American Integrity: A record quarter signals the Florida growth story is accelerating
Voluntary new business soars 54%, pushing in-force premium past $1B, as the company deepens its moat in Tri-County and middle-aged homes.
AII · Earnings Call · 2026-08-12
American Integrity’s second quarter was a loud confirmation that the Florida turnaround story is not just a narrative anymore. The insurer wrote approximately 43,000 voluntary new business policies—a company record and a 54% jump year-over-year—and pushed in-force premium past $1 billion for the first time. “Taken together, we believe these results demonstrate the increasing strength of American Integrity's organic growth engine,” said founder and CEO Bob Ritchie. The engine isn’t just bigger; it’s broader, with growth now coming from each of the three pillars management has long emphasized.
The Insurance Engine Is Firing on All Cylinders
The most dramatic evidence is in Tri-County and middle-aged homes. Tri-County voluntary new business policies jumped 40x year-over-year to more than 7,600, while middle-aged homes grew 21x to over 9,000. The company is deliberately re-entering segments it exited during the litigation crisis, using deep underwriting experience and long-standing agency relationships. “We are not pursuing growth by moving outside our core competencies,” Ritchie noted. The company has been telegraphing this expansion for two quarters; as he said in May, “the issue is not scarcity of abundance.” — Robert Ritchie, Executive · 2026-05-13 The voluntary new business surge is also showing up in the expansion states: Georgia, South Carolina, and North Carolina new business policies rose 40% year-over-year, and gross premiums written in those states increased 50%. John Ritchie highlighted that these expansion states now represent about 10% of voluntary new business gross premiums, and the company is evaluating new product lines—dwelling fire and marine—to further deepen its footprint.Reinsurance: The Tailwind That Keeps Giving
The June 1 catastrophe renewal was a clear win. Management delivered risk-adjusted rate reductions at the upper end of the 15%–20% market decline, while keeping the first-event retention unchanged at $35 million and lowering the aggregate 4-event retention from $95 million to $75 million—all despite nearly 19% growth in peak-season exposure. As Jon put it: “We believe that is an excellent outcome.” — Jon Phillip Ritchie, Chief Executive Officer · 2026-08-12 The renewal keeps the company’s PML at a targeted 1-in-130 year level, with roughly $3 billion of total protection. This economics story is further enhanced by the reduction in the non-cat quota share from 40% to 25% at the start of 2026, which lets more of the underwriting profit stay on the balance sheet. Earlier in the year, Jon Ritchie told analysts that “we are seeing the trend of average premium going up over the next 12 months.” — Jon Ritchie, President · 2026-02-25 That trend is becoming reality as the mix shifts toward high-value homes and commercial residential policies.Financials and a Look Ahead
The results are translating into strong financials. Net income reached $34.1 million ($1.74 per share), up from $27.5 million a year ago, and the combined ratio improved dramatically to 63.4% from 72.9%. “We believe the 63.4% combined ratio demonstrates the attractive underwriting economics of the business,” said CFO Brian Foley. Net premiums earned surged 58.2% to $104.7 million, driven by both growth and the quota share change. The company’s return on equity remains robust at 38.7% (adjusted 39.6%). Total Revenue has climbed from $44M in early 2024 to $91M in the latest 10-Q, and the trend continues to accelerate. Book value per share grew 22.3% year-over-year to $18.86. The stock is hovering near its all-time high, up roughly 50% since the IPO. As Bob Ritchie summed up, “We believe these results demonstrate the increasing strength of American Integrity's organic growth engine.” — Robert Craig Ritchie, President · 2026-08-12 And in his closing, he offered a forward-looking promise:I firmly believe our best years are still ahead of us.