Growing Fast, Going Public: Florida’s American Integrity Insurance Files for IPO

American Integrity Insurance, one of the largest property insurance carriers in Florida with more than 350,000 policies in force, is going to Wall Street with an initial public offering.

The Tampa-based parent company, American Integrity Insurance Group, founded in 2006, this week filed a registration statement with the U.S. Securities and Exchange Commission. Company leaders hope to raise as much as $100 million in the IPO, Renaissance Capital reported.

“We believe we are well-positioned to take advantage of favorable trends in our existing primary market of Florida to grow the amount of new premiums we write and generate additional revenue,” reads the filing, which includes an introductory letter from CEO and founder Bob Ritchie. “We believe the significant regulatory reform bills passed in December 2022 by the Florida legislature are significantly improving the property insurance underwriting environment in the state, allowing us to pursue additional new business opportunities that in the past did not meet our underwriting and profitability criteria.”

The planned stock symbol on the New York Stock Exchange is AII (uppercase aii). The April 14 filing did not indicate a planned date for the IPO or the number of shares to be offered. The company will be converted from a Texas LLC, a limited liability company, to a corporation registered in Delaware.

The SEC filing noted that an investment in the firm carries some inherent risks. Loss reserves may be inadequate to cover actual liability for losses, the company wrote.

“We use company historical data to the extent it is available and rely on industry historical data, which may not be indicative of future periods,” the company explained. “As a result, our projections and our estimates may be inaccurate, which in turn may cause our actual losses to exceed our loss reserves. If our actual losses exceed our loss reserves, our financial results, our ability to expand our business and our ability to compete in the property and casualty insurance industry may be negatively affected.”

The filing added: “If our reserves for unpaid losses and LAE (loss adjustment expenses) are less than actual losses and LAE, we will be required to increase our reserves with a corresponding reduction in our net income in the period in which the deficiency is identified.”

The filing reported that American Integrity held 356,108 policies in force at the end of 2024, mostly in Florida. That total is up sharply from this time last year, when the Florida Office of Insurance Regulation’s quarterly reports show the carrier held about 260,000 policies in Florida in Q2 2024. Most of those were homeowners and dwelling-fire policies.

Profits for the firm have risen steadily in recent years. After a $4.8 million net loss in 2020, the company reported almost $38 million in net income for 2024, the filing shows.

If the initial public offering is finalized, American Integrity will be one of only a handful of publicly traded insurance carrier companies that are domiciled in Florida, including Universal Property & Casualty Insurance (Universal Insurance Holdings), and Heritage Insurance (Heritage Insurance Holdings).

Topics Florida