The earnings miss and sharp revenue decline are the headline, but the underlying combined ratio held steady and book value continues compounding. Watch for the Q4 2026 call for any update on E&S ramp (ACES beginning Dec 1) and whether gross written premium growth can accelerate enough to stabilize net earned premium.
Price Chart
Executive Summary
ACIC reported Q3 2026 core EPS of $0.42, below the $0.47 consensus, with total revenue of $70.7M down 21.8% YoY as net premiums earned fell 19.0% due to a 25.6% decline in net pricing. The underlying combined ratio of 68.4% remained best-in-class and book value per share grew 15.5% year-to-date to $7.52, but the top-line contraction and earnings miss are the dominant signals.
Key Financial Metrics
Key Facts
- Core EPS of $0.42 missed consensus of $0.47 by 10.6%
- Total revenue fell 21.8% YoY to $70.7M; net premiums earned down 19.0% to $65.5M
- Net income from continuing operations down 40.3% YoY to $19.4M
- Underlying combined ratio of 68.4% was up from 57.8% a year ago but consistent with Q1/Q2 2026 levels
- Book value per share rose 15.5% since year-end to $7.52; core ROE was 24.1%
- Gross written premiums returned to YoY growth (+3.2%) for the first time since early 2025
- E&S participation added $37.3M of premium YTD; ACES Specialty received AZ certificate of authority
Financial Impact
Core EPS miss of ~10.6% vs consensus; revenue decline of 21.8% YoY; net income decline of 40.3% YoY
Risk Factors
- Continued market softening with net pricing down >25% YoY pressuring earned premium
- Expense ratio increased 7.0 points YoY to 52.5% as fixed costs spread over a smaller premium base
- Catastrophe losses of $3.1M in the quarter (4.7 pts on combined ratio) add volatility
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001401521-26-000042 |
| Document: acic-20261029.htm | 0001401521-26-000042 |
| Document: acic-ex99_2.htm | 0001401521-26-000042 |
| Document: 0001401521-26-000042-index-headers.html | 0001401521-26-000042 |
| Document: 0001401521-26-000042-index.html | 0001401521-26-000042 |
| Document: 0001401521-26-000042.txt | 0001401521-26-000042 |
| 8-K Data (Synthetic) | 0001401521-26-000042 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | $10.93 | awaiting T+20 | awaiting T+20 | $10.92 (+0.09%) |
Oct 29, 2026 3d ago | Press Release | No price | awaiting T+20 | awaiting T+20 | No price |
Oct 15, 2026 17d ago | Press Release | $11.10 | awaiting T+20 | awaiting T+20 | $10.92 (−1.62%) |
Sep 25, 2026 5w ago | Insider Cluster | $9.26 $11.13 | ▲ +20.19% | ▲ +20.23% | $10.92 (+17.93%) |
Sep 24, 2026 5w ago | Insider Buy | $9.40 $11.08 | ▲ +17.87% | ▲ +19.35% | $10.92 (+16.17%) |
Aug 15, 2026 11w ago | Institutional Cluster | $9.45 $9.14 | ▲ +3.28% | ▲ +1.30% | $10.92 (−15.56%) |
Aug 5, 2026 12w ago | 8-K | $10.28 $9.54 | ▲ +7.20% | ▲ +7.80% | $10.92 (−6.23%) |
Jun 11, 2026 20w ago | Institutional Cluster | $10.45 $11.17 | ▲ +6.89% | ▲ +5.11% | $10.92 (+4.50%) |
May 15, 2026 24w ago | 8-K | $11.06 $10.56 | ▼ −4.52% | ▼ −6.10% | $10.92 (−1.27%) |
Apr 21, 2026 27w ago | Press Release | $11.68 $11.06 | ▼ −5.31% | ▼ −8.47% | $10.92 (−6.51%) |
US Market Status
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