American Integrity surpasses 400,000 policies in-force

By Navneeta Nandan

Aug 15 - (The Insurer) - Tampa, Florida-based P&C insurer American Integrity Insurance Group announced that it has crossed 400,000 policies in-force, marking a milestone for the company after its IPO on May 8.

It reported Q2 combined ratio at 72.9%, up 12.1 points year-on-year, in its first quarter as a publicly traded company, on Wednesday. The adjusted net income per diluted share was at $1.84, which beat the analysts' consensus forecast.

Its 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 group made its debut on the New York Stock Exchange in an IPO that raised gross proceeds of $100 million, before deducting underwriting commissions and estimated offering expenses of $18.5 million. The offering was at a price of $16 per share.