American Integrity Insurance Group (AII) Registration Filing summary

Company overview and business model

• Specializes in residential property insurance for homeowners and condominiums, primarily in Florida, with expansion into Georgia and South Carolina.

• Operates a vertically integrated model, controlling underwriting, pricing, distribution, and claims management.

• 98.6% of direct premiums written in 2024 were in Florida; seventh largest residential property insurer in the state.

• Leverages proprietary technology and data analytics for underwriting, risk management, and claims.

• Distribution through independent agents, homebuilder-affiliated agents, and partnerships with national carriers.

Financial performance and metrics

• Gross premiums written grew 19.8% to $767.7M in 2024; net income was $39.7M, up 5.1% from 2023.

• Adjusted net income for 2024 was $39.6M; return on equity was 26.8%.

• Combined ratio improved to 80.9% in 2024 from 83.3% in 2023, indicating strong underwriting profitability.

• Total members' equity reached $162.4M at year-end 2024, with a 16.8% CAGR since 2006.

• Q1 2025 saw policies in force rise 42.9% year-over-year, with net income up 214.7% to $38.1M.

Use of proceeds and capital allocation

• Net proceeds of ~$81.5M (at $16.00/share) to be used for general corporate purposes, including capital contributions to support growth.

• $3.5M allocated for tax withholding on restricted stock grants; $3.0M to terminate a management services agreement.

• No proceeds from shares sold by selling stockholders; company will bear certain costs of their sales.