Tampa, Florida-headquartered property insurer, American Integrity Insurance, has reported a 29.5% increase in gross premiums written (GPW) in the second quarter of 2025 to $287 million from $221.6 million in Q2’24.
The increase in all three segments in Q2’25 was driven primarily by new and renewal policies written through the voluntary market and from the strategic participation in the Citizens take-out program.
During the quarter, the insurer assumed 7,372 policies from Florida’s insurer of last resort, Citizens Property Insurance Corporation.
Subsequent to the quarter end, American Integrity surpassed the 400,000 policies in-force milestone.
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Meanwhile, in Q2’25, ceded premiums earned increased by 31.8% to $157.6 million compared to $119.6 million in Q2’24 due to the increase in gross premiums earned and the placement of the 2025-2026 catastrophe excess-of-loss reinsurance program, effective June 1st, 2025.
It should be noted that American Integrity purchased more reinsurance coverage compared to prior years, reflecting an increase in in-force premium and total insured value.
For this quarter, the combined ratio increased to 72.9%, which is inclusive of one-time IPO expenses, an increase of 11.1 percentage points compared to 60.8% in Q2’24.
Losses and loss adjustment expenses (LAE) in the quarter increased by 67.6% to $21.2 million compared to $12.6 million in Q2’24, driven primarily by gross premiums earned. The loss ratio was 30.6% in Q2’25, compared to 29.6% in Q2’24.
There was a decrease in policy acquisition and other underwriting expenses of 4.1% to $6.3 million in Q2’25 compared to $6.6 million in Q2’24, attributed to lower acquisition costs associated with Citizens take-outs.
For Q2’25, the expense ratio was 42.3% compared to 31.2% in Q2’24, the increase was due to higher general and administrative expenses, including the one-time stock and cash bonus, management fee buyout, and other one-time expenses incurred in connection with the IPO.
In Q2’25, the insurer reported a net investment income increase of 40% to $4.8 million compared to $3.4 million in Q2’24, driven by an increase in the size of its investment portfolio due to an increase in cash and cash equivalents and fixed-maturity securities.
All in all, American Integrity has reported a net income available to common shareholders of $27.5 million for Q2’25 and adjusted net income of $31.3 million, compared to $14.7 million for both metrics in Q2’24.
The gross proceeds to American Integrity from the IPO were $100 million, before deducting underwriting commissions and estimated offering expenses of $18 million.
Robert Ritchie, Chief Executive Officer, American Integrity, commented, “We delivered strong results driven by better-than-expected policy growth from the voluntary market, combined with another quarter of improved policy retention. Our expansion into underserved but stable counties in Florida is opening up large markets to American Integrity, and I am excited to announce that our voluntary rate filing has been approved in Miami-Dade and Broward counties, under which we will begin writing policies later this month. The tri-county region of Miami-Dade, Broward and Palm Beach represents one of the most valuable and concentrated homeowner markets in Florida, accounting for over 26% of the state’s total households and is a region where we have not written business in more than a decade. This is a significant market opportunity, and we have the distribution in place to capitalise on it.
He continued, “I would also like to highlight an important milestone in our Company’s history as we have surpassed 400,000 policies in-force – a number that is both historic and deeply symbolic for us. It’s more than a policy count. It’s a statement of trust, scale, and post-IPO momentum. It reflects the grit, execution, and values-driven culture that have defined American Integrity from day one. Crossing the 400,000 mark tells our customers, our agents, and our investors that we’re not just growing – we’re building something enduring. In the face of a complex market and rising expectations, we’ve proven that integrity and resilience remain the most powerful growth engines of all. It’s a proud moment, and I want to thank every one of our team members and partners who helped get us here.”
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