# EDGAR Filing Document

**Accession Number:** 0002007587
**File Stem:** 0001193125-25-137903
**Filing Date:** 2025-6
**Character Count:** 35483
**Document Hash:** 9eab20e26408d9a8eeaf920be50de8cf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-137903.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001193125-25-137903

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250609

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** American Integrity Insurance Group, Inc.
- **CENTRAL INDEX KEY:** 0002007587
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 332925846
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42634
- **FILM NUMBER:** 251034917

**BUSINESS ADDRESS:**
- **STREET 1:** 5426 BAY CENTER DRIVE, SUITE 600
- **CITY:** TAMPA
- **STATE:** FL
- **ZIP:** 33609
- **BUSINESS PHONE:** (813) 880-7000

**MAIL ADDRESS:**
- **STREET 1:** 5426 BAY CENTER DRIVE, SUITE 600
- **CITY:** TAMPA
- **STATE:** FL
- **ZIP:** 33609

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** American Integrity Insurance Group, LLC
- **DATE OF NAME CHANGE:** 20250319

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** American Integrity Insurance Group, Inc.
- **DATE OF NAME CHANGE:** 20240109

?xml version='1.0' encoding='ASCII'? 8-K

### 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) June 9, 2025

## American Integrity Insurance Group, Inc.

#### (Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-42634** | **33-2925846** |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission<br>File Number)** | **(IRS Employer<br>Identification No.)** |

---

---

| | |
|:---|:---|
| **5426 Bay Center Drive, Suite 600**<br> **Tampa, Florida** | **33609** |
| **(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** | **Name of each exchange**<br> **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 ☒

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. ☐

------

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.**  |

---

On June 9, 2025, American Integrity Insurance Group, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended March 31, 2025. 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<br>No. | Description |
| 99.1 | [Press Release, issued June 9, 2025 (furnished pursuant to Item 2.02).](d835329dex991.htm) |
| 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: June 9, 2025 | By: | /s/ Robert Ritchie |
|  | Name: | Robert Ritchie |
|  | Title: | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g835329g08n47.jpg)

**<u>American Integrity Insurance Group, Inc. Reports First Quarter 2025 Results</u>**

**TAMPA, Fla., June 9, 2025 (GLOBE NEWSWIRE)** American Integrity Insurance Group, Inc. (NYSE: AII), a Tampa-based property and casualty insurance holding company, successfully completed an initial public offering ("IPO") on May 9, 2025. Immediately prior to the IPO, all of the outstanding equity of American Integrity Insurance Group, LLC was contributed to American Integrity Insurance Group, Inc. The financial results for the first quarter reflected are those of American Integrity Insurance Group, LLC. References to "American Integrity" or the "Company" prior to the consummation of the IPO refer to American Integrity Insurance Group, LLC and after the consummation of the IPO, refer to American Integrity Insurance Group, Inc.

American Integrity reported pre-tax income of $42.9 million and net income and adjusted net income<sup>1</sup> of $38.1 million for the first quarter of 2025.

Highlights for the quarter include:.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross premiums written of $212.2 million, an increase of 43.9% compared to the first quarter of 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net premiums earned of $65.4 million, an increase of 66.5% compared to the first quarter of 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Combined ratio of 42.9%; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net investment income of $4.1 million, an increase of 26.3% compared to the first quarter of 2024.

**Management Commentary** "Having just completed a successful IPO in May, I am pleased to report that American Integrity had an outstanding first quarter in 2025. These results reflect more than just performance—they reflect disciplined, strategic execution, and a culture aligned around a mission that matters," said American Integrity Chief Executive Officer, Robert Ritchie. "We are grateful and humbled by the support that we have been shown by our new investors, and we look forward to discussing the quarterly results on our earnings call."

**First Quarter 2025 Commentary** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross premiums written in the first quarter of 2025 increased by 43.9% to $212.2 million from
$147.5 million in the first quarter of 2024. Gross premiums earned in the first quarter of 2025 increased by 33.9% to $210.2 million from $156.9 million in the first quarter of 2024. Net premiums earned in the first quarter of 2025
increased by 66.5% to $65.4 million versus the first quarter of 2024. The increase in gross premiums written, gross premiums earned, and net premiums earned in the first quarter of 2025 as compared to the first quarter of 2024 was driven
primarily by our strategic participation in the Citizens Property Insurance Corporation ("Citizens") take-out program, and an increase in premiums from new policies written through the Voluntary Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ceded premiums earned in the first quarter of 2025 increased by 23.0% to $144.8 million compared to
$117.7 million in the first quarter of 2024 due to the increase in our gross premiums earned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net investment income in the first quarter of 2025 increased 26.3% to $4.1 million compared to
$3.2 million in the first quarter of 2024 driven by an increase in the size of our investment portfolio primarily driven by an increase in cash and cash equivalents and fixed-maturity securities.

<sup>1</sup> Adjusted net income is a non-GAAP financial measure. 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.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Losses and loss adjustment expenses in the first quarter of 2025 increased 2.4% to $20.9 million compared to
$20.4 million in the first quarter of 2024 driven by increased gross premiums earned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Policy acquisition and other underwriting expenses in the first quarter of 2025 decreased 42% to
$3.1 million compared to $5.4 million in the first quarter of 2024 driven by an increase in non-catastrophe ceded commissions and our participation in the Citizens take-out program of which such assumed policies do not carry any policy acquisition cost upon initial assumption of policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The loss ratio was 30.9% for the three months ended March 31, 2025, compared to 49.9% for the three months
ended March 31, 2024, a decrease of 19 percentage points. The expense ratio was 12.0% for the three months ended March 31, 2025, compared to 26.0% for the three months ended March 31, 2024, a decrease of 14 percentage points.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The combined ratio was 42.9% for the three months ended March 31, 2025, compared to 75.9% for the three
months ended March 31, 2024, a decrease of 33 percentage points. The decreases in the combined ratio, loss ratio and the expense ratio for the first quarter of 2025 were due to our net premiums earned increasing more than our loss and loss
adjustment expenses, policy acquisition expenses and general and administrative expenses, in each case primarily due to our participation in the Citizens take-out program and the continued realization of
operating leverage in the business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Members' equity increased 14.6% to $186.1 million as of March 31, 2025, compared to
$162.4 million as of December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The gross proceeds to American Integrity from the IPO were $100 million, before deducting underwriting
commissions and estimated offering expenses of approximately $18.5 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There were 19,571,965 shares of common stock outstanding as of June 9, 2025.

**Results of Operations** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **($ in thousands)** | **2025** | **2024** | **$ Change** | **% Change** |
|  **Gross premiums written** | $212150 | $147452 | $64699 | 43.9% |
|  **Change in gross unearned premiums** | (1994) | 9476 | (11470) | (121.0)% |
|  **Gross premiums earned** | 210156 | 156928 | 53228 | 33.9% |
|  **Ceded premiums earned** | (144754) | (117645) | (27109) | 23.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net premiums earned** | 65402 | 39283 | 26119 | 66.5% |
|  **Policy fees** | 2204 | 1554 | 650 | 41.8% |
|  **Net investment income** | 4103 | 3248 | 855 | 26.3% |
|  **Net realized gains (losses) on investments** | 16 | 6 | 9 | 153.9% |
|  **Other income** | 161 | 217 | (57) | (26.1)% |
|  **Total Revenues** | 71886 | 44308 | 27578 | 62.2% |
|  **Losses and loss adjustment expenses** | 20862 | 20365 | 496 | 2.4% |
|  **Policy acquisition expenses** | 3107 | 5354 | (2247) | (42.0)% |
|  **General and administrative expenses** | 5008 | 5282 | (274) | (5.2)% |
|  **Total Expenses** | 28977 | 31001 | (2024) | (6.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Income before taxes** | 42909 | 13307 | 29602 | 222.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Income tax expense** | 4813 | 1201 | 3613 | 300.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Income** | $38096 | $12106 | $25990 | 214.7% |
|  **Loss ratio<sup>1</sup>** | 30.9% | 49.9% |  |  |
|  **Expense ratio<sup>2</sup>** | 12.0% | 26.0% |  |  |
|  **Combined ratio<sup>3</sup>** | 42.9% | 75.9% |  |  |
|  **Annualized return on equity<sup>4</sup>** | 92.9% | 39.5% |  |  |

---

(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 expenses 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) Annualized return on equity is defined as net income, annualized, divided by the average beginning and ending
members' equity during the applicable period.

------

**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.

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
| **($ in thousands)** | **2025** | **2024** | **% Change** |
|  Policies In-force | 383332 | 268326 | 42.9% |
|  In-Force Premium | $909539 | $675486 | 34.6% |

---

Policies in-force were 383,332 as of March 31, 2025, an increase of 42.9% compared to policies in-force of 268,326 as of March 31, 2024, and an increase of 7.6% compared to policies in-force of 356,108 as of December 31, 2024. The increase in our policies in-force was due to new policies written through the Voluntary Market and first quarter 2025 Citizens take-outs.

**Reconciliation of Non-GAAP Financial Measures:** 

**Adjusted net income (loss)** 

Adjusted net income (loss) is a non-GAAP financial measure defined as net income excluding net realized gains or losses on investments and excludes expenses incurred in connection with our IPO, net of tax impact. 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.

Adjusted net income (loss) for the three months ended March 31, 2025, and 2024 reconciles to net income as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
| **($ in thousands)** | **Pre-tax** | **After tax** | **Pre-tax** | **After tax** |
|  **Net Income** | $42909 | $38096 | $13307 | $12106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Less:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized investment income** | 16 | 12 | 6 | 5 |
|  **Adjusted net income (loss)** | $42893 | $38084 | $13301 | $12101 |

---

**Underlying loss and loss adjustment expense ratio** 

Underlying loss and loss adjustment expense ratio is a non-GAAP measure. We calculate the underlying loss and loss adjustment expense 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 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 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 loss ratios and underlying loss and LAE ratios for the three months ended March 31, 2025, and 2024:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **($ in thousands)** | **2025** | **2024** |
|  **Total Net Premiums Earned** | $65402 | $39283 |
|  **Plus: Policy Fees** | 2204 | 1554 |
|  **Total Net Premiums Earned Plus Policy Fees** | $67606 | $40837 |
|  **Losses and Loss Adjustment Expenses, Net** | $20862 | $20365 |
|  **Loss and Loss Adjustment Expense Ratio (% Net Premiums Earned Plus Policy Fees)** | 30.9% | 49.9% |
|  **Less:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Current Year Net Catastrophe Losses** | $— | $2256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Prior Year Net Reserve Development** | 579 | 500 |
|  **Underlying Loss and Loss Adjustment Expenses, Net** | $20283 | $17609 |
|  **Underlying Loss and Loss Adjustment Expense Ratio (% Net Premiums Earned Plus Policy Fees)** | 30.0% | 43.1% |

---

**Conference Call** 

American Integrity will hold a conference call to discuss results at 9:30 a.m. Eastern Time on June 10, 2025, hosted by Chief Executive Officer Robert Ritchie, President Jon Ritchie, and Chief Financial Officer Ben Lurie.

Interested parties can listen to the live presentation by dialing the listen-only number below or by clicking the webcast link available on the Investor Information section of the company's website at <u>www.aii.com</u>.

Listen-only toll-free number: (800) 715-9871

Listen-only international number: +1 (646) 307-1963

Listen-only Canada-Toronto: (647) 932-3411

Conference ID: 6677350

Please call the conference telephone number 10 minutes before the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Eve Siskin via email at esiskin@aii.com.

A replay of the call will be available by telephone after 8:00 p.m. Eastern Time on the same day as the call and via the Investor Information section of the American Integrity website at <u>www.aii.com</u>.

North America toll-free number: +1 (800) 770-2030

International: +1 (609) 800-9909

Replay ID: 6677350#

The replay will expire on June 10, 2026, at 11:59 p.m. Eastern Time.

**About American Integrity Insurance Group, Inc.** 

American Integrity Insurance Group is one of Florida's leading providers of residential property insurance, proudly serving more than 383,000 policyholders. Headquartered in Tampa, Florida, the company continues to set the standard in the industry by empowering homeowners and fostering a culture defined by integrity, resilience, and excellence.

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**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; 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; competition; future regulatory, judicial and legislative changes; forecasts of future revenues and appropriately planning our expenses; and long-term; and our plans regarding our capital expenditures and investment portfolio as our business grows. 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; 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; assessments or competition for government entities may create short-term liabilities or affect our ability to underwrite more

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policies; and other risks identified in Part II, Item 1A "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 filed with the Securities and Exchange Commission on June 9, 2025. 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:** 

Ben Lurie, CFO

American Integrity Insurance Group, Inc.

Tel (813) 551-1014

blurie@aii.com

------

**Condensed Consolidated Balance Sheets** 

(In thousands, except unit and per unit data)

---

| | | |
|:---|:---|:---|
|  | **March 31, 2025** | **December 31, 2024** |
|  | **(unaudited)** | |
|  **Assets** |  |  |
|  Fixed maturities, available-for-sale, at fair value (amortized cost of $206,096 and $214,505, respectively) | $206232 | $214045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | 206232 | 214045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 236416 | 173220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted cash | 4306 | 6052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiums receivable, net | 56493 | 51594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued investment income | 1936 | 2174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid reinsurance premiums | 178399 | 268254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance recoverable, net | 439704 | 462097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment, net | 1755 | 1843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right-of-use assets – operating leases | 2019 | 2498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 7488 | 16368 |
|  Total assets | $**1134748** | $**1198145** |
|  **Liabilities and members' equity** |  |  |
|  Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unpaid losses and loss adjustment expenses | $431620 | $475708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax payable | 18290 | 11873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned premiums | 423875 | 421881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance payable | 1277 | 56348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance premiums | 20512 | 6561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax liability, net | 33 | 1122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt | 926 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities – operating leases | 2110 | 2612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred policy acquisition costs, net unearned ceding commissions | 26836 | 31931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities and accrued expenses | 23211 | 26688 |
|  Total liabilities | $**948690** | **1035753** |
|  Commitments and contingencies (Note 18) |  |  |
|  Temporary members' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B units (27,900 authorized, issued and outstanding at March 31, 2025 and December 31, 2024, no par value) |  |  |
|  Members' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A units (92,096 authorized, issued and outstanding at March 31, 2025 and December 31, 2024, no par value) | 10287 | 10287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C units (2,904 authorized, issued and outstanding at March 31, 2025 and December 31, 2024, no par value) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | 175653 | 152432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive loss, net of taxes | 118 | (327) |
|  Total members' equity | 186058 | 162392 |
|  Total liabilities and members' equity | $**1134748** | $**1198145** |

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**Condensed Consolidated Statement of Operations and Comprehensive Income (unaudited)** 

(In thousands, except unit and per unit data)

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| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2025** | **2024** |
|  Revenues: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross premiums written | $212150 | $147452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in gross unearned premiums | (1994) | 9476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross premiums earned | 210156 | 156928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceded premiums earned | (144754) | (117645) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums earned | 65402 | 39283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy fees | 2204 | 1554 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 4103 | 3248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on investments | 16 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income | 161 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | 71886 | 44308 |
|  Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses and loss adjustment expenses, net | 20862 | 20365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy acquisition expenses | 3107 | 5354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative expenses | 5008 | 5282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 28977 | 31001 |
|  Income before income taxes | 42909 | 13307 |
|  Income tax expense | 4813 | 1201 |
|  Net income | **38096** | **12106** |
|  Other comprehensive income: |  |  |
|  Unrealized holding gains on available-for-sale securities, net of taxes | 457 | 41 |
|  Reclassification adjustment for net realized gains, net of taxes | (12) | (5) |
|  Total other comprehensive income | 445 | 36 |
|  Comprehensive income | $**38541** | $**12142** |
|  Earnings per unit: |  |  |
|  Basic and diluted earnings per unit | $292.15 | $94.27 |
|  Weighted average units outstanding – Basic and diluted | 122900 | 122900 |
| **Condensed Consolidated Statement of Cash Flows (unaudited)** |  |  |
| (In thousands) |  |  |
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2025** | **2024** |
|  **Operating activities** |  |  |
|  Net income | $38096 | $12106 |
|  Adjustments to reconcile net income to net cash from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization and depreciation | 497 | 688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | (1090) | (914) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized (gains) losses | (16) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiums receivable | (4899) | (3183) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued investment income | 238 | (253) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid reinsurance premiums | 89856 | 110565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance recoverable | 22394 | (36511) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 8879 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unpaid losses and loss adjustment expense | (44089) | (17773) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned premiums | 1994 | (37611) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance payable | (55072) | (61061) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance premiums | 13950 | 11135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes payable (recoverable) | 6418 | 2120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease payments | (501) | (514) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred policy acquisition costs, net unearned ceding commissions | (5095) | 7677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities and accrued expenses | (3475) | (6816) |
|  Net cash from (used in) operating activities | 68085 | (20151) |
|  **Investing activities** |  |  |
|  Purchases of property and equipment | (108) | (595) |
|  Proceeds from sales and maturities of fixed maturity securities | 59870 | 3532 |
|  Purchases of fixed maturity securities | (51419) | (7487) |
|  Proceeds from sales and maturities of short-term investments |  | (14) |
|  Net cash from (used in) investing activities | 8343 | (4564) |
|  **Financing activities** |  |  |
|  Cash distributions to members | (14875) | (4022) |

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| | | |
|:---|:---|:---|
|  Repayment of long-term debt | (103) | (103) |
|  Net cash used in financing activities | (14978) | (4125) |
|  Net increase in cash and cash equivalents | 61450 | (28840) |
|  Cash, cash equivalents and restricted cash at beginning of year | 179272 | 62168 |
|  Cash, cash equivalents and restricted cash at end of year | $**240722** | $**33328** |
|  **Supplemental disclosures of cash flow information** |  |  |
|  Interest paid | $0 | $30 |
|  Income taxes paid (refund) | $0 | $0 |

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