American Integrity increases limit 45% to $2.59 billion at June reinsurance renewal

By Michael Loney

May 30 - (The Insurer) - Florida carrier American Integrity Insurance Group at the June 1 renewals has increased its third-party coverage limit by 45% to $2.59 billion for its for all occurrences in its catastrophe reinsurance program.

Tampa-based American Integrity fully placed its 2025-2026 indemnity based, catastrophe excess-of-loss reinsurance program for its insurance subsidiary American Integrity Insurance Company of Florida (AIICFL).

“Due to the significant growth in premium and exposure we have experienced in the past year due to our robust voluntary writings and our participation in the fourth quarter 2024 and 2025 Citizens take-out programs, we have increased our reinsurance limit by $799 million to $2.59 billion,” said Robert Ritchie, CEO of American Integrity.

The placement is a combination of protection provided by traditional reinsurers, insurance-linked securities investors, the Florida Hurricane Cat Fund and American Integrity’s captive reinsurer.

The reinsurance program provides third-party coverage of $1.93 billion for a single catastrophic event.

The total third-party coverage provided for all occurrences is $2.59 billion, representing an 45% increase over the 2024 treaty.

The total incurred net consolidated catastrophe reinsurance premiums ceded to third parties are expected to total $433 million for the treaty year, a 28% increase over the 2024 treaty year estimate.

The program includes multi-year indemnity coverage totaling $565 million sourced through new catastrophe bonds issued by Integrity Re III Ltd in 2025. This catastrophe bond issuance was the eighth and largest ILS transaction American Integrity has sponsored.

The company’s net retention is $35 million for each of the first and second events with $10 million retained by AIICFL and an additional $25 million retained by its segregated cell captive reinsurer.

The net retention for the third and fourth event decreases to $15.8 million and $10 million respectively and is solely with AIICFL.

Florida Hurricane Catastrophe Fund participation of 90.0% is consistent with the prior year program.

The entire program is indemnity based, with no parametric covers.

All reinsurers participating in the 2025-2026 catastrophe reinsurance program were rated A-minus or better by AM Best or were required to post collateral up to 100% of all obligations.

American Integrity floated on the New York Stock Exchange on May 8 in an IPO that raised $110 million before the underwriters of the offering exercised an option to purchase shares, and $126.5 million after it.

The company went public at an offering price of $16 a share. Its share price closed at $16.75 on Thursday.