American Coastal Insurance Corporation (NASDAQ:ACIC) Q3 2024 Earnings Conference Call November 6, 2024 5:00 PM ET

Company Participants

Karin Daly – Investor Relations, Vice President, The Equity Group
R. Daniel Peed – Chairman and Chief Executive Officer
Bennett Bradford Martz – President
Svetlana Castle – Chief Financial Officer

Conference Call Participants

Operator

Greetings, and welcome to American Coastal’s Third Quarter 2024 Earnings Conference Call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host Karin Daly, Vice President, The Equity Group, and American Coastal’s IR Representative. Please go ahead.

Karin Daly

Thank you, Brock, 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 Investor Section of the company’s website. Speaking today will be Chairman of the Board and Chief Executive Officer, R. Daniel Peed; President, Bennett Bradford Martz; and Chief Financial Officer, Svetlana Castle.

On behalf of the company, I’d like to note that statements made during this 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 factor section of their 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. Daniel Peed. Dan, you may begin.

R. Daniel Peed

Thank you, Karin. The third quarter of 2024 saw the emergence of the active Atlantic hurricane season that was predicted, starting with Hurricanes Debby and Helene. Then, just after the third quarter ended, Hurricane Milton made landfall in central Florida, impacting millions of Floridians, including AmCoastal staff. In preparation for Hurricane Milton, American Coastal activated its business continuity plan and I’m pleased to report that our operations continued seamlessly, meaning there were no disruptions to policyholders and we were prepared to immediately respond to claims. Significant cleanup and restoration efforts continue and American Coastal is proud to have supported relief efforts through monetary donations and paid time off for employees who volunteered.