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Investor Presentation Oct 13, 2026 americancoastal.com NASDAQ: ACIC
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amcoastal.com NASDAQ: ACIC 02 Forward-Looking Statements Statements made in this presentation and otherwise, 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 statements. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words such as “may,” “will,” “expect,” "endeavor," "project," “believe,” "plan," “anticipate,” “intend,” “could,” “would,” “estimate” or “continue” or the negative variations thereof or comparable terminology. 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 Factors” section in the Company's 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.
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03 The Investment Case ACIC is a disciplined, high-return specialty underwriter compounding book value through the cycle. Discipline & Returns Mid-20s ROE and a target 75% underlying combined ratio, earned during a soft market with declining pricing. Catastrophe Protection Structured so a severe hurricane year is an earnings event, not a capital event. Leading Franchise The #1 admitted commercial-residential insurer in Florida — profitable every year since 2007. Growth Optionality A credible path to broader specialty E&S: AmRisc now, ACES ahead. Alignment & Capital Roughly 50% insider-owned, compounding book value, and returning capital to shareholders. amcoastal.com NASDAQ: ACIC
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04 The Leading Florida Franchise How the business is built AmCoastal — the balance-sheet carrier, with the #1 admitted commercial-residential share in Florida. AmRisc — an exclusive distribution and underwriting partner, not a subsidiary. Skyway (SKU) — the managing general agency that produces and underwrites commercial property. ACES — the emerging specialty E&S carrier that expands underwriting reach over time. #1 FL commercial- residential -- ~4,450 Policies in force $573.0M Premium in force 2007 Profitable since inception The #1 admitted commercial-residential insurer in Florida — profitable every year since 2007. amcoastal.com NASDAQ: ACIC
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05 Underwriting Strategy Flexible, judgement-based pricing for >75% of our portfolio. Partnership with leading program managers with unique expertise and capabilities. Targeting low-rise commercial buildings up to $100M of total insured value. Strong reinsurance partnerships and programs make catastrophes earnings events not capital events. Exposure management through sophisticated catastrophe modeling and analytical tools. amcoastal.com NASDAQ: ACIC
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06 Strong Catastrophe Protection What investors should take away Core CAT program covers hurricanes and tropical storms, with coverages that step down our second- and third-event retentions. Multi-year placement locks in $764M of limit ahead of the 2027 renewal. 3-year reinsurance cost is down roughly 36 –40% while coverage broadened. Even a high-severity or high-frequency year is expected to be an earnings event for ACIC rather than a surplus event. $1.7B First-event named-windstorm limit — protection sufficient for a 1-in-286-year event. $23.5M / $25M First- and second-event retentions; coverage cascades 30+ Reinsurers on a diversified, highly rated and collateralized panel (broadened at the 6/1/26 renewal) amcoastal.com NASDAQ: ACIC
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07 A Credible Path to Specialty E&S Growth LIVE NOW 2027 Lever 1 — AmRisc E&S Participation Quota share supporting AmRisc's nationwide E&S commercial property book. Lever 2 — ACES & Skyway Platform ACES specialty E&S carrier (approval pending); Skyway originates new commercial property business. Roughly $70–80M of annual written premium expected. A capital-light first step into E&S, using an established and expert distribution partner. Expected to begin contributing new E&S premium in 2027. Long-term vision: a nationwide specialty commercial property E&S insurer. Broadening beyond Florida — without chasing underpriced business. amcoastal.com NASDAQ: ACIC
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08 E&S Opportunities ACIC has previous commercial property underwriting experience in South Carolina & Texas and will consider other catastrophe exposed markets where we can deploy our highly specialized expertise to earn strong returns on capital. State Florida Texas South Carolina Premium Opportunity ~$1.4B ~$1.9B ~$455M amcoastal.com NASDAQ: ACIC
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FY 2025: 60.1% YTD Q2 2026: 70.3% Combined Ratio 09 Financial Snapshot FY 2025: 35.2% YTD Q2 2026: 21.7% Core Return on Equity amcoastal.com NASDAQ: ACIC
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10 Compounding Book Value & Returning Capital Disciplined with risk — and disciplined with capital. $2.45 → $7.21 Book value per share, Q2-23 to Q2-26 — a ~43% three-year CAGR ~50% Owned by directors and officers — strong alignment with shareholders $0.50 (2024) and $0.75 (2025) Special dividend per share declared the prior two years, when capital is in excess of projected needs. Returning capital to shareholders Targeting ≤25% debt-to-total-capital; the ratio has improved to 30.5% as of June 30, 2026 Kroll upgrade in Q2 2026 — AmCoastal to A, ACIC issuer to BBB (Demotech A). Buybacks when management views the stock as significantly undervalued. May issue shares in lieu of debt issuance when prudent, rather than raising new debt. amcoastal.com NASDAQ: ACIC
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11 Why American Coastal? Price/2026 Estimated EPS American Coastal Insurance Corp – 12.3x US Commercial P&C Insurers – 13.6x Average US Specialty P&C Insurers – 14.5x Average Price/Book Value American Coastal – 1.43x US Commercial P&C Insurers – 1.52x Average US Specialty P&C Insurers – 1.94x Average Source: S&P Capital IQ, Market data as of 8/07/2026, estimated EPS based on published forecasts for all categories to ensure accurate comparison. The Value Proposition Price to estimated earnings and price to book value trail both US Commercial P&C Insurers and US Specialty P&C Insurers. Growth initiatives should solidify the Company's identity as a Specialty Commercial Underwriter. A track record of strong earnings, market discipline and steady book value growth position the stock well to normalize with these markets. amcoastal.com NASDAQ: ACIC
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12 Consolidated Financial Results $ in millions, except per sharedata Gross Premiums Earned $139 $165 (16.2)% $280 $328 (14.6)% Net Premiums Earned $70 $78 (11.1)% $135 $147 (7.8)% Total Revenue $83 $86 (4.5)% $154 $159 (3.1)% Consolidated Net Income $22 $26 (17.2)% $41 $48 (13.9)% *Core Income $16 $27 (38.5)% $36 $47 (24.6)% *Core Income Per Diluted Share $0.33 $0.54 (38.9)% $0.72 $0.96 (25.0)% Book Value per Share $7.21 $6.00 20.2% *Core income and core income per diluted share, both of which are measures that are not based on GAAP, are reconciled above to net income and net income per diluted share, respectively, the most directly comparable GAAP measures. Additional information regarding non-GAAP financial measures presented in on this slide can be found in the "Definitions of Non-GAAP Measures" section, on slide 28. SIX MONTHS ENDED JUNE 30, 2026 Return on Equity 25.0% based on GAAP earnings from continuing operations, net of tax Return on equity is calculated by annualizing the income for the period and dividing by the average stockholders' equity for the trailing twelve months. amcoastal.com NASDAQ: ACIC
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13 Select Balance Sheet Data Improving Capitalization = Growth Opportunity $ in millions Total Investments $333 $355 Cash and Cash Equivalents $219 $199 Cash & Investments $650 $648 Total Assets $1,244 $1,073 Unpaid Losses & LAE $119 $166 Notes Payable $149 $149 Total Liabilities $903 $755 Total Stockholders’ Equity $341 $318 Total Liabilities and Stockholders' Equity $1,244 $1,073 amcoastal.com NASDAQ: ACIC
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14 Leadership Team Deep underwriting expertise, ~50% insider ownership, and a proven record of managing through cycles. Full executive bios available at Investors.amcoastal.com. Andy Gray Chief Compliance & Risk Officer Brooke Adler General Counsel Troy Crawford Chief Underwriting Officer Lana Castle CFO Brad Martz President & CEO Dan Peed Executive Chairman Founder & Former CEO amcoastal.com NASDAQ: ACIC
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15 In Summary Disciplined, high-return, well-protected, aligned, and building growth. Discipline & Returns Strong underlying combined ratio and 26.6% return on equity as of June 30, 2026 Catastrophe Protection 6/1/2026 renewal improved terms and lowered cost; an earnings event, not a capital event. Leading Franchise The #1 admitted commercial-residential insurer in Florida — profitable every year since 2007. Growth Optionality E&S participation live now; ACES contributing in 2027. Alignment & Capital Book value +20.2% year-over-year as of June 30, 2026, ~50% insider-owned, special dividends paid. amcoastal.com NASDAQ: ACIC
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Financials & Reinsurance Structures A P P E N D I X
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17 Extended Financial Snapshot FY 2025: $2.08 YTD Q2 2026: $0.72 Core EPS YE 2025: $6.51 6/30/2026: $7.21 Book Value / Share FY 2025: $335.4M YTD Q2 2026: $153.8M Revenue FY 2025: 35.2% YTD Q2 2026: 21.7% Core Return on Equity FY 2025: 60.1% YTD Q2 2026: 70.3% Combined Ratio FY 2025: 61.5% YTD Q2 2026: 68.6% Underlying Combined Ratio amcoastal.com NASDAQ: ACIC
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18 Compounding Book Value & Returning Capital Alignment & Capital Return ~50% owned by directors and officers. Special dividends of $0.50 (2024) and $0.75 (2025). Debt-to-total-capital improved to 30.5%. Ratings: Upgraded during the second quarter by Kroll. Kroll A (Stable), Demotech A (Exceptional), BBB (Stable) issuer. Book value compounding ~43% over three years, aligned ownership and capital returned. Book Value per Share $0 $1 $2 $3 $4 $5 $6 $7 $8 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 $2.45 (Q2-23) → $7.21 (Q2-26) | 3-yr CAGR 43.3% amcoastal.com NASDAQ: ACIC
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19 Core CAT Reinsurance from named or numbered windstorms $1.7 billion Catastrophe reinsurance 1st event coverage up to $23.5 million First event retention limited to: $25.0 million Second event retention limited to: Our core catastrophe reinsurance program provides protection against hurricanes and tropical storms. We focus on both frequency and severity, with an exhaustion point sufficient for a 1-in-285-year event and coverages that decrease our second and third event retentions. The result is a robust program that limits our losses and make catastrophe losses earnings events, not capital events, even in a high severity or high frequency active year. We have long-term relationships with a diversified panel of highly rated reinsurers and fully collateralized reinsurance providers that help ensure continuity of our risk transfer strategy over time. Effective Jun 1, 2026 - May 31, 2027 Named Windstorm Protection amcoastal.com NASDAQ: ACIC
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20 All Other Reinsurance We are exposed to losses outside of hurricane and tropical storms and mitigate the volatility of these losses through two other reinsurance placements. Our all other perils catastrophe reinsurance provides protection from catastrophe loss events such as hailstorms, tornados and other severe convective storms. Our excess per risk reinsurance limits our losses from non-catastrophe perils includes fire, water damage (excluding flood), sinkhole and building collapse. Comprehensive Coverage for Non-Named Windstorm Events Retention on the first and second event $10 million All other perils catastrophe reinsurance Per risk retention on non-catastrophe perils $4 million Excess Per Risk Reinsurance amcoastal.com NASDAQ: ACIC
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21 1/1/26 AOP CAT Renewal Structure & Highlights GAAP Structure Illustration Highlights Ground-Up All Other Perils Coverage of $100M • $10M net GAAP retention (inclusive of reinstatement premium) • Reduced 25% from prior year net GAAP retention of $13.3M • Program exhausts at the 278 YR RT based on AIR v11.5 • Eliminated reinstatement premium exposure Gross Program Cost of $11.4M • Added 11 new reinsurers to the program – a significant increase YoY • All incumbents remain on the panel AIR v11.5 RMS v23 $100M Layer 3: $60M xs $40M 1@100 Placed at 85.83% Shared Limit L3 $8.5M p/o $60M xs $40M NII Over-Placed at 5.47% $40M Layer 2: $20M xs $20M 1@100 Placed at 100.0% Single Shot Over- Placed at 19.0% Layer 1: $10M xs $10M Nil Placed at 85% $20M $8.5M Retention $10M Shared with $10m xs $10m xs $10m Second Event Cover $1.5M Co-Par 15% QS 10.6 yr 14.6 yr 22.8 yr 35.8 yr 277.8 yr 71.4 yr 107.7 yr 1,785.7 yr amcoastal.com NASDAQ: ACIC
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22 1/1/26 CAT Aggregate: Structure & Highlights $40M of coverage, triggered after $40M of Aggregate Loss • Contributing Perils: Named natural perils (HU, SCS, WT, WF, EQ) • $20M Per Occurrence Cap • $1.5M Franchise Deductible • Placed 85.0% in total to account for 15% QS New coverage purchased in 2025 & renewed at 1/1/26 Provides additional sideways cover on a calendar year basis Depending on the size of contributing loss, the coverage could be utilized on a 3rd or subsequent named storm event Structure Illustration Highlights $60M $20M xs $0M xs $40M 1 Free $1.5M Franchise Deductible Placed at 85.0% 15% Gross QS $40M *Each and every occurrence that exceeds $1.5M is eligible on a ground-up basis to contribute to the $40M deductible, triggering $40M of coverage. $1.5M Franchise Deductible* $20M Per Occ Contributing Loss $20M $0M Retention amcoastal.com NASDAQ: ACIC
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23 $45M $10M Treaty - $5M xs $5M Placed 85.0% 2x Occ. Limit / 1@100, 1 Free $5M 15% Arch QS Auto-Fac $35M xs $10M 2x Occ. Limit Free and Unlimited Reinst. Retention: $4.25M Excess Per Risk Program - Effective 4.1.26 Structure Illustration Highlights 4/1/26 Per Risk and Auto FAC Program • All Perils Coverage (excludes Named Storm) • Retention: $4,250,000 • Deposit Premium: $3,812,500 • $35m xs $10m Auto FAC Layer • Per Building Coverage • Increased layer from $25m to $35m • Can write ISO 5 & 6 business above $45m of TIV • 8 incumbent reinsurers on the Auto FAC panel • $5m xs $5m Treaty Layer • Per Policy Coverage • Added 8 new reinsurers on the treaty layer amcoastal.com NASDAQ: ACIC
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24 6/1/26 CORE CAT - Renewal Structure & Highlights GAAP Structure Illustration Highlights Covered Perils: All Catastrophe Perils Covered Territory: Florida Only • 1st Event GAAP Retention: $23.5 million $17m AmCoastal + $6.5m Assumed E&S 2nd Event GAAP Retention: $25 million 3rd Event GAAP Retention: $2 million • Total for 3 events: $76 million Purchased approx. $1.7B of occurrence-based first event limit which protects the company to the ~286yr return time (AIR v 11.5LTWDS + 10% LAE) FHCF placed at 90% of $635m xs $363.7m Armor Re 2026-1 CAT Bond issued • Class A and Class B tranches for $200m of total limit Arch Re Quota Share cession remains at 15% Shoreline Re Quota Share cessions remains at 45% (Pending OIR Approval) SLRe: “Top” $54M xs $1,095.6M All Perils – Nil; Plcd 45% Top & Drop $54M xs $1,095.6M All Perils – Nil; Plcd 55% Layer 6: $200M xs $50M All Perils – Nil; Plcd 35% Armor Re II 2026 Class A: $200M xs $50M All Perils – Nil; Plcd 50% Armor Re II – 2025 Reset $235.3M xs $50M HU Only – Nil; Plcd 85% Armor Re II – 2024 Reset $235.3M xs $425M HU Only – Nil; Plcd 85% FHCF 90% of $635.0M xs $363.7M ($571.5M) Nil Layer 3: $200M xs $225M All Perils – Nil; Plcd 35% Armor Re II 2026 Class B: $200M xs $225M All Perils – Nil; Plcd 50% Layer 2: $125M xs $100M All Perils – 1@100; Plcd 85% Layer 1: $50M xs $50M All Perils – 1@100; Plcd 85% $20m STAT Ret Shoreline 45% QS 15% Arch QS15% Arch QS $1,721.1M $1,667.1M $1,467.1M $1,231.8M $998.7M $976.4M $363.7M $225.0M $100.0M $50.0M amcoastal.com NASDAQ: ACIC
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25 Definitions of Non-GAAP Measures The Company believes that investors' understanding of ACIC's performance is enhanced by the Company's disclosure of the following non-GAAP measures. The Company's methods for calculating these measures may differ from those used by other companies and therefore comparability may be limited. Core return on equity is a non-GAAP ratio calculated using non-GAAP measures. It is calculated by dividing the core income (loss) for the period by the average stockholders’ equity for the trailing twelve months (or one quarter of such average, in the case of quarterly periods, or one half of such average, in the case of six-month periods). Core income (loss) is an after-tax non- GAAP measure that is calculated by excluding from net income (loss) the effect of income (loss) from discontinued operations, net of tax, non-cash amortization of intangible assets, including goodwill, unrealized gains or losses on the Company's equity security investments and net realized gains or losses on the Company's investment portfolio. In the opinion of the Company’s management, core income (loss), core income (loss) per share and core return on equity are meaningful indicators to investors of the Company's underwriting and operating results, since the excluded items are not necessarily indicative of operating trends. Internally, the Company’s management uses core income (loss), core income (loss) per share and core return on equity to evaluate performance against historical results and establish financial targets on a consolidated basis. The most directly comparable GAAP measure is return on equity. The core return on equity measure should not be considered a substitute for return on equity and does not reflect the overall profitability of the Company's business. Core earnings per share is a non-GAAP measure that is computed by adding amortization, net of tax, to net income (loss) and subtracting income (loss) from discontinued operations, net of tax, realized gains (losses) on the Company's investment portfolio, net of tax, and unrealized gains (losses) on the Company's equity securities, net of tax, from net income (loss). Amortization expense is related to the amortization of intangible assets acquired, including goodwill, through mergers and, therefore, the expense does not arise through normal operations. Investment portfolio gains (losses) and unrealized equity security gains (losses) vary independent of the Company's operations. The Company believes it is useful for investors to evaluate these components both separately and in the aggregate when reviewing the Company's performance. The most directly comparable GAAP measure is net income (loss). The core income (loss) measure should not be considered a substitute for net income (loss) and does not reflect the overall profitability of the Company's business. Underlying combined ratio is a non-GAAP measure, that is computed by subtracting the effect of current year catastrophe losses and prior year development from the combined ratio. The Company believes that this ratio is useful to investors, and it is used by management to highlight the trends in the Company's business that may be obscured by current year catastrophe losses and prior year development. Current year catastrophe losses cause the Company's loss trends to vary significantly between periods as a result of their frequency of occurrence and severity and can have a significant impact on the combined ratio. Prior year development is caused by unexpected loss development on historical reserves. The Company believes it is useful for investors to evaluate these components both separately and in the aggregate when reviewing the Company's performance. The most directly comparable GAAP measure is the combined ratio. The underlying combined ratio should not be considered as a substitute for the combined ratio and does not reflect the overall profitability of the Company's business. amcoastal.com NASDAQ: ACIC
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Contact us American Coastal Insurance Corp. 570 Carillon Parkway, Suite 100 Saint Petersburg, FL 33716 Transfer Agent Equiniti Trust Company, LLC 48 Wall Street, Floor 23 New York, NY 10005 (800) 937 5449 helpast@equiniti.com Investor Relations Mr. Alexander Baty VP of Finance & Investor Relations investorrelations@amcoastal.com (727) 425-8076 Mr. Glen Akselrod Bristol Investor Relations ga@bristolir.com (905) 326-1888