American Integrity's Voluntary Growth Accelerates in Third Quarter

The Tip Desk · November 12, 2026 · 3 min read

The Florida property insurer posted $28.4 million of net income, or $1.44 a diluted share, as voluntary new business rose 57% year over year.

American Integrity Insurance Group (AII), a Tampa-based residential property insurer, sold 41,000 voluntary new business policies in the third quarter, up 57% from a year earlier, an acceleration from 54% year-over-year growth in the second quarter.

Net income rose 115.4% to $28.4 million, or $1.44 a diluted share, from $13.2 million, or $0.67 a share, in the year-ago quarter. Income before taxes was $39.6 million, which the company described as one of the most profitable quarters in its history. Adjusted net income was $28.3 million, or $1.44 a diluted share.

Total revenues increased 83.0% to $113.5 million. Gross premiums written grew 22.7% to $293.3 million, after 14% year-over-year growth to $327 million in the second quarter. The company said the increase was primarily driven by growth in voluntary market writings.

Net premiums earned rose 94.5% to $101.2 million, nearly double the year-ago quarter, after 58.2% year-over-year growth to $104.7 million in the second quarter. Ceded premiums earned decreased 9.5% to $153.9 million, primarily due to the reduction in the non-catastrophe quota share reinsurance arrangement.

The combined ratio improved to 70.6% from 78.9% a year earlier, after 63.4% in the second quarter versus 72.9% a year earlier. The loss and loss adjustment expense ratio fell to 36.6% from 54.1% a year earlier. The net underlying loss and LAE ratio was 31.7%, versus 49.9% a year earlier. Current-year net catastrophe losses were $5.1 million.

The expense ratio rose to 34.0% from 24.8% a year earlier. The company attributed the period-over-period change to new business production, the January 1, 2026 cut in non-catastrophe quota share from 40% to 25%, and the benefit of Citizens take-outs in 2025.

Voluntary new residential policies in Florida’s Tri-County region were 8,003, versus 233 a year earlier. Voluntary new policies in the Florida middle-aged home category, excluding Tri-County, were 8,561, versus 568 a year earlier. The company said premium per policy was stable year over year across the overall book.

It wrote 117,814 new and renewal policies in the voluntary market, an increase of 28.6% compared with the third quarter of 2025. It assumed no policies from Citizens Property Insurance Corporation, as it determined that no policies from Citizens met its underwriting and targeted profitability standards. In the second quarter it had assumed 81 policies.

Policies in-force were 481,446 as of September 30, 2026, and in-force premium was $1.069 billion, up 18.6% and 17.4% versus September 30, 2025, and up 4.3% from 461,714 policies at June 30, 2026. The company said the increase was primarily due to new policies written through the voluntary market and 2025 Citizens take-outs. Book value per share was $19.96, up 23.7% over September 30, 2025. Return on equity was 29.8%, versus 17.0% a year earlier.

Chief Executive Officer Robert Ritchie said the company sustained second-quarter voluntary production momentum and that it is seeing broad-based growth across key strategic initiatives. He said that as the company approaches half a million customers, it remains focused on the underwriting principles that have defined American Integrity for more than two decades.