
Non-at-Risk (0.3)%  (0.2)%
Quota Share (15.1)%  (26.4)%
All Other (37.2)%  (32.7)%
Total Ceding Ratio (52.6)%  (59.3)%
 

Ceded premiums earned related to the Company's catastrophe excess of loss contracts increased year-over-year, driven by a decrease in quota share reinsurance coverage from 40% to 20% effective June 1, 2024, and a further decrease to 15% effective June 1, 2025. As a result of the decreased quota share percentage and also exposure growth, the Company purchased additional excess-of-loss coverage in 2025. These decreases in quota share reinsurance coverage lowered the Company's overall ceding ratio, as replacement excess of loss coverage was more cost effective than the higher quota share coverage.

Investment Portfolio Highlights

The Company's cash, restricted cash and investment holdings increased from $540.8 million at December 31, 2024, to $726.2 million at June 30, 2025. This increase was driven by cash flows from operations. The Company's cash and investment holdings consist of investments in U.S. government and agency securities, corporate debt, mutual funds and investment grade money market instruments. Fixed maturities represented approximately 78.0 % of total investments at June 30, 2025, compared to 82.3 % of total investments at December 31, 2024. The Company's fixed maturity investments had a modified duration of 2.2 years at June 30, 2025 and December 31, 2024.

Book Value Analysis

Book value per common share increased 22.6% from $4.89 at December 31, 2024, to $6.00 at June 30, 2025. Underlying book value per common share increased 18.9% from $5.21 at December 31, 2024, to $6.20 at June 30, 2025. An increase in the Company's retained earnings as a result of net income for the first half of 2025 drove the increase in the Company's book value per share. As shown in the table below, removing the effect of Accumulated Other Comprehensive Income ("AOCI"), caused by capital market conditions, increases the Company's book value per common share at June 30, 2025.

($ in thousands, except for share and per share data)      
  June 30, 2025  December 31, 2024

Book Value per Share      
Numerator:      
Common stockholders' equity $292,300  $235,660 
Denominator:      
Total Shares Outstanding  48,746,722   48,204,962 
Book Value Per Common Share $6.00  $4.89 
       
Book Value per Share, Excluding the Impact of AOCI      
Numerator:      
Common stockholders' equity $292,300  $235,660 
Less: Accumulated other comprehensive loss  (9,794)  (15,666)
Stockholders' Equity, excluding AOCI $302,094  $251,326 
Denominator:      
Total Shares Outstanding  48,746,722   48,204,962 
Underlying Book Value Per Common Share(1) $6.20  $5.21 

(1) Underlying book value per common share is a non-GAAP financial measure and is reconciled above to book value per common share, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the "Definitions of Non-GAAP Measures" section below.

Conference Call Details

Date and Time: August 6, 2025 - 5:00 P.M. ET
   
Participant Dial-In: (United States): 877-445-9755

(International):   201-493-6744

   
Webcast: To listen to the live webcast, please go to and click on the conference call link at the top of the page or go to:



An archive of the webcast will be available for a limited period of time thereafter.
   
Presentation: The information in this press release should be read in conjunction with an earnings presentation that is available on the Company's website at .
   



About American Coastal Insurance Corporation

American Coastal Insurance Corporation (amcoastal.com) is the holding company of the insurance carrier, American Coastal Insurance Company, which was founded in 2007 for the purpose of insuring Condominium and Homeowner Association properties, and Apartments in the state of Florida. American Coastal Insurance Company has an exclusive partnership for distribution of Condominium Association properties in the state of Florida with AmRisc Group (amriscgroup.com), one of the largest Managing General Agents in the country specializing in hurricane-exposed properties. American Coastal Insurance Company has earned a Financial Stability Rating of “A”, "Exceptional" from Demotech, and maintains an “A-” insurance financial strength rating with a Positive outlook by Kroll. ACIC maintains a ‘BBB-’ issuer rating with a Positive outlook by Kroll.

Contact Information:
Alexander Baty
Vice President, Finance & Investor Relations, American Coastal Insurance Corp.
  
(727) 425-8076
 
Karin Daly
Investor Relations, Vice President, The Equity Group
  
(212) 836-9623
 



Definitions of Non-GAAP Measures

The Company believes that investors' understanding of ACIC's performance is enhanced by the Company's disclosure of the following non-GAAP measures. The Company's methods for calculating these measures may differ from those used by other companies and therefore comparability may be limited.

Net income (loss) excluding the effects of amortization of intangible assets, income (loss) from discontinued operations, realized gains (losses) and unrealized gains (losses) on equity securities, net of tax (core income (loss)) is a non-GAAP measure that is computed by adding amortization, net of tax, to net income (loss) and subtracting income (loss) from discontinued operations, net of tax, realized gains (losses) on the Company's investment portfolio, net of tax, and unrealized gains (losses) on the Company's equity securities, net of tax, from net income (loss). Amortization expense is related to the amortization of intangible assets acquired, including goodwill, through mergers and, therefore, the expense does not arise through normal operations. Investment portfolio gains (losses) and unrealized equity security gains (losses) vary independent of the Company's operations. The Company believes it is useful for investors to evaluate these components both separately and in the aggregate when reviewing the Company's performance. The most directly comparable GAAP measure is net income (loss). The core income (loss) measure should not be considered a substitute for net income (loss) and does not reflect the overall profitability of the Company's business.

Core return on equity is a non-GAAP ratio calculated using non-GAAP measures. It is calculated by dividing the core income (loss) for the period by the average stockholders’ equity for the trailing twelve months (or one quarter of such average, in the case of quarterly periods). Core income (loss) is an after-tax non-GAAP measure that is calculated by excluding from net income (loss) the effect of income (loss) from discontinued operations, net of tax, non-cash amortization of intangible assets, including goodwill, unrealized gains or losses on the Company's equity security investments and net realized gains or losses on the Company's investment portfolio. In the opinion of the Company’s management, core income (loss), core income (loss) per share and core return on equity are meaningful indicators to investors of the Company's underwriting and operating results, since the excluded items are not necessarily indicative of operating trends. Internally, the Company’s management uses core income (loss), core income (loss) per share and core return on equity to evaluate performance against historical results and establish financial targets on a consolidated basis. The most directly comparable GAAP measure is return on equity. The core return on equity measure should not be considered a substitute for return on equity and does not reflect the overall profitability of the Company's business.

Combined ratio excluding the effects of current year catastrophe losses and prior year reserve development (underlying combined ratio) is a non-GAAP measure, that is computed by subtracting the effect of current year catastrophe losses and prior year development from the combined ratio. The Company believes that this ratio is useful to investors, and it is used by management to highlight the trends in the Company's business that may be obscured by current year catastrophe losses and prior year development. Current year catastrophe losses cause the Company's loss trends to vary significantly between periods as a result of their frequency of occurrence and severity and can have a significant impact on the combined ratio. Prior year development is caused by unexpected loss development on historical reserves. The Company believes it is useful for investors to evaluate these components both separately and in the aggregate when reviewing the Company's performance. The most directly comparable GAAP measure is the combined ratio. The underlying combined ratio should not be considered as a substitute for the combined ratio and does not reflect the overall profitability of the Company's business.

Net loss and LAE excluding the effects of current year catastrophe losses and prior year reserve development (underlying loss and LAE) is a non-GAAP measure that is computed by subtracting the effect of current year catastrophe losses and prior year reserve development from net loss and LAE. The Company uses underlying loss and LAE figures to analyze the Company's loss trends that may be impacted by current year catastrophe losses and prior year development on the Company's reserves. As discussed previously, these two items can have a significant impact on the Company's loss trends in a given period. The Company believes it is useful for investors to evaluate these components both separately and in the aggregate when reviewing the Company's performance. The most directly comparable GAAP measure is net loss and LAE. The underlying loss and LAE measure should not be considered a substitute for net loss and LAE and does not reflect the overall profitability of the Company's business.

Book value per common share, excluding the impact of accumulated other comprehensive loss (underlying book value per common share), is a non-GAAP measure that is computed by dividing common stockholders' equity after excluding accumulated other comprehensive income (loss), by total common shares outstanding plus dilutive potential common shares outstanding. The Company uses the trend in book value per common share, excluding the impact of accumulated other comprehensive income (loss), in conjunction with book value per common share to identify and analyze the change in net worth attributable to management efforts between periods. The Company believes this non-GAAP measure is useful to investors because it eliminates the effect of interest rates that can fluctuate significantly from period to period and are generally driven by economic and financial factors that are not influenced by management. Book value per common share is the most directly comparable GAAP measure. Book value per common share, excluding the impact of accumulated other comprehensive income (loss), should not be considered a substitute for book value per common share and does not reflect the recorded net worth of the Company's business.

Discontinued Operations

On May 9, 2024, the Company entered into the Sale Agreement with Forza Insurance Holdings, LLC ("Forza") in which ACIC agreed to sell and Forza agreed to acquire 100% of the issued and outstanding stock of the Company's subsidiary, Interboro Insurance Company ("IIC"). Forza's application to acquire IIC was approved by the New York Department of Financial Services on February 13, 2025 and the sale closed on April 1, 2025. The Company received cash proceeds totaling $25,679,000 from the sale resulting in a loss on disposal of $247,000, net of tax impact. The Company also recognized a $1,348,000 loss, net of tax impact, on IIC's fixed maturity portfolio, which was included in Accumulated other comprehensive loss on the Company's Consolidated Balance Sheet prior to the sale.

Forward-Looking Statements

Statements made in this press release, or on the conference call identified above, and otherwise, that are not historical facts are “forward-looking statements”. The Company believes these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions, or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those expressed in, or implied by, the forward-looking statements. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words such as “may,” “will,” “expect,” "endeavor," "project," “believe,” "plan," “anticipate,” “intend,” “could,” “would,” “estimate” or “continue” or the negative variations thereof or comparable terminology. Factors that could cause actual results to differ materially may be found in the Company's filings with the U.S. Securities and Exchange Commission, in the “Risk Factors” section in the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date on which they are made, and, except as required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statements.



Consolidated Statements of Comprehensive Income

In thousands, except share and per share amounts
 
  Three Months Ended  Six Months Ended 
  June 30,  June 30, 
  2025  2024  2025  2024 
REVENUE:            
Gross premiums written $228,346  $229,449  $426,198  $414,050 
Change in gross unearned premiums  (62,886)  (73,999)  (98,637)  (98,330)
Gross premiums earned  165,460   155,450   327,561   315,720 
Ceded premiums earned  (87,017)  (92,069)  (180,846)  (189,708)
Net premiums earned  78,443   63,381   146,715   126,012 
Net investment income  5,793   5,347   10,304   9,364 
Net realized investment gains (losses)  -   (121)  1,382   (121)
Net unrealized gains (losses) on equity securities  2,231   49   268   (1)
Total revenue  86,467   68,656   158,669   135,254 
EXPENSES:            
Losses and loss adjustment expenses  15,540   15,277   26,929   27,751 
Policy acquisition costs  24,257   13,939   47,723   23,534 
General and administrative expenses  7,778   11,938   17,284   23,190 
Interest expense  2,719   3,426   5,436   6,145 
Total expenses  50,294   44,580   97,372   80,620 
Income before other income  36,173   24,076   61,297   54,634 
Other income  1,379   811   2,449   1,621 
Income before income taxes  37,552   24,887   63,746   56,255 
Provision for income taxes  9,515   5,814   15,998   13,473 
Income from continuing operations, net of tax $28,037  $19,073  $47,748  $42,782 
Income (loss) from discontinued operations, net of tax  (1,595)  (19)  42   (129)
Net income $26,442  $19,054  $47,790  $42,653 
OTHER COMPREHENSIVE INCOME:            
Change in net unrealized gains (losses) on investments  3,042   73   7,254   (125)
Reclassification adjustment for net realized investment losses (gains)  -   121   (1,382)  121 
Total comprehensive income $29,484  $19,248  $53,662  $42,649 
             
Weighted average shares outstanding            
Basic  48,434,446   47,821,115   48,285,665   47,572,236 
Diluted  49,636,088   49,398,463   49,556,882   49,162,233 
             
Earnings available to ACIC common stockholders per share            
Basic            
Continuing operations $0.58  $0.40  $0.99  $0.90 
Discontinued operations  (0.03)  -   -   - 
Total $0.55  $0.40  $0.99  $0.90 
Diluted            
Continuing operations $0.56  $0.39  $0.96  $0.87 
Discontinued operations  (0.03)  -   -   - 
Total $0.53  $0.39  $0.96  $0.87 
             
Dividends declared per share $-  $-  $-  $- 
 



Consolidated Balance Sheets

In thousands, except share amounts
 
  June 30,

2025
  December 31,

2024
 
ASSETS      
Investments, at fair value:      
Fixed maturities, available-for-sale $248,944  $281,001 
Equity securities  40,502   36,794 
Other investments  29,585   23,623 
Total investments $319,031  $341,418 
Cash and cash equivalents  315,485   137,036 
Restricted cash  91,727   62,357 
Total cash, cash equivalents and restricted cash $407,212  $199,393 
Accrued investment income  3,347   2,964 
Property and equipment, net  3,745   5,736 
Premiums receivable, net  53,504   46,564 
Reinsurance recoverable on paid and unpaid losses, net  169,622   263,419 
Ceded unearned premiums  256,772   160,893 
Goodwill  59,476   59,476 
Deferred policy acquisition costs, net  58,008   40,282 
Intangible assets, net  4,689   5,908 
Other assets  11,459   16,816 
Assets held for sale  -   73,243 
Total Assets $1,346,865  $1,216,112 
LIABILITIES AND STOCKHOLDERS' EQUITY      
Liabilities:      
Unpaid losses and loss adjustment expenses $219,242  $322,087 
Unearned premiums  383,991   285,354 
Reinsurance payable on premiums  226,856   83,130 
Accounts payable and accrued expenses  65,355   86,140 
Operating lease liability  3,248   3,323 
Notes payable, net  149,187   149,020 
Other liabilities  6,686   1,456 
Liabilities held for sale  -   49,942 
Total Liabilities $1,054,565  $980,452 
       
Stockholders' Equity:      
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding $  $ 
Common stock, $0.0001 par value; 100,000,000 shares authorized; 48,958,805 and 48,417,045 issued, respectively; 48,746,722 and 48,204,962 outstanding, respectively  5   5 
Additional paid-in capital  439,502   436,524 
Treasury shares, at cost: 212,083 shares  (431)  (431)
Accumulated other comprehensive loss  (9,794)  (15,666)
Retained earnings (deficit)  (136,982)  (184,772)
Total Stockholders' Equity $292,300  $235,660 
Total Liabilities and Stockholders' Equity $1,346,865  $1,216,112 


EN
06/08/2025

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