Form 8-K

8-K — American Integrity Insurance Group, Inc.

Accession: 0002007587-26-000056

Filed: 2026-05-12

Period: 2026-05-12

CIK: 0002007587

SIC: 6331 (FIRE, MARINE & CASUALTY INSURANCE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — aii-20260512.htm (Primary)

EX-99.1 (q1-2026earningsrelease.htm)

GRAPHIC (image_0a.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: aii-20260512.htm · Sequence: 1

aii-20260512

false000200758700020075872026-05-122026-05-12

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________

FORM 8-K

__________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) May 12, 2026

__________________________

American Integrity Insurance Group, Inc.

(Exact name of registrant as specified in its charter)

__________________________

Delaware 001-42634 33-2925846

(State or other jurisdiction

of incorporation) (Commission

File Number) (IRS Employer

Identification No.)

3000 Bayport Drive, Suite 500

Tampa, Florida

33607

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (813) 880-7000

Not Applicable

(Former name or former address, if changed since last report)

__________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading

Symbol(s) Name of each exchange

on which registered

Common Stock, $0.001 par value AII New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02 Results of Operations and Financial Condition.

On May 12, 2026, American Integrity Insurance Group, Inc. (the “Company”) issued a press release announcing its financial results for the three months ended March 31, 2026. A copy of the Company’s press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

The information in this Current Report on Form 8-K, including Exhibit 99.1 furnished hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description

99.1

Press Release, issued May 12, 2026 (furnished pursuant to Item 2.02).

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

AMERICAN INTEGRITY INSURANCE GROUP, INC.

Date: May 12, 2026 By: /s/ Robert Ritchie

Name: Robert Ritchie

Title: Chief Executive Officer

EX-99.1

Filename: q1-2026earningsrelease.htm · Sequence: 2

Q1-2026 Earnings Release

American Integrity Insurance Group, Inc. Reports First Quarter 2026 Results

TAMPA, Fla., May 12, 2026 — American Integrity Insurance Group, Inc. (“American Integrity,” “we,” “us,” “our” or

the “Company”) (NYSE: AII), a Tampa-based property and casualty insurance holding company and one of Florida’s

leading providers of residential property insurance, today reported financial results for the first quarter of 2026.

As previously disclosed, on May 9, 2025, the Company successfully completed its initial public offering (“IPO”). The

financial results for the first quarter of 2026 included in this earnings release are those of American Integrity Insurance

Group, Inc. For the purposes of this earnings release and the financial information provided herein, references to

“American Integrity” or the “Company” prior to the consummation of the IPO refer to American Integrity Insurance

Group, LLC, and such references after the consummation of the IPO refer to American Integrity Insurance Group, Inc.

First Quarter 2026 Highlights:

•Net income available to common shareholders of $19.9 million, or $1.02 per diluted share, compared to $35.9

million, or $2.78 per diluted share, in the first quarter of 2025. Adjusted net income1 available to common

shareholders of $20.1 million, or $1.03 per diluted share, compared to $35.9 million, or $2.78 per diluted

share, in the first quarter of 2025

•Return on equity of 23.7%, compared to 87.5% for the first quarter of 2025. Adjusted return on equity1 of

23.9%, compared to 87.4% in the first quarter of 2025

•Net premiums earned of $82.2 million, an increase of 25.7% compared to the first quarter of 2025

•Policies-in-force were 437,308 at March 31, 2026, up 14.1% over March 31, 2025

•Combined ratio of 75.0% in the first quarter of 2026, compared to 42.9% in the first quarter of 2025

•Wrote 94,126 new and renewal policies in the voluntary market, an increase of 22% compared to the first

quarter of 2025 driven by growth in the Tri-County region and middle-aged roofs within our core state of

Florida and geographic expansion outside of Florida

•Assumed 584 policies, including 42 commercial residential policies, from Citizens Property Insurance

Corporation (“Citizens”), compared to 16,632 policies assumed in the first quarter of 2025. Take-outs

decreased as fewer policies from Citizens met our underwriting and targeted profitability standards

•As previously disclosed, our results for the first quarter of 2026 reflected the reduction of the percentage of

gross premiums written that is ceded under the non-catastrophe quota share reinsurance arrangement from 40%

to 25%

•$20.0 million special cash dividend paid to stockholders of record in the first quarter of 2026

1 Adjusted net income, adjusted earnings per share and adjusted return on equity are non-GAAP financial measures.

Please see the discussion below under the heading “Reconciliation of Non-GAAP Financial Measures” for additional

information concerning these and other non-GAAP financial measures.

Robert Ritchie, Chief Executive Officer, commented, “We are very pleased with our performance in the first quarter of

2026, which reflects a strong start to the year and continued momentum in our core business. Our results are

increasingly being driven by voluntary production, providing a more durable and repeatable foundation for growth as

we move forward. We are also seeing meaningful traction across our strategic growth initiatives, including our re-entry

into the Tri-County market, our expansion back into the middle-aged home market, and the early development of our

commercial residential product - areas where we believe we have a clear competitive advantage. At the same time, we

remain focused on disciplined execution, underwriting quality, and maintaining a balanced reinsurance program, and

with a strong balance sheet and multiple growth opportunities, we believe we are well positioned to continue delivering

consistent, profitable growth over time.”

First Quarter 2026 Commentary

•Gross premiums written in the first quarter of 2026 increased by $7.8 million to $220.0 million from $212.2

million in the first quarter of 2025. The increase was primarily driven by growth in our Voluntary Market

writings, reflecting higher new and renewal business.

•Gross premiums earned in the first quarter of 2026 increased by $20.6 million to $230.8 million from $210.2

million in the first quarter of 2025. The increase was due largely to our increase in gross premiums written

related to the growth in the Voluntary Market.

•Ceded premiums earned in the first quarter of 2026 increased by $3.8 million to $148.6 million compared to

$144.8 million in the first quarter of 2025. The increase in ceded premiums earned was due to growth in our

gross premiums earned, and the windfall from the Citizens take-out resulting in lower ceded catastrophe excess

of loss premiums earned for the three months ended March 31, 2025, offset by lower ceded premiums

reflecting the reduction in our non-catastrophe quota share reinsurance arrangement.

•Net premiums earned in the first quarter of 2026 increased by $16.8 million to $82.2 million from $65.4

million in the first quarter of 2025. This increase was due largely to the increase in gross premiums earned

outpacing the increase in ceded premiums earned.

•Net investment income in the first quarter of 2026 increased $1.6 million to $5.7 million compared to $4.1

million in the first quarter of 2025. The increase in net investment income was due to an increase in invested

assets driven by the increased in-force premiums and the proceeds from our IPO.

•Losses and loss adjustment expenses (“LAE”) for the first quarter of 2026 increased $10.8 million to $31.7

million compared to $20.9 million for the first quarter of 2025, primarily driven by higher net premiums

earned. The loss ratio was 37.3% for the first quarter of 2026, compared to 30.9% for the first quarter of 2025.

The increase in the loss ratio reflects the impact of the Citizens take-out windfall on net premiums earned for

the three months ended March 31, 2025.

•Policy acquisition expenses in the first quarter of 2026 increased by $12.9 million to $16.0 million compared

to $3.1 million in the first quarter of 2025. The increase was primarily driven by the increase in policies written

during the first quarter of 2026, the windfall from Citizens take-outs during the first quarter of 2025, and less

ceding commission due to the reduction in our non-catastrophe quota share reinsurance arrangement from 40%

to 25% on January 1, 2026.

•General and administrative expenses in the first quarter of 2026 increased by $11.0 million to $16.0 million

from $5.0 million in the first quarter of 2025. The increase was primarily driven by lower ceding commissions

associated with a reduction in our non-catastrophe quota share reinsurance arrangement from 40% to 25% on

January 1, 2026.

•The expense ratio was 37.6% for the first quarter of 2026 compared to 12.0% for the first quarter of 2025. The

combined ratio was 75.0% for the first quarter of 2026 compared to 42.9% for the first quarter of 2025.

•Income tax expense was $7.3 million and $4.8 million for the first quarter of 2026 and 2025, respectively. Our

effective tax rate for the three months ended March 31, 2026 and 2025 was 26.9% and 11.2%, respectively.

The increase in the effective tax rate was primarily due to the absence of discrete tax benefits recognized in the

prior year period, as the 2025 period included a $24 million pretax income adjustment related to non-taxable

entities that resulted in $5.0 million of discrete tax benefits. For the three months ended March 31, 2026, our

effective tax rate differed from the U.S. federal statutory rate of 21% primarily due to state income taxes.

•Shareholders’ equity was $335.5 million as of March 31, 2026, compared to $337.0 million as of December

31, 2025. Growth in shareholders’ equity through retained earnings was offset by a $20.0 million special cash

dividend paid to stockholders during the period.

Results of Operations

Three Months Ended March 31,

($ in thousands)

2026

2025

$ Change

% Change

Gross premiums written

220,004

212,150

7,854

3.7%

Change in gross unearned premiums

10,768

(1,994)

12,762

(640.0)%

Gross premiums earned

230,772

210,156

20,616

9.8%

Ceded premiums earned

(148,564)

(144,754)

(3,810)

2.6%

Net premiums earned

82,208

65,402

16,806

25.7%

Policy fees

2,745

2,204

541

24.5%

Net investment income

5,652

4,103

1,549

37.8%

Net realized gains (losses) on investments

231.3%

Other income (loss)

273

161

112

69.6%

Total Revenues

90,931

71,886

19,045

26.5%

Losses and loss adjustment expenses

31,725

20,862

10,863

52.1%

Policy acquisition expenses

15,985

3,107

12,878

414.5%

General and administrative expenses

15,966

5,008

10,958

218.8%

Total Expenses

63,676

28,977

34,699

119.7%

Income before taxes

27,255

42,909

(15,654)

(36.5)%

Income tax expense

7,345

4,813

2,532

52.6%

Net Income

19,910

38,096

(18,186)

(47.7)%

Loss ratio(1)

37.3%

30.9%

Expense ratio(2)

37.6%

12.0%

Combined ratio(3)

75.0%

42.9%

Return on equity(4)

23.7%

87.5%

(1)Loss ratio is the ratio of losses and LAE to net premiums earned plus policy fees.

(2)Expense ratio is the ratio of policy acquisition and general and administrative expenses to net premiums earned plus

policy fees.

(3)Combined ratio is defined as the sum of the loss ratio and the expense ratio.

(4)Return on equity is defined as net income, divided by the average beginning and ending shareholders’ equity during the

applicable period. This metric is annualized for interim periods by multiplying the applicable ratio in order to present

return on equity consistently.

Policies in-force and in-force premiums

Policies in-force represents the number of active insurance policies with coverage in effect as of the end of the

period referenced. We utilize the change in the number of policies in-force to assess the trajectories of our

operations. In-force premium represents the annual premium for active insurance policies with coverage in

effect as of the end of the period referenced.

March 31,

($ in thousands)

2026

2025

% Change

Policies In-Force

437,308

383,332

14.1%

In-Force Premium

974,806

909,539

7.2%

Policies in-force were 437,308 as of March 31, 2026, an increase of 14.1% compared to policies in-force of

383,332 as of March 31, 2025. The increase in our policies in-force was primarily due to new policies written

through the voluntary market and the 2025-2026 Citizens take-outs.

Reconciliation of Non-GAAP Financial Measures:

Adjusted net income and adjusted earnings per share

Adjusted net income is a non-GAAP financial measure defined as net income excluding net realized gains or

losses on investments, stock compensation expense in connection with our IPO and certain non-recurring or non-

cash expenses, including those incurred in connection with our IPO, net of tax. We use adjusted net income as an

internal performance measure in the management of our operations because we believe it gives us and users of

our financial information useful insight into our results of operations and our underlying business performance

excluding the impact of realized gains and losses on the sale of securities, which we do not view as core to the

underlying trends in our business. Adjusted net income should not be viewed as a substitute for net income

calculated in accordance with GAAP, and other companies may define adjusted net income differently.

Net income decreased $18.2 million, or 47.7%, to $19.9 million for the three months ended March 31, 2026 from

$38.1 million for the three months ended March 31, 2025. Adjusted net income decreased $18.0 million, or

47.1%, to $20.1 million for the three months ended March 31, 2026 from $38.1 million for the three months

ended March 31, 2025. The decrease was primarily driven by less windfall from the Citizens take-out program,

partially offset by growth in the voluntary market.

Adjusted earnings per share is a non-GAAP measure, which is calculated as adjusted net income available to

common shareholders divided by weighted average diluted common shares outstanding. Management believes

this metric is meaningful, as it allows investors to evaluate underlying profitability and enhances comparability

across periods by excluding items that are heavily impacted by investment market fluctuations and other

economic factors and are not indicative of operating trends.

Adjusted net income and adjusted earnings per share for the three months ended March 31, 2026 and 2025

reconcile to net income and earnings per share, respectively, as follows:

Three Months Ended March 31,

($ in thousands)

2026

2025

Net Income

$19,910

$38,096

Add:

One-time non-recurring expenses(1)

329

—

Less:

Net realized gains on Investments

Tax effect(2)

(4)

Adjusted net income

$20,128

$38,084

Adjusted income allocated to participating securities

—

2,190

Numerator:

Adjusted net income available for common

shareholders

20,128

35,894

Denominator:

Weighted average common shares outstanding:

Basic

19,579,035

12,904,495

Diluted

19,579,308

12,904,495

Earnings per share(3):

Basic

$1.02

$2.78

Diluted

$1.02

$2.78

Adjusted earnings per share:

Basic

$1.03

$2.78

Diluted

$1.03

$2.78

(1)Material non-recurring items that we do not expect to continue in the future and believe are not reflective of our ongoing

operations and our performance.

(2)We included the tax impact of all adjustments to adjusted net income using the U.S. federal statutory corporate tax rate of

21%. While the Company’s actual effective tax rates for the three months ended March 31, 2026 and 2025 were 26.9%

and 11.2% respectively, the use of the statutory rate provides a consistent and simplified approach for comparability.

This approach is applied uniformly, including to items that may be partially or fully nondeductible for tax purposes. The

tax effect row is presented exclusive of the change in tax status impact.

(3)Both the number of shares outstanding and their par value have been retrospectively recast for all prior periods presented

to reflect the par value of the outstanding stock of American Integrity Insurance Group, Inc. as a result of the Corporate

Contribution.

Adjusted return on equity

Adjusted return on equity is a non-GAAP financial measure defined as adjusted net income divided by the

average of beginning and ending shareholders’ equity during the applicable period and is annualized for periods

of less than one year. We use adjusted return on equity as an internal performance measure in the management of

our operations because we believe it gives us and users of our financial information useful insight into our

underlying business performance. Adjusted return on equity should not be viewed as a substitute for any metrics

calculated in accordance with GAAP, and other companies may define adjusted return on equity differently.

Adjusted return on equity for the three months ended March 31, 2026 and 2025 reconciles to return on equity as

follows:

Three Months Ended March 31,

($ in thousands)

2026

2025

Net income

19,910

38,096

Average beginning and ending shareholders’ equity(1)

336,253

174,226

Return on equity

23.7%

87.5%

Adjusted net income (after tax)(2)(3)

20,128

38,084

Average shareholders’ equity

336,253

174,226

Adjusted return on equity(2)(3)

23.9%

87.4%

(1)Average beginning and ending shareholders’ equity represents the average of shareholders' equity at the beginning and

end of the period presented.

(2)Adjusted return on equity is the adjusted net income (after tax) divided by the average beginning and ending

shareholders’ equity. This metric is annualized for interim periods by multiplying the applicable ratio in order to present

return on equity consistently.

(3)We included the tax impact of all adjustments to adjusted net income using the US federal statutory corporate tax rate of

21%. While the Company’s actual effective tax rates for the three months ended March 31, 2026 and 2025 were 26.9%

and 11.2% respectively, the use of the statutory rate provides a consistent and simplified approach for comparability.

This approach is applied uniformly, including to items that may be partially or fully nondeductible for tax purposes.

Net underlying loss and loss adjustment expense ratio

Net underlying loss and loss adjustment expense ratio is a non-GAAP measure. We calculate the net underlying

loss and LAE ratio by subtracting current year net catastrophe losses and prior year net reserve development from

total net losses and LAE and dividing that amount by the sum of total net premiums earned plus policy fees. We

use the net underlying loss and LAE ratio to allow us to analyze our loss trends before the impact of catastrophe

losses and prior year reserve development. These two items can have a significant impact on our loss trends in a

given period. We believe it is useful for investors to evaluate these components both separately and in the

aggregate when reviewing our performance. The most directly comparable GAAP measure is net loss and LAE

ratio. The net underlying loss and LAE ratio should not be considered a substitute for net loss and LAE ratio and

does not reflect the overall profitability of our business.

The following table summarizes the loss and LAE ratios and net underlying loss and LAE ratios for the three

months ended March 31, 2026 and 2025:

Three Months Ended March 31,

($ in thousands)

2026

2025

Total Net Premiums Earned

82,208

65,402

Plus: Policy Fees

2,745

2,204

Total Net Premiums Earned Plus Policy Fees

84,953

67,606

Losses and Loss Adjustment Expenses, Net

31,725

20,862

Loss and Loss Adjustment Expense Ratio (% Net Premiums

Earned Plus Policy Fees)

37.3%

30.9%

Less:

Current Year Net Catastrophe Losses

—

Prior Year Net Reserve Development

—

579

Underlying Loss and Loss Adjustment Expenses, Net

31,725

20,283

Net Underlying Loss and Loss Adjustment Expense Ratio (%

Net Premiums Earned Plus Policy Fees)

37.3%

30.0%

Gross underlying loss and loss adjustment expense ratio

Gross underlying loss and loss adjustment expense ratio is a non-GAAP measure. We calculate the gross

underlying loss and LAE ratio by adding net underlying loss and LAE and ceded non-catastrophe losses and

dividing that amount by the sum of total gross earned premium and policy fees. We use the gross underlying loss

and LAE ratio to analyze our loss trends before the impact of reinsurance.

We believe it is useful for investors to evaluate the cost of non-catastrophe losses for every dollar of gross

premium earned. The most comparable GAAP measure is the net loss and LAE ratio. The gross underlying loss

and LAE ratio should not be considered a substitute for net loss and LAE ratio and does not reflect the overall

profitability of our business.

The following table summarizes the gross underlying loss and LAE ratios for the three months ended March 31,

2026 and 2025:

Three Months Ended March 31,

($ in thousands)

2026

2025

Total Gross Premiums Earned

230,772

210,156

Plus: Policy Fees

2,745

2,204

Total Gross Premiums Earned Plus Policy Fees

233,517

212,360

Losses and Loss Adjustment Expenses, Net

31,725

20,862

Less:

Current Year Net Catastrophe Losses

—

Prior Year Net Reserve Development

—

579

Underlying Loss and Loss Adjustment Expenses, Net

31,725

20,283

Add:

Ceded Non-Catastrophe Loss and Loss Adjustment

Expense

12,762

14,020

Gross Underlying Loss and Loss Adjustment Expenses

44,487

34,303

Loss and Loss Adjustment Expense Ratio (% Net Premiums

Earned Plus Policy Fees)

37.3%

30.9%

Gross Underlying Loss and Loss Adjustment Expense Ratio

(% Gross Premiums Earned Plus Policy Fees)

19.1%

16.2%

Conference Call

As previously announced, American Integrity will hold a conference call to discuss its first quarter 2026 results at

9:30 a.m. Eastern Time on May 13, 2026. The call can be accessed by dialing +1 (585) 542-9983 (U.S. Local), or

+1 (833) 461-5787 (U.S. Toll-Free), and using the conference ID code: 597233559. Please call the conference

telephone number 10 minutes before the start time. The earnings call can also be accessed by clicking the webcast

link available on the Investor Relations section of the Company’s website at www.aii.com.

A replay of the call will be available after 12:00 p.m. Eastern Time on the same day as the call and will be

accessible at https://events.q4inc.com/attendee/597233559. The replay can also be accessed via the Investor

Relations section of the Company’s website at www.aii.com.

The replay will be available for one year.

About American Integrity Insurance Group, Inc.

American Integrity Insurance Group, Inc. (NYSE: AII) is a leading provider of residential property insurance,

focused on delivering innovative, reliable coverage to homeowners throughout the Southeast. Built on a

foundation of integrity, resilience, and service, the Company’s mission is to be the most trusted and responsive

insurance solution in the markets it serves. Founded in 2006 and headquartered in Tampa, American Integrity is

committed to protecting policyholders with strength and purpose—today and for generations to come. For more

information, visit www.aii.com.

Forward-Looking Statements

Certain statements in this press release and on the related teleconference call may be forward-looking statements.

All statements other than statements of historical facts may be forward-looking statements. Forward-looking

statements include, but are not limited to, statements regarding: our outlook; our business strategy; writing new

business and retaining existing policies; new insurance products; availability of reinsurance coverage;

expectations on future growth; future Citizens take-out opportunities; anticipated future operating results and

operating expenses, cash flows, capital resources and liquidity; reserves for losses and loss adjustment expenses;

geographic expansion; reduction of our quota share; competition; future regulatory, judicial and legislative

changes; forecasts of future revenues and appropriately planning our expenses; and our plans regarding our capital

expenditures and investment portfolios. In some cases, you can identify forward-looking statements by terms such

as “anticipates,” “believes,” “contemplates,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,”

“plans,” “potential,” “predicts,” “projects,” “should,” “targets,” “will,” “would” or the negative of these terms or

other similar expressions. Forward-looking statements are neither historical facts nor assurances of future

performance, and are based only on our current beliefs, expectations and assumptions regarding the future of our

business, future plans and strategies, projections, anticipated events and trends, the economy and other future

conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties,

risks and changes in circumstances that are difficult to predict and many of which are outside of our control.

Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our

actual results and financial condition to differ materially from those indicated in the forward-looking statements

include, among others, the following: the potential that we may face significant losses due to being a property and

casualty insurer and our exposure to catastrophic events and severe weather conditions, which can be

unpredictable; our loss reserves are estimates and may be inadequate to cover our actual liability for losses, and

actual claims incurred have exceeded, and in the future may exceed, reserves established for claims; the

dependence of our financial results on the regulatory, legal, economic and weather conditions in Florida due to the

fact that we conduct substantially all of our business in Florida; changing climate conditions may increase the

severity and frequency of catastrophic events and severe weather conditions; the severity and frequency of

catastrophe events of which are unpredictable; dependence upon the effectiveness of exclusions and other loss

limitation methods in the insurance policies we assume or write; reliance upon third-party distribution partners,

including independent insurance agents, homebuilder-affiliated agents and national insurance carriers; our ability

to pursue Citizens take-out opportunities; cyclical changes in the insurance industry; our ability to obtain

reinsurance coverage at commercially reasonable rates, or at all; credit risk of our reinsurers who may suffer a

downgrade; the inherent uncertainty of models and our reliance on such models as a tool to evaluate risk, and the

dependence of our results upon our ability to accurately price the risks we underwrite; the possibility that our

information technology systems may fail or be disrupted; our ability to expand our business and the possible need

to acquire additional capital in the future to fund such expansion; the ability of our claims department, or the

third-party claims adjusters whom we may engage, to effectively manage or remediate claims as well as

unanticipated increases in the severity or frequency of claims; the possibility that actual renewals of our existing

policies will not meet expectations; increased competition and market conditions, including changes in our

financial stability and credit ratings; the extensive regulatory environment in which we operate that requires

approval of rate increases, can mandate rate decreases, and that can dictate underwriting practices and mandate

participation in loss sharing arrangements, and other potential further restrictive regulation we may face;

mandatory assessments or competition from government entities may create short-term liabilities or affect our

ability to underwrite more policies; and other risks identified in “Risk Factors” in our reports filed with the

Securities and Exchange Commission. New risks emerge from time to time. It is not possible for our management

to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or

combination of factors, may cause actual results to differ materially from those contained in any forward-looking

statements we may make. In light of these risks, uncertainties, and assumptions, the future events and trends

discussed may not occur and actual results could differ materially and adversely from those anticipated or implied

in the forward-looking statements.

Company Contact:

Brian Foley, CFO

American Integrity Insurance Group, Inc.

bfoley@aii.com

Consolidated Balance Sheets

(In thousands, except share and per share data)

March 31,

2026

December 31,

2025

Assets

Fixed maturities, available-for-sale, at fair value (amortized cost of

$347,017 and $327,910, respectively)

$347,264

$330,489

Short-term investments (amortized cost of $2,480 and $18,121,

respectively)

2,479

18,121

Total investments

349,743

348,610

Cash and cash equivalents

171,182

203,902

Restricted cash

55,169

40,217

Premiums receivable, net

44,432

45,031

Accrued investment income

3,072

3,458

Prepaid reinsurance premiums

157,888

275,093

Reinsurance recoverable, net

275,290

269,056

Net reinsurance commission receivable

58,871

—

Property and equipment, net

6,390

5,718

Right-of-use assets – operating leases

35,702

449

Deferred income tax asset, net

8,943

8,636

Other assets

8,372

24,904

Total assets

$1,175,054

$1,225,074

Liabilities and shareholders’ equity

Liabilities:

Unpaid losses and loss adjustment expenses

$264,857

$266,591

Income tax payable

4,734

2,680

Unearned premiums

470,789

481,557

Reinsurance payable

5,350

78,526

Advance premiums

25,892

11,752

Long-term debt

515

618

Lease liabilities – operating leases

32,652

458

Deferred policy acquisition costs, net of unearned ceding

commissions

8,804

12,902

Other liabilities and accrued expenses

25,978

32,968

Total liabilities

$839,571

$888,052

Shareholders’ equity:(1)

Common stock, $0.001 par value, 100,000,000 shares authorized,

19,581,343 shares issued and outstanding at March 31, 2026 and

19,579,009 shares issued and outstanding at December 31, 2025

Additional paid-in capital

106,162

105,896

Accumulated other comprehensive income, net of taxes

184

1,928

Retained earnings

229,117

229,178

Total shareholders’ equity

335,483

337,022

Total liabilities and shareholders’ equity

$1,175,054

$1,225,074

(1)Both the number of shares outstanding and their par value have been retrospectively recast for all prior periods presented

to reflect the par value of the outstanding stock of American Integrity Insurance Group, Inc. as a result of the Corporate

Contribution.

Consolidated Statements of Operations and Comprehensive Income

(In thousands, except share and per share data)

Three Months Ended March 31,

2026

2025

Revenues:

Gross premiums written

$220,004

$212,150

Change in gross unearned premiums

10,768

(1,994)

Gross premiums earned

230,772

210,156

Ceded premiums earned

(148,564)

(144,754)

Net premiums earned

82,208

65,402

Policy fees

2,745

2,204

Net investment income

5,652

4,103

Net realized gains (losses) on investments

Other income (loss)

273

161

Total revenues

$90,931

$71,886

Expenses:

Losses and loss adjustment expenses, net

$31,725

$20,862

Policy acquisition expenses

15,985

3,107

General and administrative expenses

15,966

5,008

Total expenses

$63,676

$28,977

Income before income taxes

27,255

42,909

Income tax expense

7,345

4,813

Net income

$19,910

$38,096

Other comprehensive income (loss):

Unrealized holding gains on available-for-

sale securities, net of taxes

(1,705)

457

Reclassification adjustment for net

realized gains (losses), net of taxes

(39)

(12)

Total other comprehensive income

(1,744)

445

Comprehensive income

$18,166

$38,541

Earnings per share:(1)

Basic earnings per share

$1.02

$2.78

Diluted earnings per share

$1.02

$2.78

Weighted average shares outstanding –

Basic

19,579,035

12,904,495

Weighted average shares outstanding –

Diluted

19,579,308

12,904,495

(1)Both the number of shares outstanding and their par value have been retrospectively recast for all prior periods presented

to reflect the par value of the outstanding stock of American Integrity Insurance Group, Inc. as a result of the Corporate

Contribution.

Consolidated Statements of Cash Flows

(In thousands)

For the Three Months Ended March 31,

2026

2025

Cash flows provided by (used in) operating activities

Net income

$19,910

$38,096

Adjustments to reconcile net income to net cash provided by operating activities:

Stock-based compensation expense

266

—

Amortization and depreciation

798

497

Deferred income taxes

282

(1,090)

Net realized (gains)

(53)

(16)

Changes in operating assets and liabilities:

Premiums receivable

599

(4,899)

Accrued investment income

386

238

Prepaid reinsurance premiums

117,205

89,856

Reinsurance recoverable

(6,234)

22,394

Net reinsurance commission receivable

8,312

—

Other assets

13,534

8,879

Unpaid losses and loss adjustment expense

(1,734)

(44,089)

Unearned premiums

(10,768)

1,994

Reinsurance payable

(140,359)

(55,072)

Advance premiums

14,140

13,950

Income taxes payable (recoverable)

2,054

6,418

Operating lease payments

389

(501)

Deferred policy acquisition costs, net unearned ceding commissions

(4,098)

(5,095)

Other liabilities and accrued expenses

(7,837)

(3,475)

Net cash provided by operating activities

6,792

68,085

Cash flows provided by (used in) investing activities

Purchases of property and equipment

(1,267)

(108)

Proceeds from sales and maturities of fixed maturity securities

20,534

59,870

Purchases of fixed maturity securities

(39,424)

(51,419)

Proceeds from sales and maturities of short-term investments

22,659

—

Purchases of short-term investments

(6,988)

—

Net cash provided by (used in) investing activities

(4,486)

8,343

Cash flows provided by (used in) financing activities

Cash dividends paid

(19,971)

—

Cash distributions to members(1)

—

(14,875)

Repayment of long-term debt

(103)

Net cash used in financing activities

(20,074)

(14,978)

Net increase in cash, cash equivalents and restricted cash

(17,768)

61,450

Cash, cash equivalents and restricted cash at beginning of year

244,119

179,272

Cash, cash equivalents and restricted cash at end of period

$226,351

$240,722

(1)The distributions were made to members prior to the IPO.

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Cover

May 12, 2026

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3000 Bayport Drive

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