American Integrity Insurance Group, a Tampa-based property insurance carrier with over 350,000 policies, is moving forward with an initial public offering (IPO) on the New York Stock Exchange under the ticker symbol AII. The company filed a registration statement with the U.S. Securities and Exchange Commission this week, indicating plans to raise up to $100 million.
Company Background
Founded in 2006, American Integrity Insurance Group has seen significant growth, particularly in Florida. The company reported 356,108 policies in force at the end of 2024, a sharp increase from approximately 260,000 in the second quarter of the previous year. Most of these policies are homeowners and dwelling-fire policies.
Financial Performance
The company’s financial performance has improved substantially in recent years. After reporting a net loss of $4.8 million in 2020, American Integrity generated nearly $38 million in net income for 2024. This growth is attributed to favorable trends in Florida’s property insurance market and regulatory reforms passed in December 2022.
IPO Details and Risks
The IPO filing did not specify the offering date or the number of shares to be issued. The company plans to convert from a Texas limited liability company to a Delaware-registered corporation. The SEC filing highlighted potential risks associated with the investment, including the possibility that loss reserves may be inadequate to cover actual liability for losses. The company acknowledged that its projections and estimates may be inaccurate, potentially affecting its financial results and ability to expand its business.
Market Context
If successful, American Integrity will join a small group of publicly traded insurance carriers domiciled in Florida, including Universal Property & Casualty Insurance and Heritage Insurance. The company’s growth and IPO plans are seen as a positive development in Florida’s property insurance market, which has faced significant challenges in recent years.
Future Prospects
CEO and founder Bob Ritchie expressed optimism about the company’s future, citing improved regulatory conditions and new business opportunities. The filing noted that the recent regulatory reform bills passed by the Florida legislature are significantly improving the property insurance underwriting environment in the state, allowing the company to pursue additional new business opportunities that previously did not meet their underwriting and profitability criteria.
