Procore signs multi-year strategic collaboration agreement with AWS
Christopher Griffith, Chief Operating Officer of American Coastal Insurance Corp (NASDAQ:ACIC), recently sold shares in the company, according to a filing with the Securities and Exchange Commission. The insurance provider, currently valued at $576.57 million, maintains a GREAT financial health score according to InvestingPro analysis, with strong revenue growth of 12.2% over the last twelve months. On March 10, Griffith sold a total of 19,836 shares, with prices ranging from $11.82 to $11.8294 per share. This transaction totaled approximately $234,553.
In addition to the sales, Griffith also exercised options to acquire 9,836 shares at a price of $4.33 each, adding a total of $42,589 to his holdings. Following these transactions, Griffith holds 124,656 shares directly in the company.
In other recent news, American Coastal Insurance Corporation (ACIC) reported a 6% year-over-year increase in full-year 2024 pre-tax income, amounting to $102 million. The company achieved a net income of $4.9 million in the fourth quarter, despite a decrease in core income compared to the previous year. A new apartment program in Florida significantly contributed to premium growth, and ACIC projects a net income of $70-90 million for 2025. The company is also planning to sell its Interborough unit, which will add $22 million in cash to its financial position. Analysts noted the company’s strategic focus on underwriting profitability and its robust reinsurance protections. Furthermore, ACIC successfully launched a new catastrophe bond that enhances its reinsurance coverage. The Florida insurance market is showing positive trends, which could benefit ACIC’s future operations.
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