Loading...
•
Jun 30, 2021
American Coastal Insurance Q2 2021 Earnings Report
Reported financial results for the second quarter ended June 30, 2021.
Key Takeaways
United Insurance Holdings Corp. reported a net loss attributable to the Company for the second quarter of 2021 was $23.5 million, or $0.55 per diluted share, compared to net income of $24.3 million, or $0.56 per diluted share, for the second quarter of 2020. The change in earnings was primarily driven by a decrease in revenue during the second quarter of 2021 compared to the second quarter of 2020.
Net loss attributable to the Company for the second quarter of 2021 was $23.5 million, or $0.55 per diluted share.
Total gross written premium decreased by $13.2 million, or 3.0%, to $426.4 million for the second quarter of 2021.
Loss and LAE increased by $16.4 million, or 16.1%, to $118.1 million for the second quarter of 2021.
Book value per common share decreased 14.6% from $9.19 at December 31, 2020, to $7.85 at June 30, 2021.
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
The second quarter results reflect execution of our ongoing 2021 transition plan, in which we pivot to dramatically reduced named and non-named catastrophe retentions and increased quota share reinsurance protection. These all drive a significant increase in reinsurance spend, which reduces our margin during transition, but is priced into the portfolio going forward.