8-K
American Integrity Insurance Group, Inc. (AII)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________
FORM 8-K
__________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 11, 2025
__________________________
American Integrity Insurance Group, Inc.
(Exact name of registrant as specified in its charter)
__________________________
| Delaware | 001-42634 | 33-2925846 | |||
|---|---|---|---|---|---|
| (State or other jurisdiction<br>of incorporation) | (Commission<br>File Number) | (IRS Employer<br>Identification No.) | 5426 Bay Center Drive, Suite 600<br><br>Tampa, Florida | 33609 | |
| --- | --- | ||||
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (813) 880-7000
Not Applicable
(Former name or former address, if changed since last report)
__________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | | --- | --- || ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | | --- | --- || ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | | --- | --- || ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | | --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br>Symbol(s) | Name of each exchange<br>on which registered |
|---|---|---|
| Common Stock, $0.001 par value | AII | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02 Results of Operations and Financial Condition.
On November 11, 2025, American Integrity Insurance Group, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2025. A copy of the Company’s press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
The information in this Current Report on Form 8-K, including Exhibit 99.1 furnished hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description |
|---|---|
| 99.1 | Press Release, issued November 11, 2025 (furnished pursuant to Item 2.02). |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AMERICAN INTEGRITY INSURANCE GROUP, INC. | ||
|---|---|---|
| Date: November 12, 2025 | By: | /s/ Robert Ritchie |
| Name: | Robert Ritchie | |
| Title: | Chief Executive Officer |
Q3-2025 Earnings Release
American Integrity Insurance Group, Inc. Reports Third Quarter 2025 Results
TAMPA, Fla., November 11, 2025 (GLOBE NEWSWIRE) — American Integrity Insurance Group, Inc. (NYSE:
AII), a Tampa-based property and casualty insurance holding company and one of Florida’s leading providers of
residential property insurance, today reported financial results for the third quarter of 2025.
As previously disclosed, on May 9 2025, the Company successfully completed its initial public offering (“IPO”). The
financial results for the third quarter of 2025 included in this earnings release are those of American Integrity Insurance
Group, Inc. For the purposes of this earnings release and the financial information provided herein, references to
“American Integrity” or the “Company” prior to the consummation of the IPO refer to American Integrity Insurance
Group, LLC and such references after the consummation of the IPO, refer to American Integrity Insurance Group, Inc.
For the third quarter of 2025, American Integrity reported net income available to common shareholders of
$13.2 million, or $0.67 per diluted share, and adjusted net income1 available to common shareholders of $14.0
million, or $0.71 per diluted share.
Third Quarter 2025 Financial Highlights
Highlights for the quarter include:
•Gross premiums written of $239.1 million, an increase of 48.5% compared to the third quarter of 2024
•Policies-in-force ended at 406,094, up 48.6% over September 30, 2024
•Net premiums earned of $52.0 million, an increase of 28.5% compared to the third quarter of 2024
•Combined ratio of 78.9%, a decrease of 15.4 percentage points compared to 94.3% in the third quarter of 2024
•Net investment income of $6.9 million, an increase of 83.8% compared to the third quarter of 2024
•Assumed 1,891 policies from Citizens Property Insurance Corporation (“Citizens”)
Robert Ritchie, Chief Executive Officer, commented,
“We delivered another quarter of robust results, driven by the strength of our distribution partnerships and a favorable
market environment. Legislative reform in Florida continues to have a profound and positive impact, contributing to
stability in non-catastrophe loss frequency and severity, along with a benign catastrophe environment through the third
quarter.
"I’m pleased with our performance and am even more energized by the opportunities ahead to expand our business and
deliver lasting value for our shareholders. Our re-entry into the Tri-County region of Florida is well underway and
gaining momentum. This expansion represents a significant new market opportunity that we expect will support
sustained voluntary policy growth through 2026. We’ve also refocused our sales and production teams on Florida’s
middle-aged home segment, another large and underpenetrated market. In addition, we recently entered the commercial
residential market and expect to issue our first policies in the fourth quarter.
"As we pursue these multiple avenues for growth, we remain grounded in our core values and unwavering in our
commitment to disciplined underwriting, prudent risk management, and responsible expansion. We believe the
foundation we’ve built, anchored in integrity, focus, and resilience, positions American Integrity to thrive in any
market environment and continue to create long-term shareholder value.”
1 Adjusted net income and adjusted earnings per share are non-GAAP financial measures. Please see the discussion
below under the heading “Reconciliation of Non-GAAP Financial Measures” for additional information concerning
these and other non-GAAP financial measures.
Third Quarter 2025 Commentary
•Gross premiums written in the third quarter of 2025 increased by 48.5% to $239.1 million from $161.0 million
in the third quarter of 2024. Gross premiums earned in the third quarter of 2025 increased by 34.2% to $221.9
million from $165.4 million in the third quarter of 2024. Net premiums earned in the third quarter of 2025
increased by 28.5% to $52.0 million from $40.5 million in the third quarter of 2024. The increase in gross
premiums written, gross premiums earned, and net premiums earned in the third quarter of 2025 as compared
to the third quarter of 2024 was driven primarily by new and renewal policies written through the voluntary
market and from our strategic participation in the Citizens take-out program.
•Ceded premiums earned in the third quarter of 2025 increased by 36.1% to $170.0 million compared to
$124.9 million in the third quarter of 2024 due to the increase in gross premiums earned and the placement of
our 2025-2026 catastrophe excess-of-loss reinsurance program effective June 1, 2025. The Company
purchased more reinsurance coverage compared to prior years, reflecting an increase in in-force premium and
total insured value (TIV).
•Net investment income in the third quarter of 2025 increased 83.8% to $6.9 million compared to $3.8 million
in the third quarter of 2024, which was primarily driven by an increase in invested assets driven by the
increased premiums in-force and the proceeds from our IPO.
•Losses and loss adjustment expenses (“LAE”) for the third quarter of 2025 increased 18.5% to $29.7 million
compared to $25.0 million for the third quarter of 2024, driven primarily by higher gross premiums earned.
The loss ratio was 54.1% for the third quarter of 2025, compared to 59.0% for the third quarter of 2024.
•Policy acquisition expenses for the third quarter of 2025 decreased 19.7% to $6.3 million compared to $7.8
million for the third quarter of 2024, driven by an increase in non-catastrophe ceded commission allocation.
•The expense ratio was 24.8% for the third quarter of 2025 compared to 35.3% for the third quarter of 2024.
The decrease in the expense ratio was primarily the result of an increase in net premiums earned partially offset
by higher salaries and consulting fees incurred to support the public company operations and ongoing growth.
•The combined ratio was 78.9% for the third quarter of 2025 compared to 94.3% for the third quarter of 2024.
•Income tax (benefit) expense was $5.6 million and $2.0 million for the third quarter of 2025 and 2024,
respectively. Our effective tax rate for the three months ended September 30, 2025 and 2024 was 29.9% and
31.1%, respectively. On May 7, 2025, the Company reorganized its structure through a tax-free transaction
following the contribution by the members of American Integrity Insurance Group, LLC of all of their
equity interests in American Integrity Insurance Group, LLC to the Company in exchange for shares of the
Company’s common stock, which changed its tax status from a limited liability company, treated as a
partnership for federal income tax purposes, to a corporation subject to United States federal income tax,
under Subchapter C of the Internal Revenue Code (the "Corporate Contribution"). Conversion from a non-
taxable entity to a corporation is considered a change in tax status, and has been reflected in the financial
statements in accordance with the relevant accounting guidance.
•Shareholders’ equity increased to $315.9 million as of September 30, 2025, compared to $162.4 million as of
December 31, 2024. Growth in shareholders’ equity was due, in part, to net income and proceeds received in
the IPO.
•Annualized return on equity was 17.0%, an increase from 11.9% in the third quarter of 2024.
Results of Operations
| Three Months Ended September 30, | |||||||
|---|---|---|---|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | Change | % Change | |||
| Gross premiums written | $ | 239,100 | $ | 160,977 | 48.5% | ||
| Change in gross unearned premiums | (17,151) | 4,384 | (491.2)% | ||||
| Gross premiums earned | 221,949 | 165,361 | 34.2% | ||||
| Ceded premiums earned | (169,950) | (124,897) | 36.1% | ||||
| Net premiums earned | 51,999 | 40,464 | 28.5% | ||||
| Policy fees | 2,805 | 1,928 | 45.5% | ||||
| Net investment income | 6,906 | 3,757 | 83.8% | ||||
| Net realized gains (losses) on investments | 41 | 18 | 127.8% | ||||
| Other income | 275 | 376 | (26.9)% | ||||
| Total Revenues | 62,026 | 46,543 | 33.3% | ||||
| Losses and loss adjustment expenses | 29,652 | 25,017 | 18.5% | ||||
| Policy acquisition expenses | 6,254 | 7,790 | (19.7)% | ||||
| General and administrative expenses | 7,347 | 7,185 | 2.3% | ||||
| Total Expenses | 43,253 | 39,992 | 8.2% | ||||
| Income before taxes | 18,773 | 6,551 | 186.6% | ||||
| Income tax (benefit) expense | 5,610 | 2,038 | 175.3% | ||||
| Net Income | $ | 13,163 | $ | 4,513 | 191.7% | ||
| Loss ratio(1) | 54.1% | 59.0% | |||||
| Expense ratio(2) | 24.8% | 35.3% | |||||
| Combined ratio(3) | 78.9% | 94.3% | |||||
| Annualized return on equity(4) | 17.0% | 11.9% |
All values are in US Dollars.
(1)Loss ratio is the ratio of losses and LAE to net premiums earned plus policy fees.
(2)Expense ratio is the ratio of policy acquisition and general and administrative expenses to net premiums earned plus
policy fees.
(3)Combined ratio is defined as the sum of the loss ratio and the expense ratio.
(4)Annualized return on equity is defined as net income, annualized, divided by the average beginning and ending
shareholders’ equity during the applicable period.
| Nine Months Ended September 30, | |||||||
|---|---|---|---|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | Change | % Change | |||
| Gross premiums written | $ | 738,245 | $ | 530,061 | 39.3% | ||
| Change in gross unearned premiums | (82,401) | (47,686) | 72.8% | ||||
| Gross premiums earned | 655,844 | 482,375 | 36.0% | ||||
| Ceded premiums earned | (472,275) | (362,109) | 30.4% | ||||
| Net premiums earned | 183,569 | 120,266 | 52.6% | ||||
| Policy fees | 7,976 | 5,656 | 41.0% | ||||
| Net investment income | 15,788 | 10,419 | 51.5% | ||||
| Net realized gains (losses) on investments | 542 | 103 | 426.2% | ||||
| Other income | 536 | 791 | (32.2)% | ||||
| Total Revenues | 208,411 | 137,235 | 51.9% | ||||
| Losses and loss adjustment expenses | 71,702 | 58,024 | 23.6% | ||||
| Policy acquisition expenses | 15,642 | 19,695 | (20.6)% | ||||
| General and administrative expenses | 35,287 | 19,224 | 83.6% | ||||
| Total Expenses | 122,631 | 96,943 | 26.5% | ||||
| Income before taxes | 85,780 | 40,292 | 112.9% | ||||
| Income tax (benefit) expense | 7,027 | 8,948 | (21.5)% | ||||
| Net Income | $ | 78,753 | $ | 31,344 | 151.3% | ||
| Loss ratio(1) | 37.4% | 46.1% | |||||
| Expense ratio(2) | 26.6% | 30.9% | |||||
| Combined ratio(3) | 64.0% | 77.0% | |||||
| Annualized return on equity(4) | 43.9% | 29.0% |
All values are in US Dollars.
(1)Loss ratio is the ratio of losses and LAE to net premiums earned plus policy fees.
(2)Expense ratio is the ratio of policy acquisition and general and administrative expenses to net premiums earned plus
policy fees.
(3)Combined ratio is defined as the sum of the loss ratio and the expense ratio.
(4)Annualized return on equity is defined as net income, annualized, divided by the average beginning and ending
shareholders’ equity during the applicable period.
Policies in-force and in-force premiums
Policies in-force represents the number of active insurance policies with coverage in effect as of the end of the
period referenced. We utilize the change in the number of policies in-force to assess the trajectories of our
operations. In-force premium represents the annual premium for active insurance policies with coverage in
effect as of the end of the period referenced.
| As of September 30, | ||||||
|---|---|---|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | % Change | |||
| Policies In-Force | 406,094 | 273,222 | 48.6% | |||
| In-Force Premium | $ | 910,404 | $ | 699,213 | 30.2% |
Policies in-force were 406,094 as of September 30, 2025, an increase of 48.6% compared to policies in-force of
273,222 as of September 30, 2024, and an increase of 14.0% compared to policies in-force of 356,108 as of
December 31, 2024. The increase in our policies in-force was primarily due to new policies written through the
voluntary market and the 2024-2025 Citizens take-outs.
Reconciliation of Non-GAAP Financial Measures:
Adjusted net income (loss) is a non-GAAP financial measure defined as net income excluding net realized gains
or losses on investments, stock compensation expense, and certain non-recurring or non-cash expenses, including
those incurred in connection with our IPO, net of tax. We use adjusted net income as an internal performance
measure in the management of our operations because we believe it gives us and users of our financial
information useful insight into our results of operations and our underlying business performance excluding the
impact of realized gains and losses on the sale of securities, which we do not view as core to the underlying
trends in our business. Adjusted net income should not be viewed as a substitute for net income calculated in
accordance with GAAP, and other companies may define adjusted net income differently.
Net income increased $8.7 million, or 191.7%, to $13.2 million for the three months ended September 30, 2025
from $4.5 million for the three months ended September 30, 2024. Adjusted net income (loss) increased $9.5
million, or 210.9%, to $14.0 million for the three months ended September 30, 2025 from $4.5 million for the
three months ended September 30, 2024. The increase was due largely to the financial benefits of our recent
participation in the Citizens take-out program and premiums from new policies written through the voluntary
market, combined with improved underwriting performance due, in part, to the absence of significant storm
activity in Florida during the third quarter of 2025.
Adjusted earnings per share is a non-GAAP measure, which is calculated as adjusted net income available to
common stockholders divided by weighted average diluted common shares outstanding. Management believes
this metric is meaningful, as it allows investors to evaluate underlying profitability and enhances comparability
across periods by excluding items that are heavily impacted by investment market fluctuations and other
economic factors and are not indicative of operating trends.
Adjusted net income (loss) and adjusted earnings per share for the three and nine months ended September 30,
2025 and 2024 reconciles to net income and earnings per share, respectively, as follows:
| Three Months Ended<br><br>September 30, | Nine Months Ended<br><br>September 30, | |||
|---|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | 2025 | 2024 |
| Net Income | $13,163 | $4,513 | $78,753 | $31,344 |
| Add: | ||||
| Stock compensation(1) | — | — | 10,433 | — |
| Termination of MSA(2) | — | — | 3,000 | — |
| One-time bonus(2) | — | — | 1,387 | — |
| One-time IPO expenses(2) | — | — | 1,654 | — |
| Post IPO transition expenses(2) | 1,084 | — | 1,084 | — |
| Less: | ||||
| Net realized gains on Investments | 41 | 18 | 542 | 103 |
| Change in tax status(3) | — | — | 9,722 | — |
| Tax effect(4) | 219 | (4) | 2,683 | (22) |
| Adjusted net income | $13,987 | $4,499 | $83,364 | $31,263 |
| Adjusted income allocated to participating securities | — | 194 | 2,190 | 1,350 |
| Numerator: | ||||
| Adjusted net income available for common<br><br>shareholders | 13,987 | 4,305 | 81,174 | 29,913 |
| Denominator: | ||||
| Weighted average common shares outstanding - basic<br><br>and diluted | 19,573 | 12,904 | 16,446 | 12,904 |
| Earnings per share: | ||||
| Basic | $0.67 | $0.33 | $4.66 | $2.32 |
| Diluted | $0.67 | $0.33 | $4.66 | $2.32 |
| Adjusted earnings per share: | ||||
| Basic | $0.71 | $0.33 | $4.94 | $2.32 |
| Diluted | $0.71 | $0.33 | $4.94 | $2.32 |
(1)Stock-based compensation expense recognized of $10,433 for the nine months ended September 30, 2025, and
approximately $4,241 was nondeductible for U.S. federal income tax purposes.
(2)Material non-recurring items that we do not expect to continue in the future and believe are not reflective of our ongoing
operations and our performance.
(3)The change in tax status of the parent company from a non-taxable entity to a taxable corporation resulted in recognition
of a deferred income tax benefit. This adjustment has been removed using the U.S. federal statutory and state blended
corporate tax rate of 25.262% for consistency with the tax asset recorded.
(4)We included the tax impact of all adjustments to adjusted net income using the U.S. federal statutory corporate tax rate of
21%. While the Company’s actual effective tax rates for the nine months ended September 30, 2025 and 2024 were 8.2%
and 22.2% respectively, the use of the statutory rate provides a consistent and simplified approach for comparability.
This approach is applied uniformly, including to items that may be partially or fully nondeductible for tax purposes. The
tax effect row is presented exclusive of the change in tax status impact
Underlying loss and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio is a non-GAAP measure. We calculate the underlying loss and
loss adjustment expense ratio by subtracting current year net catastrophe losses and prior year net reserve
development from total net losses and LAE and dividing that amount by the sum of total net premiums earned
plus policy fees. We use the underlying loss and LAE ratio to allow us to analyze our loss trends before the
impact of catastrophe losses and prior year reserve development. These two items can have a significant impact
on our loss trends in a given period. We believe it is useful for investors to evaluate these components both
separately and in the aggregate when reviewing our performance. The most directly comparable GAAP measure
is net loss and LAE ratio. The underlying loss and LAE ratio should not be considered a substitute for net loss
and LAE ratio and does not reflect the overall profitability of our business.
The following table summarizes loss ratios and underlying loss and LAE ratios for the three and nine months
ended September 30, 2025, and 2024:
| Three Months Ended September 30, | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | ||||||||
| Total Net Premiums Earned | $ | 51,999 | $ | 40,464 | ||||||
| Plus: Policy Fees | 2,805 | 1,928 | ||||||||
| Total Net Premiums Earned Plus Policy Fees | 54,804 | 42,392 | ||||||||
| Losses and Loss Adjustment Expenses, Net | 29,652 | 25,017 | ||||||||
| Loss and Loss Adjustment Expense Ratio (% Net Premiums<br><br>Earned Plus Policy Fees) | 54.1% | 59.0% | ||||||||
| Less: | ||||||||||
| Current Year Net Catastrophe Losses | — | 10,012 | ||||||||
| Prior Year Net Reserve Development | 2,312 | (405) | ||||||||
| Underlying Loss and Loss Adjustment Expenses, Net | $ | 27,340 | $ | 15,410 | ||||||
| Underlying Loss and Loss Adjustment Expense Ratio (% Net<br><br>Premiums Earned Plus Policy Fees) | 49.9% | 36.4% | Nine Months Ended September 30, | |||||||
| --- | --- | --- | --- | --- | ||||||
| ($ in thousands) | 2025 | 2024 | ||||||||
| Total Net Premiums Earned | $ | 183,569 | $ | 120,266 | ||||||
| Plus: Policy Fees | 7,976 | 5,656 | ||||||||
| Total Net Premiums Earned Plus Policy Fees | 191,545 | 125,922 | ||||||||
| Losses and Loss Adjustment Expenses, Net | 71,702 | 58,024 | ||||||||
| Loss and Loss Adjustment Expense Ratio (% Net Premiums<br><br>Earned Plus Policy Fees) | 37.4% | 46.1% | ||||||||
| Less: | ||||||||||
| Current Year Net Catastrophe Losses | — | 18,107 | ||||||||
| Prior Year Net Reserve Development | 1,195 | (6,762) | ||||||||
| Underlying Loss and Loss Adjustment Expenses, Net | $ | 70,507 | $ | 46,679 | ||||||
| Underlying Loss and Loss Adjustment Expense Ratio (% Net<br><br>Premiums Earned Plus Policy Fees) | 36.8% | 37.1% |
Conference Call
As previously announced, American Integrity will hold a conference call to discuss its third quarter results at 9:30
a.m. Eastern Time on November 12, 2025.The call can be accessed by dialing (800) 715-9871 (listen-only toll-
free), +1 (646) 307-1963 (listen-only international), or (647) 932-3411 (listen-only Canada-Toronto) and using
the conference ID code: 2890895. Please call the conference telephone number 10 minutes before the start time.
The earnings call can also be accessed by clicking the webcast link available on the Investor Relations section of
the Company’s website at www.aii.com.
A replay of the call will be available by telephone after 8:00 p.m. Eastern Time on the same day as the call and
can be accessed by dialing (800) 770-2030 (toll-free) or +1 (609) 800-9909 (international) and using the replay ID
code: 2890895#. The replay can also be accessed via the Investor Relations section of the Company’s website at
www.aii.com.
The replay will be available for one year.
About American Integrity Insurance Group, Inc.
American Integrity Insurance Group, Inc. (NYSE: AII) is a leading provider of residential property insurance,
focused on delivering innovative, reliable coverage to homeowners throughout the Southeast. Founded in 2006
and headquartered in Tampa, American Integrity protects policyholders with strength and purpose – today and for
generations to come. For more information, visit www.aii.com
Forward-Looking Statements
Certain statements in this press release and on the related teleconference call may be forward-looking statements.
All statements other than statements of historical facts may be forward-looking statements. Forward-looking
statements include, but are not limited to, statements regarding: our outlook; our business strategy; writing new
business and retaining existing policies; new insurance products; availability of reinsurance coverage;
expectations on future growth; future Citizens take-out opportunities; anticipated future operating results and
operating expenses, cash flows, capital resources and liquidity; reserves for losses and loss adjustment expenses;
geographic expansion; reduction of our quota share; competition; future regulatory, judicial and legislative
changes; forecasts of future revenues and appropriately planning our expenses; and our plans regarding our capital
expenditures and investment portfolio. In some cases, you can identify forward-looking statements by terms such
as “anticipates,” “believes,” “contemplates,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,”
“plans,” “potential,” “predicts,” “projects,” “should,” “targets,” “will,” “would” or the negative of these terms or
other similar expressions. Forward-looking statements are neither historical facts nor assurances of future
performance, and are based only on our current beliefs, expectations and assumptions regarding the future of our
business, future plans and strategies, projections, anticipated events and trends, the economy and other future
conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties,
risks and changes in circumstances that are difficult to predict and many of which are outside of our control.
Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our
actual results and financial condition to differ materially from those indicated in the forward-looking statements
include, among others, the following: the potential that we may face significant losses due to being a property and
casualty insurer and our exposure to catastrophic events and severe weather conditions, which can be
unpredictable; our loss reserves are estimates and may be inadequate to cover our actual liability for losses, and
actual claims incurred have exceeded, and in the future may exceed, reserves established for claims; the
dependence of our financial results on the regulatory, legal, economic and weather conditions in Florida due to the
fact that we conduct substantially all of our business in Florida; changing climate conditions may increase the
severity and frequency of catastrophic events and severe weather conditions; the severity and frequency of
catastrophe events of which are unpredictable; dependence upon the effectiveness of exclusions and other loss
limitation methods in the insurance policies we assume or write; reliance upon third-party distribution partners,
including independent insurance agents, homebuilder-affiliated agents and national insurance carriers; our ability
to pursue Citizens take-out opportunities; cyclical changes in the insurance industry; our ability to obtain
reinsurance coverage at commercially reasonable rates, or at all; credit risk of our reinsurers who may suffer a
downgrade; the inherent uncertainty of models and our reliance on such models as a tool to evaluate risk, and the
dependence of our results upon our ability to accurately price the risks we underwrite; the possibility that our
information technology systems may fail or be disrupted; our ability to expand our business and the possible need
to acquire additional capital in the future to fund such expansion; the ability of our claims department, or the
third-party claims adjusters whom we may engage, to effectively manage or remediate claims as well as
unanticipated increases in the severity or frequency of claims; the possibility that actual renewals of our existing
policies will not meet expectations; increased competition and market conditions, including changes in our
financial stability and credit ratings; the extensive regulatory environment in which we operate that requires
approval of rate increases, can mandate rate decreases, and that can dictate underwriting practices and mandate
participation in loss sharing arrangements, and other potential further restrictive regulation we may face;
mandatory assessments or competition for government entities may create short-term liabilities or affect our
ability to underwrite more policies; and other risks identified in “Risk Factors” in our reports filed with the
Securities and Exchange Commission. New risks emerge from time to time. It is not possible for our management
to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or
combination of factors, may cause actual results to differ materially from those contained in any forward-looking
statements we may make. In light of these risks, uncertainties, and assumptions, the future events and trends
discussed may not occur and actual results could differ materially and adversely from those anticipated or implied
in the forward-looking statements.
Company Contact:
Ben Lurie, CFO
American Integrity Insurance Group, Inc.
Tel (813) 551-1014
blurie@aii.com
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| (unaudited) | ||
| Assets | ||
| Fixed maturities, available-for-sale, at fair value (amortized cost of $327,571<br><br>and $214,505, respectively) | $329,883 | $214,045 |
| Short-term investments (amortized cost of $27,098 and $0, respectively) | 27,098 | — |
| Total investments | 356,981 | 214,045 |
| Cash and cash equivalents | 144,784 | 173,220 |
| Restricted cash | 39,540 | 6,052 |
| Premiums receivable, net | 54,172 | 51,594 |
| Accrued investment income | 3,183 | 2,174 |
| Prepaid reinsurance premiums | 444,042 | 268,254 |
| Reinsurance recoverable, net | 371,882 | 462,097 |
| Property and equipment, net | 6,255 | 1,843 |
| Right-of-use assets – operating leases | 992 | 2,498 |
| Deferred income tax asset, net | 6,655 | — |
| Other assets | 5,194 | 16,368 |
| Total assets | $1,433,680 | $1,198,145 |
| Liabilities and shareholders’ equity | ||
| Liabilities: | ||
| Unpaid losses and loss adjustment expenses | $363,445 | $475,708 |
| Income tax payable | 1,304 | 11,873 |
| Unearned premiums | 504,281 | 421,881 |
| Reinsurance payable | 177,568 | 56,348 |
| Advance premiums | 20,812 | 6,561 |
| Deferred income tax liability, net | — | 1,122 |
| Long-term debt | 721 | 1,029 |
| Lease liabilities – operating leases | 1,028 | 2,612 |
| Deferred policy acquisition costs, net of unearned ceding commissions | 22,897 | 31,931 |
| Other liabilities and accrued expenses | 25,744 | 26,688 |
| Total liabilities | $1,117,800 | $1,035,753 |
| Shareholders’ equity:(1) | ||
| Common stock, $0.001 par value, 100,000,000 shares authorized, 19,576,804<br><br>shares issued and outstanding at September 30, 2025 and 12,904,495 shares<br><br>issued and outstanding at December 31, 2024 | 20 | 13 |
| Additional paid-in capital | 105,821 | 10,274 |
| Accumulated other comprehensive loss, net of taxes | 1,729 | (327) |
| Retained earnings | 208,310 | 152,432 |
| Total shareholders’ equity | 315,880 | 162,392 |
| Total liabilities and shareholders’ equity | $1,433,680 | $1,198,145 |
(1)Both the number of shares outstanding and their par value have been retrospectively recast for all prior periods presented
to reflect the par value of the outstanding stock of American Integrity Insurance Group, Inc. as a result of the Corporate
Contribution.
Condensed Consolidated Statement of Operations and Comprehensive Income (unaudited)
(In thousands, except share and per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| Revenues: | ||||
| Gross premiums written | $239,100 | $160,977 | $738,245 | $530,061 |
| Change in gross unearned premiums | (17,151) | 4,384 | (82,401) | (47,686) |
| Gross premiums earned | 221,949 | 165,361 | 655,844 | 482,375 |
| Ceded premiums earned | (169,950) | (124,897) | (472,275) | (362,109) |
| Net premiums earned | 51,999 | 40,464 | 183,569 | 120,266 |
| Policy fees | 2,805 | 1,928 | 7,976 | 5,656 |
| Net investment income | 6,906 | 3,757 | 15,788 | 10,419 |
| Net realized gains (losses) on investments | 41 | 18 | 542 | 103 |
| Other income | 275 | 376 | 536 | 791 |
| Total revenues | $62,026 | $46,543 | $208,411 | $137,235 |
| Expenses: | ||||
| Losses and loss adjustment expenses, net | $29,652 | $25,017 | $71,702 | $58,024 |
| Policy acquisition expenses | 6,254 | 7,790 | 15,642 | 19,695 |
| General and administrative expenses | 7,347 | 7,185 | 35,287 | 19,224 |
| Total expenses | $43,253 | $39,992 | $122,631 | $96,943 |
| Income before income taxes | 18,773 | 6,551 | 85,780 | 40,292 |
| Income tax (benefit) expense | 5,610 | 2,038 | 7,027 | 8,948 |
| Net income | $13,163 | $4,513 | $78,753 | $31,344 |
| Other comprehensive income: | ||||
| Unrealized holding gains on available-for-<br><br>sale securities, net of taxes | 774 | 1,043 | 2,463 | 1,230 |
| Reclassification adjustment for net<br><br>realized gains, net of taxes | (32) | (14) | (407) | (81) |
| Total other comprehensive income | 742 | 1,029 | 2,056 | 1,149 |
| Comprehensive income | $13,905 | $5,542 | $80,809 | $32,493 |
| Earnings per share:(1) | ||||
| Basic and diluted earnings per share | $0.67 | $0.33 | $4.66 | $2.32 |
| Weighted average shares outstanding –<br><br>Basic and diluted | 19,572,595 | 12,904,495 | 16,446,038 | 12,904,495 |
(1)Both the number of shares outstanding and their par value have been retrospectively recast for all prior periods presented
to reflect the par value of the outstanding stock of American Integrity Insurance Group, Inc. as a result of the Corporate
Contribution.
Condensed Consolidated Statement of Cash Flows (unaudited)
(In thousands)
| Nine Months Ended<br><br>September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows provided by (used in) operating activities | ||
| Net income | $78,753 | $31,344 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
| Stock-based compensation expense | 10,533 | — |
| Amortization and depreciation | 1,545 | 2,117 |
| Deferred income taxes | (7,777) | (1,191) |
| Net realized (gains) | (542) | (103) |
| Changes in operating assets and liabilities: | ||
| Premiums receivable | (2,578) | (163) |
| Accrued investment income | (1,009) | (27) |
| Prepaid reinsurance premiums | (175,788) | (117,951) |
| Reinsurance recoverable | 90,215 | (9,234) |
| Other assets | 11,174 | (8,546) |
| Unpaid losses and loss adjustment expense | (112,263) | 38,355 |
| Unearned premiums | 82,400 | 45,502 |
| Reinsurance payable | 121,220 | 700 |
| Advance premiums | 14,251 | (1,426) |
| Income taxes payable (recoverable) | (10,569) | 9,522 |
| Operating lease payments | (1,584) | (1,553) |
| Deferred policy acquisition costs, net unearned ceding commissions | (9,034) | 13,669 |
| Other liabilities and accrued expenses | (944) | (4,807) |
| Net cash provided by (used in) operating activities | 88,003 | (3,792) |
| Cash flows provided by (used in) investing activities | ||
| Purchases of property and equipment | (5,036) | (1,214) |
| Proceeds from sales and maturities of fixed maturity securities | 109,475 | 68,890 |
| Purchases of fixed maturity securities | (222,264) | (46,105) |
| Proceeds from sales and maturities of short-term investments | — | 1,943 |
| Purchases of short-term investments | (26,963) | — |
| Net cash from provided by (used in) investing activities | (144,788) | 23,514 |
| Cash flows provided by (used in) financing activities | ||
| Proceeds from initial public offering, net of underwriting discounts and commissions | 93,000 | — |
| Payments on tax withheld on vesting of restricted stock awards | (3,753) | — |
| Cash distributions to members(1) | (22,875) | (12,024) |
| Repayment of long-term debt | (308) | (309) |
| Payments of initial public offering costs | (4,227) | — |
| Net cash from provided by (used in) financing activities | 61,837 | (12,333) |
| Net increase in cash, cash equivalents and restricted cash | 5,052 | 7,389 |
| Cash, cash equivalents and restricted cash at beginning of year | 179,272 | 62,168 |
| Cash, cash equivalents and restricted cash at end of period | $184,324 | $69,557 |
| Supplemental disclosures of cash flow information | ||
| Interest paid | 19 | 55 |
| Income taxes paid | 26,275 | 1,000 |
(1)The distributions were made to members prior to the IPO.