American Integrity Insurance Group reported higher premiums, revenue, and shareholders’ equity for the second quarter of 2025.
The Tampa-based property and casualty insurer said the results reflect both new policy growth and renewals, along with participation in the Citizens Property Insurance Corp. take-out program.
Gross premiums written rose 29.5% to $287 million from $221.6 million a year earlier. Gross premiums earned increased 39.8% to $223.7 million from $160.1 million, while net premiums earned climbed 63.3% to $66.2 million from $40.5 million.
Ceded premiums earned were $157.6 million, up 31.8% from $119.6 million, reflecting the higher gross premiums earned and the purchase of additional coverage under the 2025-2026 catastrophe excess-of-loss reinsurance program, effective June 1.
Ahead of the June 1 start of hurricane season, American Integrity placed its full 2025–2026 indemnity-based catastrophe excess-of-loss reinsurance program, expanding its reinsurance limit by $799 million to a total of $2.59 billion, including $1.93 billion for a single catastrophic event.
The company’s Citizens take-out activity is part of a broader market effort that saw Florida regulators approve nearly 229,000 personal residential policies for transfer from Citizens to private insurers by late July, with American Integrity among those receiving approvals.
American Integrity’s IPO also occurred during a broader uptick in US insurance listings, alongside offerings from Aspen and Slide Insurance, signaling renewed market activity in the sector.
Net investment income increased 40% to $4.8 million from $3.4 million, largely due to a larger investment portfolio stemming from higher cash, cash equivalents, and fixed-maturity securities.
Losses and loss adjustment expenses rose 67.6% to $21.2 million from $12.6 million, in line with the increase in gross premiums earned. The loss ratio was 30.6%, compared with 29.6% in the same period last year.
Policy acquisition and other underwriting expenses fell 4.1% to $6.3 million from $6.6 million, attributed to lower costs associated with Citizens take-outs. The expense ratio rose to 42.3% from 31.2%, which the company linked to one-time stock and cash bonuses, a management fee buyout, and other costs tied to the IPO. The combined ratio increased to 72.9% from 60.8%.
Shareholders’ equity reached $301.9 million as of June 30, up from $162.4 million at year-end 2024, supported in part by the IPO. The offering generated $100 million in gross proceeds, before $18 million in underwriting commissions and estimated expenses. Annualized return on equity for the quarter was 48.8%, up from 44.5% in the prior-year period.
Chief executive officer Robert Ritchie (pictured above) said policy growth exceeded expectations in the voluntary market and retention improved.
“Our expansion into underserved but stable counties in Florida is opening up large markets to American Integrity, and I am excited to announce that our voluntary rate filing has been approved in Miami-Dade and Broward counties under which we will begin writing policies later this month,” Ritchie said.
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