American Integrity Insurance Group, Inc.

Second-quarter net income was $34.1 million, or $1.74 per diluted share, versus $27.5 million, or $1.62, a year ago. Adjusted net income was $34.9 million, or $1.78 per diluted share, versus $31.3 million, or $1.84 a year ago. Income before taxes was a record $46.4 million, up 93% from $24.1 million last year. Gross premiums written increased 13.8% to $326.6 million; gross premiums earned rose 8.3% to $242.3 million; net premiums earned increased 58.2% to $104.7 million; and net investment income rose 30.8% to $6.3 million. The combined ratio was 63.4% versus 72.9% in the prior-year quarter, with a net loss ratio of 30.6% (flat year over year) and a net underlying loss ratio of 30.6% versus 33.1%. Book value per share was $18.86, up 22.3% year over year and 10.1% since Q1 2026. Forward-looking commentary: management expects annual catastrophe reinsurance costs of $430 million to $440 million, said gross and net writings remain healthy, and indicated continued growth in net investment income after deploying just under $200 million into fixed income securities post-quarter.

Bob Ritchie framed the quarter as the strongest in the company’s 20-year history, emphasizing record voluntary production, record pretax earnings, and the milestone of more than $1 billion of in-force premium. He said growth is coming from long-standing agency relationships and from areas where the company has deep underwriting expertise, especially Tri-County and middle-aged homes, rather than from moving outside its core competencies. His tone was highly confident and celebratory, repeatedly stressing that Florida reforms, improved reinsurance conditions, and the company’s distribution franchise are making the growth more durable and sustainable.

Brian Foley highlighted the hard numbers: net income of $34.1 million, adjusted net income of $34.9 million, pretax income of $46.4 million, gross premiums written of $326.6 million, net premiums earned of $104.7 million, and a 63.4% combined ratio. He explained that ceded premiums earned fell because the non-cat quota share dropped from 40% to 25% starting January 1, 2026, which increased the amount of economics retained by the company. He also noted $6.3 million of net investment income, deployment of just under $200 million into fixed income securities after quarter-end, shareholders’ equity of $369.5 million, and book value per share of $18.86.

Analysts focused on the profitability of the middle-aged home book, the durability of Florida reform benefits, the Q3 optics of the quota-share structure in a clean catastrophe quarter, growth capacity, new product rollout, catastrophe exposure, and investment income after the post-IPO cash deployment. Management said middle-aged homes are priced and underwritten to similar margins as the rest of the portfolio, though the underlying gross loss ratio is expected to be a few points higher, and said the Q3 loss-ratio timing issue is a quarterly timing dynamic that reverses through ceding commissions later in the treaty. On capacity, management said the company has the capital and healthy RBC to keep growing; on new products, it plans to expand dwelling fire and small-boat marine in Georgia, South Carolina, and North Carolina in 2027; and on cat exposure, they said PML rises with growth but diversification from Tri-County and middle-aged homes helps offset concentration. They also said new money rates on the post-quarter fixed-income deployment are in the high fours, supporting continued investment income growth.