American Integrity Insurance Group (AII) KBW Insurance Conference 2026 summary

Company overview and market positioning

• Nearly 20 years of operational history, now 16 months as a public company, with a focus on responsible growth and investor value.

• Florida's insurance reforms have stabilized the market, reducing litigation and supporting strong returns.

• Competition is healthy but not reckless, with no evidence of unsustainable rate cutting or margin erosion in the short to medium term.

• National carriers remain hesitant to enter Florida's homeowners market, leaving specialists with a wide competitive moat.

Growth strategy and geographic expansion

• Significant organic growth in Florida, especially in the tri-county region and middle-aged homes, driven by regulatory reforms.

• 43,000 new business policies written in Q2, up 54%, with 7,600 from the tri-county area and 9,000 from middle-aged homes.

• Expansion outside Florida is underway, with South Carolina, Georgia, and North Carolina showing early success, but Florida will remain the dominant market for the next several years.

• Customer growth is expected in the high single digits to low double digits, with premium growth trailing slightly due to a modestly softening rate environment.

Underwriting, profitability, and capital management

• Underwriting remains disciplined, focusing on profitable business and renewal retention, with combined ratios priced for profit.

• Regulatory reforms have reduced loss frequency and litigation costs, supporting lower premiums and improved loss ratios.

• Return on equity (ROE) has been elevated due to Citizens depopulation and benign weather, but is expected to normalize to mid-teens as voluntary growth becomes the main driver.

• Capital priorities are organic growth, reducing quota share, and returning excess capital to shareholders via dividends or buybacks, with M&A as a low priority.