American Coastal Insurance Corporation

At this time, all participants are in a listen-only mode. A question and answer session will follow a formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, I'd like to let you know that this conference is being recorded. It is now my pleasure to turn the call over to your host, Karen Daly, Vice President at the Equity Group and American Coastal's investor relations representative. Please go ahead, Karen.

Thank you, Diego, and good afternoon, everyone. American Coastal Insurance Corporation has also made this broadcast available on its website at www.ancoastal.com. A replay will be available for approximately 30 days following the call. Additionally, you can find copies of the latest earnings release and earnings presentation in the investor section of the company's website. Speaking today will be President and Chief Executive Officer 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 statement. 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 the 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 Brad Marks. Brad?

Thank you, Karen, and welcome, everyone. I'm pleased to report American Coastal continued to deliver exceptional results during the third quarter, with over $42 million of earnings before income taxes, representing our best quarter to date. Total revenues grew over 10%, and despite general administrative expenses normalizing in the third quarter without the non-recurring payroll tax credits realized in the first half of the year, American Coastal was able to grow net income 16% year-over-year due to the muted catastrophe and attritional losses incurred. As previewed last quarter, we intentionally slowed premiums written in the third quarter to limit exposure growth through the peak of hurricane season and to hit our modeled expected average annual loss target, which was ultimately successfully accomplished. As the commercial property market continues to soften, risk selection and underwriting discipline remain paramount as we search for profitable growth opportunities. Looking forward, we believe the opportunity to earn strong returns on capital remains present even if headwinds from the current softening cycle persist. Accordingly, On October 1st, American Coastal reverted to normal operations, so we do expect to see a rebound in premiums written during the fourth quarter, with that positive momentum likely continuing into 2026. Our wholly owned MGA SkyWay underwriters recently introduced a new product and began quoting a new commercial residential property insurance program targeting the assisted and independent living facility market in Florida. American Coastal is only underwriting and retaining property exposure and will not be taking any liability or casualty risk. We believe the assisted living niche represents another attractive avenue for us to leverage our powerful distribution relationships and unique expertise in underwriting commercial residential property insurance by targeting properties that have similar physical risk characteristics to our condo and apartment policies but are also expected to be diversifying to our risk portfolio. Page 10 of our earnings presentation provides more detail on this exciting new initiative. I'd like to now turn it over to our Chief Financial Officer, Lana Castle, for more specifics on our results.