SAINT PETERSBURG, Fla. (AP) — SAINT PETERSBURG, Fla. (AP) — American Coastal Insurance Corporation (ACIC) on Monday reported third-quarter net income of $10.6 million, after reporting a loss in the same period a year earlier.
The Saint Petersburg, Florida-based company said it had net income of 24 cents per share. Earnings, adjusted to account for discontinued operations and non-recurring costs, were 34 cents per share.
The property and casualty insurance company posted revenue of $58.7 million in the period.
American Coastal shares have risen sixfold since the beginning of the year. In the final minutes of trading on Monday, shares hit $6.85, rising twenty-onefold in the last 12 months.