American Coastal Insurance Corporation (NASDAQ:ACIC) Q2 2024 Earnings Call August 7, 2024 5:00 PM ET
Company Participants
Karin Daly - Investor Relations
Bennett Bradford Martz - President
Svetlana Castle - Chief Financial Officer
Conference Call Participants
Gregory Peters - Raymond James
Operator
Greetings, and welcome to the American Coastal Insurance Corporation’s Second Quarter 2024 Earnings Conference Call and Webcast. [Operator Instructions] As a reminder, this conference is being recorded. It’s now my pleasure to turn the call over to your host, Karin Daly, Investor Relations with The Equity Group. Please go ahead, Karin.
Karin Daly
Thank you, Kevin, and good afternoon, everyone. American Coastal Insurance Corporation has also made this broadcast available on its website at www.amcoastal.com. A replay will be available for approximately 30 days following the call. Additionally, you can find copies of the latest earnings release and presentation in the Investors section of the company’s website. Speaking today will be President, Bennett Bradford Martz; and Chief Financial Officer, Svetlana Castle.
On behalf of the company, I’d like to note that statements made during the call 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.
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 of the 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.
With that, it’s my pleasure to turn the call over to Mr. Brad Martz. Brad, you may begin.
Bennett Bradford Martz
Thank you, Karin, and hello. Today, I’ll provide an underwriting and commercial residential market update and also review some forward-looking guidance for the remainder of 2024. I’ll then turn it over to our CFO, Lana Castle, for more detail on our second quarter results.
Page 3 of our earnings presentation highlights some of our key accomplishments this quarter. Two of these stand out due to their impact on current and future periods. First is the core catastrophe reinsurance renewal effective June 1, 2024, and the second is the entry into formal definitive agreements to divest of Interboro Insurance Company. The pending sale of Interboro caused its results to be presented as discontinued operations for the quarter and the year. Accordingly, our results from continuing operations now only reflect our profitable Commercial Lines operations, making comparability and analysis either going forward given the noise and volatility historically associated with the personal lines business, which is not part of our future.