Florida-based homeowners insurer American Integrity Insurance Group Inc. expects to raise approximately $81.5 million in net proceeds from its initial public offering, based on an assumed offering price of $16 per share, according to an amended filing with the US Securities and Exchange Commission.
The offering consists of 6.25 million shares of common stock from the company, with an additional 625,000 shares offered by selling shareholders. The insurer has applied to list its shares on the New York Stock Exchange under the ticker symbol "AII."
Founded in 2006, American Integrity focuses on residential property insurance in Florida, which accounted for 97.6% of its policies in force as of year-end 2024. The company reported a 42.9% increase in policies in force during the first quarter of 2025, reaching 383,332, including voluntary business and policy assumptions from Citizens Property Insurance Corp.
In February, the company’s subsidiary, American Integrity Insurance Co. of Florida, assumed approximately 9,227 policies from Citizens, representing about $18,227 in gross written premiums.
Preliminary first-quarter figures show net premiums earned rose 66.5% to $65.4 million, supported by reduced ceding. The combined ratio improved to 42.9 from 75.9 over the same period.
American Integrity also disclosed $14.9 million in cash distributions to current owners during the first quarter, of which $10 million were profit distributions and the remaining portion allocated to tax distributions for estimated liabilities. The company stated in its filing that it plans to issue additional tax distributions of approximately $8 million prior to the offering.
In a letter included in the IPO registration, chief executive officer Robert Ritchie cited the market disruption after the 2004 and 2005 hurricane seasons as the impetus for launching a state-focused insurance provider.
The US insurance sector has experienced a notable uptick in initial public offering (IPO) activity throughout 2024 and into 2025, signaling renewed investor interest and strategic growth initiatives within the industry.
Aspen Insurance recently announced the launch of its IPO, offering 11 million Class A ordinary shares. These shares are being sold by entities affiliated with Apollo Global Management, which currently controls the Bermuda-based insurer.
Earlier this year, American Integrity Insurance Group filed for a $100 million IPO. The Florida-based insurer aims to utilize the proceeds to fund expansion into Georgia and South Carolina, reduce reliance on reinsurance, and introduce new insurance products.
Last year, TWFG Insurance, a Texas-based insurance broker, made a strong market debut. Priced at $17 per share, the IPO exceeded expectations, closing at $22.10 on its first trading day – a surge of over 30%. The company raised approximately $170 million, which is earmarked for debt repayment, potential acquisitions, and general corporate purposes.
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