American Integrity bullish on growth prospects as it enters Florida tri-county and North Carolina

By Chris Munro

Aug 13 - (The Insurer) - American Integrity’s management is bullish on the company’s growth prospects as the carrier broadens its appetite for business within its native Florida and also extends its reach into North Carolina.

The Tampa-based insurer on Tuesday evening posted Q2 2025 earnings that included its combined ratio deteriorating 12.1 points year on year to 72.9% driven by expenses related to its IPO in May, along with adjusted net income per diluted share of $1.84 that comfortably beat analysts’ consensus forecast.

Gross premiums written (GPW) increased 29.5% year on year to $287.0 million, with the growth fueled by new and renewal policies written through the voluntary market and Citizens take-outs.

Talking to analysts about the results, CEO Robert Ritchie said the company has “a long runway ahead” and said it is positioned “to thrive in a market that has gone through a transformation, given recent legislative and regulatory changes, and it presents significant room for growth that will sustain American Integrity for years to come”.

The executive said American Integrity has “significant space for voluntary growth in Florida”, with the company having recently had rate filings for Miami-Dade, Broward and Palm Beach counties accepted, and the company poised to begin underwriting in them.

“The tri-county region of Miami-Dade, Broward and Palm Beach represents one of the most valuable and concentrated homeowner markets in the state of Florida, with approximately 2.37 million occupied housing units in these counties, and this accounts for over 26% of the entire state's total households,” he said.

He noted that not only is the area densely populated, but it is also home to some of the highest property values and insurance premiums in the entire southeast U.S.

“In fact, this tri-county region of three counties would be the 18th largest state in the United States based upon population,” explained Robert Ritchie.

“American Integrity’s tailored product suite designed specifically for Florida's coastal risk, including single family homes, condominiums and investment properties, aligns with the structural makeup and exposure profiles of this tri-county region.”

Company president Jon Ritchie offered further insight into the tri-county expansion.

“This is a region where we have essentially not written business in more than a decade and represents a significant market opportunity,” he said.

“More than a quarter of Florida's population lives in the tri-county area and the potential premium content of the homes in this market is even higher,” explained Jon Ritchie.

American Integrity’s business mix has historically skewed towards newbuild homes, with the company currently underwriting three out of every 10 newly constructed homes in Florida, Robert Ritchie estimated.

However, he said American Integrity has seen an opportunity to expand its presence in the existing home market, encompassing buildings with older roofs.

Those have become more attractive to the company because of the legal and regulatory reforms that have been introduced in Florida over recent years.

Such homes represent a very large addressable market, and one that is currently under-penetrated by design historically because of the lack of reforms, said Robert Ritchie.

“But now it's a different time frame, so we've started to write policies on older roofs, and we see great potential, and will remain focused on the stringent, disciplined underwriting to ensure we're earning adequate risk-adjusted returns,” he said.

American Integrity’s Florida appetite is also expanding to include commercial residential business, said Jon Ritchie.

“We have been hiring experienced underwriting talent and have the distribution network in place. We have filed our rates and expect to begin writing new business in the fourth quarter,” Jon Ritchie said of this new segment.

“We are taking a cautious approach with conservative underwriting as we enter this new line of business and expect volumes to be modest over the near term,” he added.

Robert Ritchie said Florida is expected to be American Integrity’s core market “for many years to come”, although the company is also now writing business in Georgia and South Carolina and has recently been approved to write policies in North Carolina, with the expectation it will start doing so in Q4 2025, again with a focus on new construction.