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Jun 30, 2020
American Coastal Insurance Q2 2020 Earnings Report
Reported financial results for the second quarter ended June 30, 2020.
Key Takeaways
United Insurance Holdings Corp. reported a net income of $24.3 million, or $0.56 per diluted share, for the second quarter of 2020, compared to a net loss of $2.9 million, or $(0.07) per diluted share, for the second quarter of 2019. The increase in net income was primarily due to an increase in unrealized gains on equity securities, in conjunction with a decrease in loss and loss adjustment expenses (LAE) and a decrease in policy acquisition costs.
The Company's total gross written premium decreased by $10.1 million, or (2.2)%, to $439.7 million.
Loss and LAE decreased by $14.6 million, or 12.6%, to $101.7 million.
Policy acquisition costs decreased by $9 million, or 14.6%, to $52.6 million.
Book value per share increased 5.0% from $11.69 at December 31, 2019, to $12.27 at June 30, 2020.
American Coastal Insurance
American Coastal Insurance
American Coastal Insurance Revenue by Segment
American Coastal Insurance Revenue by Geographic Location
Revenue by Segment
Commercial property Revenue
CapyFin.comRevenue by Geographic Location
Florida Revenue
CapyFin.com Forward Guidance
A hardening property insurance market provides UPC with a great opportunity to be more selective and optimize our risk portfolio for long-term profitability, so that’s what we intend to focus on.