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what it is
It sells property insurance, with a focus on condos, apartments, homeowners, and other buildings that can break your sleep fast.
how it gets paid
2025: total revenue $335.4M (+13.1% vs. 2024’s $296.7M).
why it's growing
Diluted EPS $2.15 (2025) vs. $1.54 (2024). Q4’25 revenue $86.4M (+9.0% vs. Q4’24’s $79.3M)—catastrophe-light weather helped loss ratios vs. the prior-year quarter.
what just happened
Q4’25 diluted EPS $0.53 vs. $0.10 in Q4’24 (prior year included discontinued ops and a much worse combined ratio).
At a glance
C++ balance sheet — some cracks in the foundation
10/100 earnings predictability — expect surprises
~5.1× trailing P/E (~$10.98 ÷ $2.15 FY2025 GAAP EPS)
2.2% dividend yield — cash in your pocket every quarter
~36% GAAP return on equity (FY2025, annualized in company table)
xvary composite: 40/100 — below average
What they do
It sells property insurance, with a focus on condos, apartments, homeowners, and other buildings that can break your sleep fast.
This is a specialist, not a giant—Florida-weighted commercial property risk with volatile quarterly cats. FY2025 GAAP net margin ~32% ($106.8M net on $335.4M revenue) and return on equity ~36% are strong, but they move when storm seasons return.
How they make money
$335.4M
2025 total revenue · +13.1% vs. 2024
total revenue
$335.4M
+13.1%
FY2025 totals from GlobeNewswire Feb 19, 2026; segment splits ($301.5M / $33.5M) are illustrative—tie to the 10-K.
The products that matter
underwrites commercial property risk
Commercial Property Insurance
$301.5M · 90% of revenue
Illustrative split: ~$301.5M (~90%) of a $335.4M 2025 revenue base—confirm line items in the 10-K. FY2025 GAAP net margin ~32% is the profitability hook, not a single “operating margin” buzzword.
90% of revenue
specialty excess and surplus underwriting
Excess & Surplus Lines
$33.5M · 10% of revenue
this is the diversification bet. at $33.5M, it is still too small to change the risk profile on its own, which is why 2026 growth here matters so much.
10% of revenue
capital return discipline
Dividend and Repurchase Flexibility
2.2% yield · buyback language disclosed
You get a 2.2% dividend yield today; repurchase authorization language matters more when earnings are ~$2.15 and the multiple is ~5× trailing.
capital allocation
Key numbers
~5.1×
trailing P/E
~$10.98 ÷ $2.15 FY2025 diluted EPS (GAAP). 2024 GAAP EPS was $1.54.
~32%
GAAP net margin
~$106.8M consolidated net income on $335.4M revenue for 2025—cats and prior-year development can swing this fast.
~36%
GAAP ROE
Company-reported return on equity (annualized in their FY2025 table)—not the same as generic “return on capital” from data vendors.
$149M
long-term debt
Long-term debt → borrowed money due over years → how much pressure shows up when claims spike. Here it is 21% of capital, which is manageable until underwriting stops behaving.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $149M (21% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for ACIC right now.
source: institutional data · return history unavailable
What just happened
FY2025 filed
Q4’25 revenue $86.4M (+9.0% vs. Q4’24); diluted EPS $0.53 vs. $0.10 prior-year quarter.
Full year 2025: revenue $335.4M, consolidated net income $106.8M, diluted EPS $2.15 vs. $1.54 in 2024—underlying combined ratio 61.5% for the year (company table).
$335.4M
2025 revenue
$2.15
2025 diluted EPS
61.5%
underlying CR
the number that mattered
Catastrophe and prior-year development drive quarter-to-quarter noise—FY2025 benefited from a milder cat year vs. 2024’s Q4.
source: GlobeNewswire Feb 19, 2026
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What could go wrong
the #1 risk is florida commercial property catastrophe concentration.
high
Florida catastrophe concentration
About 90% of revenue comes from Florida commercial property. One bad hurricane season hits the exact part of the business that generates nearly all of the revenue.
The ~32% FY2025 GAAP net margin is real—and also exposed to weather losses in one geography.
med
Diversification stays too small
Excess and surplus lines produced $33.5M, or 10% of revenue. That is a start, not a second engine.
If this slice does not grow, ACIC stays valued like a concentrated Florida risk book.
med
Thin sponsorship keeps the multiple low
Holdings fell 24.41% last quarter across 76 reporting investors. That is not broad support.
A thinly owned small cap can stay cheap even when operating results look fine.
low
Disclosure leaves holes
The quarter referenced book value growth, but this file gives no number. That leaves part of the balance-sheet story unmeasured for you.
When the facts are thin, the market assigns less trust and usually a lower multiple.
Roughly 90% of revenue sits in one Florida-exposed line, while the diversification effort is only $33.5M. This is concentrated catastrophe underwriting with a cheap multiple attached.
source: institutional data · regulatory filings · risk analysis
Pay attention to
leadership
New underwriting chief
Troy Crawford was appointed underwriting chief on feb 20, 2026. If margins hold while the book expands, this role is where you should expect to see it first.
growth
Excess and surplus share
That business is 10% of revenue today. You want to see it become meaningfully larger, not just remain the slide everyone talks about.
profitability
Operating margin durability
FY2025 GAAP profitability (~32% net margin, ~36% ROE) is what makes a ~5× multiple interesting—if cats return, those lines move first.
capital
Repurchase follow-through
A January 2026 filing said management may buy back stock when it sees significant undervaluation—at ~5× trailing earnings, you want to see whether that turns into action.
Analyst rankings
earnings predictability
10 / 100
Analysts do not treat these earnings as smooth or easy to forecast. In human-speak: you should expect volatility, not clockwork.
risk rank
3
That lands around the middle on safety. In plain English: this is not a balance-sheet disaster, but it is nowhere near the safest corner of insurance.
source: institutional data
Institutional activity
institutional ownership data for ACIC is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$11
current price
n/a
target midpoint · n/a from current
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