American Integrity’s shares traded near their 52‑week high of $27, closing at $26.42 on September 18, 2026, delivering a 41% gain over the prior six months and a 31% year‑to‑date increase. The company reported 462,000 total policies at the end of the second quarter, with 420,000 to 430,000 in Florida (about 92%) and roughly 30,000 out‑of‑state policies (about 8%).
In the second quarter of 2024 American Integrity wrote 43,000 new business policies, a 54% year‑over‑increase described as its best quarter ever. The Tri‑County region contributed 7,600 policies (~18% of Q2 new business) and the middle‑aged home segment accounted for 9,000 policies. Outside Florida, the carrier has reached about 30,000 customers in South Carolina over three years of expansion.
Management expects return on equity to settle in the mid‑teens through the cycle, down from an unusually high 40% the previous year. Catastrophe exposure is to be kept at no more than 10% to 15% of pre‑tax earnings, with first‑event reinsurance bought to a 130‑year‑plus return period and horizontal cover designed for a 2004‑style storm season. Industry claim frequency has fallen from near 6% to about 3% to 3.5%, while the Tri‑County and middle‑aged home expansion is projected to add 1.5 to 2 points to the non‑catastrophe loss ratio.
Capital allocation prioritizes organic growth first, followed by quota‑share reductions from 40% to 25%, then capital returns via dividends and buybacks (the company currently pays no dividend), with M&A as the lowest priority. At the June 1, 2024 renewal American Integrity achieved mid‑teen risk‑adjusted rate decreases and successfully reintroduced cascading cover, a traditional sideways protection absent for a decade. Market chatter points to potential 10% rate reductions at the upcoming January 1 renewal.
The company attributes its turnaround to 2022‑2023 Florida reforms that reduced first‑party losses, tackled roof‑claim fraud and eliminated the 130‑year‑old one‑way attorney fee statute. The Sebo doctrine was addressed through unique policy language, and the litigation crisis was cited as the main driver of past failures. Morgan & Morgan’s shutdown of its first‑party property division also helped alleviate litigation pressure. Expansion into South Florida began in 2023 via the builder/new‑construction channel and later through independent‑agent appointments.
