The presentation recaps already-reported Q1 results, so the market reaction should be muted. However, the degradation in underwriting profitability (combined ratio +32 ppt) relative to a stellar prior-year quarter warrants attention. Watch for sequential improvement in loss ratio and expense ratio as quota share reduction and premium growth flow through. The $20M special dividend signals balance sheet strength.
Price Chart
Executive Summary
American Integrity furnished an investor presentation for 1Q 2026, highlighting strong voluntary policy growth (14% PIF YoY) and #1 market position in Florida voluntary new business, but adjusted net income fell 47% YoY to $20M due to a higher combined ratio (75% vs 43%). The company returned $20M via special dividend and cited declining reinsurance costs as a tailwind.
Key Facts
- Q1 2026 PIF 437K, up 14% YoY; voluntary PIF up 18%
- Net premiums earned $82M, up 26% YoY
- Adjusted net income $20M, down 47% YoY from $38M
- Combined ratio 75% vs 43% in Q1 2025 (loss ratio 37% vs 31%)
- Adjusted ROE 24% vs 87% in Q1 2025
- Returned $20M to shareholders via special dividend
- Reduced non-cat quota share from 40% to 25% effective Jan 1, 2026
- Re-opened HO3 for middle-aged homes, launched commercial residential in Q4 2025
- #1 public company voluntary new business writer in Florida YTD 2026
Financial Impact
Revenue growing but profitability declined sharply YoY; net income down $18M YoY on a $17M increase in net premiums earned.
Risk Factors
- Heavy exposure to Florida hurricane risk
- Competitive market driving down average premiums
- Profitability dependent on favorable loss trends and reinsurance pricing
- Citizens depopulation opportunities shrinking
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0002007587-26-000068 |
| Document: aii-20260520.htm | 0002007587-26-000068 |
| Document: 0002007587-26-000068-index-headers.html | 0002007587-26-000068 |
| Document: 0002007587-26-000068-index.html | 0002007587-26-000068 |
| Document: 0002007587-26-000068.txt | 0002007587-26-000068 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 16, 2026 10d ago | EFFECT | $27.50 | awaiting T+20 | — | $29.52 (+7.35%) |
Jun 11, 2026 19w ago | Insider Buy | $17.01 $19.02 | ▲ +11.82% | ▲ +10.04% | $29.52 (+73.54%) |
Jun 11, 2026 19w ago | Institutional Cluster | $16.86 $19.16 | ▲ +13.64% | ▲ +11.75% | $29.52 (+75.09%) |
May 27, 2026 21w ago | Insider Cluster | $16.60 $18.72 | ▲ +12.77% | ▲ +15.92% | $29.52 (+77.83%) |
May 27, 2026 21w ago | Insider Cluster | $16.60 $18.72 | ▲ +12.77% | ▲ +15.92% | $29.52 (+77.83%) |
May 20, 2026 22w ago | 8-K | $16.86 $17.30 | ▲ +2.61% | ▲ +2.28% | $29.52 (+75.09%) |
Apr 17, 2026 27w ago | DEFA14A | $19.26 $16.93 | ▼ −12.10% | ▼ −16.30% | $29.52 (+53.27%) |
Feb 24, 2026 34w ago | 8-K | $19.01 $19.08 | ▲ +0.36% | ▲ +5.60% | $29.52 (+55.28%) |
US Market Status
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