American Integrity Insurance Group, Inc.

What they do

{ "headline": "American Integrity Insurance Group is a Tampa-based specialty writer of Florida personal residential property insurance that completed its IPO on May 9, 2025 and trades as AII on the NYSE.", "what_they_do": "Through its carrier subsidiary American Integrity Insurance Company, the company writes homeowners, condominium, vacant dwelling and investment property coverage, predominantly in Florida. Florida was 93.7% of policies in-force and 96.5% of in-force premium at December 31, 2025. It had 421,866 policies in-force and $944.6 million of gross premiums written for 2025. It began writing homeowners business in North Carolina in January 2026.", "revenue_drivers": [ { "name": "Florida Voluntary Market", "detail": "Policies written directly without residual market mechanisms; at June 30, 2026, 73.2% of in-force premium was Voluntary Market, of which 93.7% was Florida." }, { "name": "Expansion states (SC, GA, NC)", "detail": "6.3% of Voluntary Market in-force premium at June 30, 2026 came collectively from South Carolina, Georgia and North Carolina, where the company expanded to support builder agency relationships." }, { "name": "Citizens take-out policies", "detail": "Assumed policies from Citizens Property Insurance Corporation carry immaterial upfront acquisition costs; the company assumed just 81 policies in Q2 2026 and expects take-outs to be a smaller share of gross premiums written in 2026." }, { "name": "Net investment income", "detail": "Q2 2026 net investment income was $6.2 million versus $4.8 million a year earlier, driven by higher invested assets from in-force premium growth and IPO proceeds." } ], "recent_performance": "For Q2 2026 the company reported net income of $34.1 million, or $1.74 per diluted share, and income before income taxes of $46.4 million, which it called a quarterly record. Gross premiums written rose 14% year-over-year to $326.6 million and net premiums earned rose 58.2% to $104.7 million. The combined ratio improved to 63.4% from 72.9% in Q2 2025, and return on equity was 38.7%. Policies in-force reached 461,714 with in-force premium of $1,029 million, up 15.7% and 11.7% respectively over June 30, 2025. Full-year 2025 results were revenue of $276.5 million and net income of $99.6 million, or $5.65 per diluted share.", "strategy": "Management is pursuing growth through three named initiatives: the Tri-County region of Florida, middle-aged homes, and expansion states. Q2 2026 voluntary new business reached a record 43,000 policies, up 54% year-over-year, including 7,636 Tri-County policies versus 185 a year earlier. The company renewed its catastrophe excess of loss program on June 1, 2026, obtaining $3 billion of third-party catastrophe coverage at an estimated cost of $430-$440 million, benefiting from the upper end of 15-20% risk-adjusted rate decreases. It retained its 1-in-130 year probable maximum loss level while reducing aggregate retention from $95 million to $75 million. It also reduced its non-catastrophe quota share arrangement, which lowered ceded premiums earned.", "risks": [ { "title": "Geographic concentration in Florida", "detail": "Florida was 96.5% of in-force premium at December 31, 2025, so results depend heavily on Florida regulatory, legal, economic and weather conditions." }, { "title": "Catastrophe and severe weather exposure", "detail": "As a property and casualty insurer, the company may face significant losses from hurricanes and severe weather, which can cause results to vary significantly period to period." }, { "title": "Loss reserve adequacy", "detail": "Loss reserves are estimates and actual claims incurred have exceeded, and may in the future exceed, reserves established for claims." }, { "title": "Declining Citizens take-out opportunity", "detail": "The company expects take-outs to be a smaller portion of gross premiums written in 2026 and believes the number of Citizens policies meeting its underwriting and profitability standards has declined and may continue to decline." } ], "outlook": "Management said it expects take-outs to be a smaller portion of gross premiums written in 2026 compared to 2024 and 2025 as fewer Citizens policies meet its standards. It believes Florida's December 2022 legislative reforms have reduced claims litigation and provide greater opportunity to underwrite profitably. CEO Robert Ritchie said the company is operating from a position of considerable strength and momentum and remains well positioned to deliver profitable growth and long-term value." "key_facts": [ { "label": "Policies in-force", "value": "461,714 at June 30, 2026" }, { "label": "In-force premium", "value": "$1,029 million at June 30, 2026" }, { "label": "Q2 2026 net income", "value": "$34.1 million, or $1.74 per diluted share" }, { "label": "Q2 2026 combined ratio", "value": "63.4%, versus 72.9% in Q2 2025" } ] }