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Sep 30, 2020
American Coastal Insurance Q3 2020 Earnings Report
Reported financial results for the third quarter ended September 30, 2020.
Key Takeaways
United Insurance Holdings Corp. reported its financial results for the third quarter ended September 30, 2020. The company experienced its largest ever quarterly losses due to unprecedented storms, which masked numerous successes in the third quarter, including continued improvement in core ex-hurricane earnings, increased rate earning through the portfolio, a decreased expense ratio, and accelerated rate increases on both commercial and personal lines of business.
The company experienced its largest ever quarterly losses due to unprecedented storms.
The total gross written premium increased by $48.6 million, or 15.3%, to $365.8 million.
Net loss attributable to the Company for the third quarter of 2020 was $74.1 million, or $1.73 per diluted share.
Loss and LAE expense as a percentage of net earned premiums increased 39.0 points to 115.8%.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
As we conclude 2020 and move into the new year, we believe the tightening market conditions will not adversely affect our planned rate increases in both our commercial specialty and personal lines of our business. We remain optimistic that we will be well-positioned to reduce volatility through increased reinsurance cessions, while still achieving positive returns.
Positive Outlook
- Tightening market conditions will not adversely affect our planned rate increases in both our commercial specialty and personal lines of our business.
- Optimistic about being well-positioned to reduce volatility through increased reinsurance cessions.
- Achieving positive returns.
- Continued improvement in our core ex-hurricane earnings.
- Increased rate earning through our portfolio.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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