A year ago, American Integrity Insurance Group wrote 233 voluntary new residential policies in Florida’s Tri-County region of Miami-Dade, Broward, and Palm Beach. In the third quarter of 2026, it wrote 8,003. That 34-fold increase in a single year, in the market where most admitted carriers had been functionally absent for the better part of a decade, is what the company’s strong Q3 results actually show when you look past the reported headline figures.
Net income more than doubled year-over-year to $28.4 million. Revenue grew 83% to $113.5 million. The combined ratio improved from 78.9% to 70.6%. But those figures are partly a function of a structural change in how the company manages its reinsurance program rather than pure growth. The Tri-County numbers are the more meaningful signal for independent agents operating in South Florida.
The Tri-County region accounts for more than a quarter of Florida’s households, but for most of the past decade it was effectively off-limits for voluntary admitted homeowners coverage. Carriers retreated from Miami-Dade, Broward, and Palm Beach because the litigation environment made them unprofitable.
Florida’s 2022-2023 tort reforms changed that calculus. The legislation significantly curtailed one-way attorney fees and dismantled the assignment-of-benefits structure that had turned South Florida into a legal cost center for insurers. American Integrity had exited the Tri-County voluntary market roughly a decade ago and began re-entering only in mid-2025.
The company wrote 7,636 voluntary policies in Tri-County in Q2 2026 and 8,003 in Q3 2026. It also wrote 8,561 voluntary new policies in the middle-aged home category, another segment carriers had largely avoided due to age-related litigation risk, against 568 a year earlier, a 15-fold increase. Both segments represent markets where agents have had limited placement options and where the pipeline of clients in need of coverage has been building.
Alongside the Tri-County growth, the company’s Citizens Property Insurance Corporation decision tells a different part of the same story. American Integrity assumed zero policies from Citizens in Q3, stating that no available policies met its underwriting and profitability standards. The company had taken out tens of thousands of Citizens policies in 2024 and 2025, when the depopulation economics were attractive: no acquisition costs, no immediate reinsurance obligation, and above-market pricing on the assumed book.
Those conditions no longer exist. Citizens’ policy count has fallen to approximately 270,000, its lowest level in 14 years, and the remaining pool no longer meets the bar American Integrity needs to clear.
What that means in practice is that the two-year tailwind of easy depopulation business is gone, and carriers are now competing for voluntary business in markets that require real distribution and underwriting discipline. American Integrity’s expanding Tri-County footprint is a direct response to that transition.
On January 1, 2026, American Integrity reduced its non-catastrophe quota share reinsurance arrangement from 40% to 25%. That means it retains 15 more percentage points of its own premiums instead of ceding them to reinsurers. Ceded premiums actually fell year-over-year from $170 million to $153.9 million, even as gross premiums written grew 23%, which is why net premiums earned almost doubled from $52 million to $101.2 million. The company is not simply writing more business. It is also keeping more of what it writes.
The flip side is a structural rise in the expense ratio, from 24.8% to 34.0%, driven by acquisition costs that jumped from $6.3 million to $18 million. Voluntary policies carry agent commissions of around 12%, as the company disclosed in its prospectus, while Citizens take-outs did not, and the ceding commissions that previously offset acquisition costs under the quota share have been reduced. The company’s profitability, a 70.6% combined ratio, remains strong, but the cost structure of a voluntary-led book looks different from the take-out-heavy model of the previous two years.
Robert Ritchie, CEO of American Integrity, described the results as reflecting “continued execution of our strategy” and said the company is approaching half a million customers with “substantial runway ahead.”
