American Integrity Insurance Group (NYSE:AII) reported record second-quarter earnings and voluntary new-business production, as the Florida-focused property insurer expanded in key in-state markets and continued building its presence across the Southeast.
The company generated net income of $34.1 million, or $1.74 per diluted share, for the second quarter of 2026, compared with $27.5 million, or $1.62 per diluted share, a year earlier. Adjusted net income was $34.9 million, or $1.78 per diluted share, compared with $31.3 million, or $1.84 per diluted share, in the prior-year period.
Record production and premium growth
Founder and Chief Executive Officer Bob Ritchie said the company wrote about 43,000 voluntary new-business policies during the quarter, a company record. That represented growth of approximately 54% from the second quarter of 2025 and 44% sequentially from the first quarter.
American Integrity ended the quarter with more than $1 billion in in-force premium and approximately 462,000 policies in force. Policies in force increased 15.7% from a year earlier and 5.6% sequentially, while retention rose to 84.4% from 83.6% in the first quarter.
Gross premiums written increased 13.8% to $326.6 million, while gross premiums earned increased 8.3% to $242.3 million. Net premiums earned rose 58.2% to $104.7 million, driven by underlying business growth and the company’s decision to retain more of its underwriting economics after reducing its non-catastrophe quota-share cession to 25% from 40% beginning Jan. 1.
“The platform we have built for over two decades is generating meaningful voluntary growth through our established distribution relationships,” Bob Ritchie said, adding that the company is expanding in markets and risk categories where it has underwriting experience.
Tri-County and middle-aged homes drive Florida expansion
Management highlighted growth in Florida’s Tri-County region and in middle-aged homes as two key strategic initiatives. The company wrote more than 7,600 voluntary new-business policies in Tri-County during the quarter, compared with fewer than 200 in the prior-year period. Tri-County represented roughly one-third of the company’s Florida voluntary new-business gross written premium during the quarter.
Jon Ritchie, the company’s president, said Tri-County accounts for about 28% of Florida households but remains a modest portion of American Integrity’s current policy count, leaving room for further expansion.
The company also wrote more than 9,000 voluntary new-business policies for middle-aged homes, compared with fewer than 450 a year earlier. Those homes represented 24% of voluntary new-business gross written premium, up from approximately 4% in the prior-year quarter.
Management said it had reduced its participation in middle-aged homes during Florida’s litigation crisis, but legislative reforms enabled a measured return to the segment. In response to an analyst question, Jon Ritchie said the company expects the underlying gross loss ratio for middle-aged homes to be “a few points higher” than its overall portfolio, though the premiums being collected are intended to accommodate that difference.
Bob Ritchie said the company is returning to markets where it has worked with many of the same agents and, in some cases, insured the same homes before pulling back during the litigation environment.
Southeast growth and product plans
Outside Florida, new-business policies written in Georgia, South Carolina and North Carolina increased 40% year over year in the second quarter, accelerating from a 23% increase in the first quarter. New-business gross premiums written in those states rose 50%.
The three expansion states accounted for approximately 18% of voluntary new-business policies and 10% of voluntary new-business gross premiums written during the quarter. The company currently offers its HO-3 homeowners product in those markets and is evaluating a broader rollout of dwelling fire and marine small-boat-owner products in 2027.
Jon Ritchie said those products are not new to the insurer but would be new offerings in the three expansion states, where agency partners have requested a broader product lineup.
Management also said that new-home construction in Florida has plateaued, though the company continues to receive what it described as a healthy share of business from builder agents. It said its mix of builder agents, national accounts, independent agents and newer market opportunities has supported continued policy production.
Reinsurance renewal lowers aggregate retention
The company renewed its June 1 catastrophe excess-of-loss reinsurance program at risk-adjusted rate reductions at the upper end of the 15% to 20% market declines it observed. The renewal maintained American Integrity’s target protection levels while improving its retention structure, management said.
- Peak-season exposure increased approximately 19%.
- First-event retention remained $35 million.
- Aggregate four-event retention declined to $75 million from $95 million.
- The program maintained a targeted 1-in-130-year probable maximum loss level.
- Total catastrophe protection was approximately $3 billion, including about $2.25 billion of third-party coverage for a single event.
The company reaffirmed expected annual catastrophe reinsurance costs of $430 million to $440 million. Jon Ritchie said growth in Tri-County and the company’s renewed focus on central Florida middle-aged homes are diversifying exposure and reducing pressure on certain peak zones, even as overall probable maximum loss rises with total exposure growth.
Underwriting results and capital position
American Integrity reported a net loss ratio of 30.6%, unchanged from the prior-year quarter. Its net underlying loss and loss adjustment expense ratio improved to 30.6% from 33.1%, while its gross underlying loss and loss adjustment expense ratio was 18.1%. The company reported no catastrophe losses and no prior-year development in the quarter.
The combined ratio improved to 63.4% from 72.9% a year earlier, and the expense ratio declined to 32.8% from 42.3%. Net investment income increased 30.8% to $6.3 million.
After the quarter ended, the company deployed nearly $200 million of cash into high-quality fixed-income securities. Foley said the existing portfolio yield was in the mid-4% range, while new-money yields were in the high-4% range and could approach 5% depending on the investment product.
Shareholders’ equity rose to $369.5 million at quarter-end from $337 million at year-end. Book value per share reached $18.86, up 22.3% year over year and 10.1% from the first quarter. Management said it believes its current capital base provides capacity to continue executing its growth strategy, subject to the outcome of the wind season.
About American Integrity Insurance Group (NYSE:AII)
American Integrity Insurance Group, Ltd. is a specialized provider of personal lines residential property insurance based in Jacksonville Beach, Florida. The company underwrites a variety of policies including homeowners multiple peril, condominium unitowners, dwelling fire, wind-only, personal umbrella and renters insurance. Its product suite is designed to protect against hurricane, windstorm, hail and other weather-related risks common to Florida’s coastal and inland regions.
Founded in 2004, American Integrity operates primarily through a network of independent insurance agents across the state of Florida.
