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Here are 1-3 brief analogies for American Integrity Insurance (AII):

• It's like the State Farm or Allstate specifically for Florida homeowners, focusing solely on the unique risks and market of that state.
• Think of it as a regional powerhouse, similar to how Publix dominates the grocery market in the Southeast, but in the specific niche of Florida home insurance.

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• Homeowners Insurance: Protects your home and personal belongings from covered perils and provides liability coverage.
• Condominium Insurance: Covers the interior of your condo unit, personal property, and liability exposures.
• Dwelling Fire Insurance: Provides coverage for non-owner occupied homes, such as rental properties, including the dwelling and loss of rents.

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American Integrity Insurance (symbol: AII) primarily sells insurance policies directly to **individuals** in Florida, making its customers individual policyholders rather than other companies.

Based on the types of policies it offers, its major customer categories include:

1. Florida Homeowners: Individuals who own and reside in or rent out single-family homes, townhouses, or duplexes across various regions of Florida, seeking coverage for their primary residences, secondary homes, or investment properties.

2. Florida Condominium Owners and Renters: Individuals who own condominium units (requiring HO-6 policies) or those who rent homes or apartments (requiring renters insurance, or HO-4 policies) within Florida, protecting their personal property and liability.

3. Florida Mobile Home Owners: Individuals who own and reside in manufactured or mobile homes in Florida, seeking specialized insurance coverage tailored to the unique risks and requirements of these types of residences.

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Robert Ritchie, Chief Executive Officer

An insurance industry veteran with more than 35 years of experience, Bob Ritchie founded American Integrity Insurance in 2006 in response to a shortage of sound home insurance choices in Florida. He has built and transformed businesses ranging from startups to large national insurance companies, including American Modern, AIG, CNA, and GE Insurance Solutions. He is committed to the company's growth and advocates for property insurance reform in Florida.

Ben Lurie, Chief Financial Officer

Ben Lurie has served as Chief Financial Officer of American Integrity since December 2024, having joined the company in 2017 in various roles, including Director, Vice President, and Secretary of American Integrity Insurance Group, LLC. He also served as Chief Financial Officer of Sowell & Co., a family office, from 2024 to January 2025 and holds numerous officer and director positions with its portfolio companies.

Jon Ritchie, President

Jon Ritchie was promoted to President in November/December 2024, after serving as Chief Operating Officer since 2019. In his role as COO, he successfully managed day-to-day operations across critical departments, including risk, claims, underwriting, client services, actuarial services, and IT, with full profit and loss responsibility. He is recognized for his ability to lead with integrity and innovation.

Angie Quinn, EVP & Chief Human Resources Officer

Angie Quinn brings nearly 20 years of operational and leadership experience in human resources, quality, training, planning, and performance management. Prior to joining American Integrity, she held roles of increasing responsibility with SITEL Corporation, and also served Citizens Property Insurance Corporation for five years.

John Walsh, VP of Innovations & Data

John Walsh brings over 20 years of P&C insurance operational, analytical, and leadership experience in various roles managing data analytics, customer experience, sales, agency support, and quality & process management. At American Integrity, he leads business intelligence, special projects, and strategic partnerships. Before joining American Integrity, he was Director of Insurance Operations for Auto Club South Insurance Company and Auto Club Insurance Company of Florida at AAA for five years.

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The key risks to American Integrity Insurance (AII), a property and casualty insurance company with primary operations in Florida, are largely driven by its geographic concentration and the inherent challenges of the Florida property insurance market. The most significant risks include:

1. Catastrophe Exposure: American Integrity Insurance is highly exposed to hurricanes and severe weather events due to its substantial concentration in Florida. The state is frequently impacted by catastrophic storms, leading to significant property damage and billions of dollars in insurance claims. Such events can cause substantial losses for the company and affect its profitability.
2. Reinsurance Availability and Cost: Given the high catastrophe exposure, American Integrity Insurance relies heavily on reinsurance to mitigate its risks. The Florida market has experienced increased reinsurance costs and, at times, limited availability, due to repeated large-scale disaster losses. This risk of tighter, more expensive, or unavailable reinsurance in the future could negatively impact the company's financial stability and earnings.
3. Regulatory Environment and Litigation: The property insurance market in Florida is subject to extensive regulation and has historically been affected by a high volume of litigation and fraudulent claims, particularly related to roof replacement schemes. While recent legislative reforms in Florida aim to stabilize the market and reduce litigation, American Integrity Insurance remains exposed to the risks of evolving regulatory pressures, potential mandatory assessments, and the financial strain of lawsuits, which can limit its responsiveness to changing conditions and impact profitability.

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The accelerating impact of climate change on reinsurance market stability poses a clear emerging threat. Increasing frequency and severity of extreme weather events, particularly hurricanes in Florida, are making it progressively difficult and expensive for property insurers like American Integrity Insurance to secure adequate reinsurance. This trend is leading reinsurers to withdraw from the market or impose significantly higher premiums and stricter terms, fundamentally challenging AII's ability to transfer risk, maintain profitability, and offer competitive pricing in its core market.

The emergence of disruptive AI-powered insurtech models also presents a clear emerging threat. These platforms leverage advanced artificial intelligence, machine learning, and vast datasets (including IoT device integration) to offer highly personalized, dynamic, and efficient insurance products. Such models can achieve significantly lower operating costs and more accurate risk assessment than traditional actuarial methods, potentially enabling new entrants to undercut pricing or offer superior customer experiences, thereby disrupting the traditional underwriting and claims processes that AII relies upon.

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Florida

Georgia

South Carolina

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American Integrity Insurance (AII) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion into New Geographic Markets: American Integrity Insurance is actively expanding its presence within Florida, targeting underserved yet stable counties, including Miami-Dade and Broward Counties, with new premium growth driven by targeted risk appetite segmentation. Beyond Florida, the company is also growing its footprint in other states, notably North Carolina and South Carolina, having already surpassed 15,000 policies in force in South Carolina as part of its Southeast growth strategy.
2. Growth in New and Renewal Policies via Voluntary Market: The company has demonstrated significant growth in gross and net premiums driven by new and renewal policies written through the voluntary market. This indicates a strong ability to attract and retain customers outside of state-sponsored programs, reflecting effective underwriting practices and market positioning. Improved retention rates on renewal business, which increased to 80.9% in Q2 2025 from 78.1% in Q1 2025, also contribute to sustained revenue.
3. Strategic Participation in Citizens Take-Out Program: American Integrity Insurance continues to strategically assume policies from Citizens Property Insurance Corporation. For example, the company assumed 7,372 policies from Citizens in Q2 2025, following 16,632 policies in Q1 2025. This program allows AII to acquire a substantial number of new policies and expand its policy base.
4. Potential for Favorable Reinsurance Costs: Commentary from various reinsurance brokers suggests potential for high single-digit to low double-digit rate decreases for the market, with more reductions on the top of reinsurance programs. If realized, lower reinsurance costs could improve the company's net earned premiums and profitability, indirectly supporting revenue growth by allowing for more competitive pricing or increased underwriting capacity.
5. Technological Advancements and Disciplined Underwriting: The company emphasizes its vertically integrated platform across underwriting, pricing, distribution, and claims, coupled with proprietary data-driven risk segmentation. This focus on technology and disciplined underwriting practices allows AII to write "the right policy" and manage risk effectively, contributing to profitable growth and a strong market position, particularly in the Florida insurance sector, which has benefited from legislative reforms.

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Share Issuance

• American Integrity Insurance Group, Inc. completed an initial public offering (IPO) on May 9, 2025.
• As part of the IPO, American Integrity sold 6,250,000 shares of common stock at a price of $16.00 per share.
• The gross proceeds received by American Integrity from its portion of the IPO totaled $100 million, prior to deducting underwriting commissions and estimated offering expenses of approximately $18.0 million to $18.5 million.

Inbound Investments

• The company's initial public offering in May 2025 served as a significant inbound investment, generating $100 million in gross proceeds for the company.
• Net proceeds from the IPO were intended for general corporate purposes, including contributing capital to its insurance subsidiary to support growth.
• Immediately prior to the IPO, the owners of American Integrity Insurance Group, LLC contributed their equity interests to American Integrity Insurance Group, Inc. in exchange for 12,904,495 shares of the Company's common stock.