American Integrity Insurance Group, Inc.
For the period ended Jun 30, 2026. Filed Aug 13, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 13, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-14.
0002007587-26-000063
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-13.
0002007587-26-000093
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 622 previous paragraphs and 719 current paragraphs.
442 unchanged; 114 reworded; 146 added; 55 removed; 11 previous and 17 current paragraphs rearranged.
Tables are not compared: 13 previous and 13 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (146)
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Citizens “Take-out” Program. Pursuing take-outs from Citizens Property Insurance Corporation (“Citizens”) may distort
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assumed. In 2026, we expect take-outs to be a smaller portion of our gross premiums written compared to 2024 and 2025.
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take-out activity result in lower expense ratios and loss ratios.
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Table of Contents
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Table of Contents
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(1)Book value per share is a key financial metric and is the ratio of shareholders’ equity to shares outstanding, each as of the balance
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sheet date.
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referenced.
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Table of Contents
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June 30, 2025, and an increase of 5.6% compared to policies in-force of 437,308 as of March 31, 2026. The increase in our
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2025 and up from 83.6% during the first quarter of 2026.
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(5)There were 665 policies assumed from Citizens during the six months ended June 30, 2026; and 641 policies, or
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96.4%, were still in-force as of June 30, 2026.
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Table of Contents
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compared to$287.0 million for thethree months ended June 30, 2025. The increase was primarily driven by growth in our
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Voluntary Market writings.
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written.
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Ceded premiums earned decreased$20.0 million, or 12.7%, to$137.6 million for thethree months ended June 30, 2026,
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from$157.6 million for thethree months ended June 30, 2025. The decrease in ceded premiums earned was primarily due
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up from$66.2 million for thethree months ended June 30, 2025. This increase was due largely to the increase in gross
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premiums earned and the decrease in ceded premiums earned.
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Policy fees increased$0.7 million, or 25.1%, to$3.7 million for thethree months ended June 30, 2026, from$3.0 million
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Net investment income increased$1.4 million, or 30.8%, to$6.2 million for thethree months ended June 30, 2026 from
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2026 and net realized investment gains of$0.5 million for thethree months ended June 30, 2025.
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Other income was$0.5 million for thethree months ended June 30, 2026, an increase of $0.4 million from$0.1 million for
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thethree months ended June 30, 2025.
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Losses and LAE increased$12.0 million, or 56.5%, to$33.2 million for thethree months ended June 30, 2026 from$21.2
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Policy acquisition expenses increased$11.1 million, or 177.2%, to$17.4 million for thethree months ended June 30, 2026
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from$6.3 million for thethree months ended June 30, 2025. The increase was primarily driven by the increase in policies
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quota share reinsurance arrangement from 40% to 25% on January 1, 2026, and the second quarter of 2025 being heavily
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impacted by the benefits of Citizens take-outs, which carry immaterial upfront policy acquisition expenses.
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General and administrative expenses decreased$4.7 million, or 20.7%, to$18.2 million for thethree months ended June
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30, 2026 from$22.9 million for thethree months ended June 30, 2025. The decrease was primarily driven by the absence
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of one-time IPO related expenses incurred during the three months ended June 30, 2025.
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Income tax (benefit) expense was$12.3 million and$(3.4) million for thethree months ended June 30, 2026 and 2025,
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the prior year period incurred in connection with the IPO. For the three months ended June 30, 2026, our effective tax rate
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Table of Contents
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ended June 30, 2025 and no prior year reserve development for the three months ended June 30, 2026.
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compared to 42.3% for thethree months ended June 30, 2025, driven by the absence of one-time IPO related expenses
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Removed paragraphs (55)
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Citizens “Take-out” Program. In the first quarter of 2026, we assumed 584 policies from Citizens Property Insurance
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Corporation (“Citizens”), representing$1.2 million in assumed unearned premiums. These policies we assume carry no
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In late 2025, we began selectively participating in commercial policy take-outs from Citizens. During the first quarter of
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2026,42 of the 584 total assumed policies were commercial take-outs, representing $0.6 million of the$1.2 million in
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assumed unearned premiums. These policies are subject to the same underwriting and profitability standards as our
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residential assumptions and are intended to complement our existing portfolio.
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Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025
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ended March 31, 2025:
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referenced. We utilize the change in the number of policies in-force to assess the trajectories of our operations.
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(5)There were 584 policies assumed from Citizens during the three months ended March 31, 2026; and 577 policies, or
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98.8%, were still in-force as of March 31, 2026.
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compared to$212.2 million for thethree months ended March 31, 2025. The increase was primarily driven by growth in
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our Voluntary Market writings, reflecting higher new and renewal business.
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premiums written related to the growth in the Voluntary Market.
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Ceded premiums earned increased$3.8 million, or 2.6%, to$148.6 million for thethree months ended March 31, 2026,
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from$144.8 million for thethree months ended March 31, 2025. The increase in ceded premiums earned was due to
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growth in our gross premiums earned, and the windfall from the Citizens take-out resulting in lower ceded catastrophe
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excess of loss premiums earned for the three months ended March 31, 2025, offset bylower ceded premiums reflecting the
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up from$65.4 million for thethree months ended March 31, 2025. This increase was due largely to the increase in gross
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premiums earned outpacing the increase in ceded premiums earned.
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Policy fees increased$0.5 million, or 24.5%, to$2.7 million for thethree months ended March 31, 2026 from$2.2 million
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Net investment income increased$1.6 million, or 37.8%, to$5.7 million for thethree months ended March 31, 2026 from
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March 31, 2026 and net realized investment gains of$15,518 for thethree months ended March 31, 2025.
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Other income was$0.3 million for thethree months ended March 31, 2026, in line with$0.2 million for thethree months
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ended March 31, 2025.
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Losses and LAE increased$10.8 million, or 52.1%, to$31.7 million for thethree months ended March 31, 2026 from
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net premiums earned.
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Policy acquisition expenses increased$12.9 million, or 414.5%, to$16.0 million for thethree months ended March 31,
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2026 from$3.1 million for thethree months ended March 31, 2025. The increase was primarily driven by the increase in
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General and administrative expenses increased$11.0 million, or 218.8%, to$16.0 million for thethree months ended
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March 31, 2026 from$5.0 million for thethree months ended March 31, 2025. The increase was primarily driven by lower
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25% on January 1, 2026.
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2026, to 37.3%, compared to 30.9% for thethree months ended March 31, 2025. The increase in the loss ratio reflects the
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87.5% for thethree months ended March 31, 2025. The decrease in our return on equity was due to less windfall from
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Citizens take-outs for the three months ended March 31, 2026 versus the three months ended March 31, 2025.
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Underwriting income decreased by$17.4 million, or 44.9%, to$21.3 million from$38.6 million for thethree months
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ended March 31, 2025. The decrease was primarily driven by lower contributions from the Citizens take-out program,
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from$38.1 million for thethree months ended March 31, 2025. The decrease was primarily driven by lower contributions
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from the Citizens take-out program, partially offset by growth in the Voluntary Market.
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Adjusted return on equity decreased by 63.5 percentage points to 23.9% for thethree months ended March 31, 2026 from
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predominantly in Florida. Florida represented 93.0% of our policies in-force as of March 31, 2026. As of March 31, 2026,
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predominantly in Florida. Florida represented 92.0% of our policies in-force as of June 30, 2026. As of June 30, 2026,
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70.7% of our in-force premium was in the insurance market in which we underwrite and sell policies to policyholders
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73.2% of our in-force premium was in the insurance market in which we underwrite and sell policies to policyholders
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Moreover,94.4% of our Voluntary Market in-force premium was in our core Florida market and 5.6% was in South
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Moreover,93.7% of our Voluntary Market in-force premium was in our core Florida market and 6.3% was collectively in
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Carolina, Georgia, and North Carolina, where we have strategically expanded to support and enhance our relationships
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South Carolina, Georgia, and North Carolina, where we have strategically expanded to support and enhance our
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with our builder agency network.
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relationships with our builder agency network.
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between periods depending on the number of policies and unearned premiums assumed.
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the comparability of our financial results between periods depending on the number of policies and unearned premiums
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While we expect there will continue to be opportunities to assume policies from Citizens, we believe the number of policies
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While we expect there will continue to be opportunities to assume some policies from Citizens, we believe the number of
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available that meet our underwriting and profitability standards has declined and may continue to decline over time.
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policies available that meet our underwriting and profitability standards has declined and may continue to decline over
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upfront acquisition costs and are covered by our current treaty year reinsurance program which may impact comparability
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time. Policies assumed via the Citizens take-out program carry immaterial upfront acquisition costs and are covered by our
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and availability of reinsurance coverage. We ceded 64.4% and 68.9%of our gross premiums earned in the three months
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and availability of reinsurance coverage. We ceded 60.5% and 69.7%of our gross premiums earned in the six months
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The following table summarizes our results of operations for thethree months ended March 31, 2026 andthree months
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The following table summarizes our results of operations for thethree and six months ended June 30, 2026 and 2025:
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(1)Loss ratio is a key business metric and is the ratio of losses and LAE to net premiums earned plus policy fees. Management uses
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(2)Loss ratio is a key business metric and is the ratio of losses and LAE to net premiums earned plus policy fees. Management uses
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(2)Expense ratio is a key business metric and is the ratio of policy acquisition expenses and general and administrative expenses to net
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(3)Expense ratio is a key business metric and is the ratio of policy acquisition expenses and general and administrative expenses to net
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(3)Combined ratio is a key business metric, defined as the sum of the loss ratio and the expense ratio. Management uses this operating
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(4)Combined ratio is a key business metric, defined as the sum of the loss ratio and the expense ratio. Management uses this operating
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(4)Return on equity is a key business metric, defined as net income divided by the average beginning and ending shareholders’ equity
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(5)Return on equity is a key business metric, defined as net income divided by the average beginning and ending shareholders’ equity
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(5)Ceded catastrophe excess of loss premiums ratio is a key business metric and a non-GAAP measure defined as ceded catastrophe
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(6)Ceded catastrophe excess of loss premiums ratio is a key business metric and a non-GAAP measure defined as ceded catastrophe
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(6)Net underlying loss and loss adjustment expense ratio is a key business metric and a non-GAAP measure defined as the ratio of loss
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(7)Net underlying loss and loss adjustment expense ratio is a key business metric and a non-GAAP measure defined as the ratio of loss
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net underlying loss and LAE plus ceded non-catastrophe losses divided by total gross earned premiums and policy fees. We view
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net underlying loss and LAE plus ceded non-catastrophe losses divided by total gross premiums earned and policy fees. We view
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cost of non-catastrophe losses for every dollar of gross premium earned. The most directly comparable GAAP measure is the loss
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cost of non-catastrophe losses for every dollar of gross premiums earned. The most directly comparable GAAP measure is the loss
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Policies in-force were 437,308 as of March 31, 2026, an increase of 14.1% compared to policies in-force of 383,332 as of
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Policies in-force were 461,714 as of June 30, 2026, an increase of 15.7% compared to policies in-force of 399,138 as of
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March 31, 2025. The increase in our policies in-force was primarily due to new policies written through the Voluntary
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policies in-force was primarily due to new policies written through the Voluntary Market and the 2025 Citizens take-outs.
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During thethree months ended March 31, 2026, we wrote 29,867 policies in the Voluntary Market, which was an increase
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During thethree months ended June 30, 2026, we wrote 42,863 policies in the Voluntary Market, which was an increase of
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of 5,313 compared to 24,554 new policies written in the Voluntary Market during thethree months ended March 31, 2025.
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15,077 compared to 27,786 new policies written in the Voluntary Market during thethree months ended June 30, 2025. We
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We experienced policy retention rates of 83.6% during thefirst quarter of 2026, up from 78.1% during thefirst quarter of
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experienced policy retention rates of 84.4% during thesecond quarter of 2026, up from 81.5% during thesecond quarter of
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(3)There were 68,844 policies assumed from Citizens during 2024; and 56,450 policies, or 82.0%, were still in-force as of
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(3)There were 68,844 policies assumed from Citizens during 2024; and 53,831 policies, or 78.2%, were still in-force as of
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(4)There were 33,861 policies assumed from Citizens during 2025; and 29,953 policies, or 88.5%, were still in-force as of
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(4)There were 33,861 policies assumed from Citizens during 2025; and 28,887 policies, or 85.3%, were still in-force as of
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Gross premiums written increased by$7.8 million, or 3.7%, to$220.0 million for thethree months ended March 31, 2026,
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Gross premiums written increased by$39.6 million, or 13.8%, to$326.6 million for thethree months ended June 30, 2026,
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Gross premiums earned increased to$230.8 million for thethree months ended March 31, 2026, from$210.2 million for
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Gross premiums earned increased to$242.3 million for thethree months ended June 30, 2026, from$223.7 million for the
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thethree months ended March 31, 2025. The$20.6 million, or 9.8%, increase was due largely to our increase in gross
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three months ended June 30, 2025. The$18.6 million, or 8.3%, increase was due largely to our increase in gross premiums
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Net premiums earned grew by$16.8 million, or 25.7%, reaching$82.2 million for thethree months ended March 31, 2026,
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Net premiums earned grew by$38.5 million, or 58.2%, reaching$104.7 million for thethree months ended June 30, 2026,
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$4.1 million for thethree months ended March 31, 2025. The increase in net investment income was due to an increase in
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$4.8 million for thethree months ended June 30, 2025. The increase in net investment income was due to an increase in
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Sales of available-for-sale debt securities resulted in net realized investment gains of$53,135 for thethree months ended
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Sales of available-for-sale securities resulted in net realized investment loss of$2,431 for thethree months ended June 30,
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$20.9 million for thethree months ended March 31, 2025. The increase in losses and LAE was primarily driven by higher
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million for thethree months ended June 30, 2025. The increase in losses and LAE was primarily driven by higher net
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reinsurance arrangement from 40% to 25% on January 1, 2026.
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premiums earned and the reduction of our non-catastrophe quota share reinsurance arrangement from 40% to 25% on
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ceding commission due to the reduction in our non-catastrophe quota share reinsurance arrangement from 40% to 25% on
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written during the three months ended June 30, 2026, less ceding commission due to the reduction in our non-catastrophe
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Our effective tax rate for thethree months ended March 31, 2026 and 2025 was 26.9% and 11.2%, respectively. The
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respectively. Our effective tax rate for thethree months ended June 30, 2026 and 2025 was 26.4% and(14.1)%,
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increase in the effective tax rate was primarily due to the absence of discrete tax benefits recognized in the prior year
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respectively. The increase in the effective tax rate was primarily due to the absence of discrete tax benefits recognized in
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U.S. federal statutory rate of 21% primarily due to state income taxes.
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differed from the U.S. federal statutory rate of 21% primarily due to state income taxes.
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earned when a policy is written. Our loss ratio increased by 6.4 percentage points for thethree months ended March 31,
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earned when a policy is written. Our loss ratio remained unchanged at 30.6% for thethree months ended June 30, 2026 and
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impact of the Citizens take-out windfall on net premiums earned for the three months ended March 31, 2025.
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The loss ratio reflects the impact of the Citizens take-out windfall on net premiums earned for thethree months
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
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current treaty year reinsurance program which may impact comparability between periods. As a result, periods of heavy
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(8)Gross underlying loss and loss adjustment expense ratio is a key business metric and a non-GAAP measure defined as the ratio of
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Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025
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to the reduction in our non-catastrophe quota share reinsurance arrangement.
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72.9% for thethree months ended June 30, 2025 due to the decrease in our expense ratio.
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contributed to the increase in policy fees.
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$8.9 million for thesix months ended June 30, 2025. The increase in net investment income was due to an increase in
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invested assets driven by the increased in-force premiums and the proceeds from our IPO.
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Sales of available-for-sale securities resulted in net realized investment gains of$50,704 for thesix months ended June 30,
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million for thesix months ended June 30, 2025. The increase in losses and LAE was primarily driven by higher net
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from 40% to 25% on January 1, 2026.
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effective tax rate was primarily due to the absence of discrete tax benefits recognized in the prior year period, as the 2025
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rate of 21% primarily due to state income taxes.
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windfall on net premiums earned for the six months ended June 30, 2025.
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reduction in our non-catastrophe quota share reinsurance arrangement from 40% to 25% on January 1, 2026.
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ratio should not be considered a substitute for the net loss and LAE ratio and does not reflect the overall profitability of our
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(7)Gross underlying loss and loss adjustment expense ratio is a key business metric and a non-GAAP measure defined as the ratio of
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Market and the 2025 Citizens take-outs.
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of the change in tax status impact.
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(3)We included the tax impact of all adjustments to adjusted net income using the US federal statutory corporate tax rate of 21%.
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While the Company’s actual effective tax rates for thethree months ended March 31, 2026 and 2025 were 26.9% and 11.2%
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respectively, the use of the statutory rate provides a consistent and simplified approach for comparability. This approach is applied
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uniformly, including to items that may be partially or fully nondeductible for tax purposes.
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considered a substitute for net loss and LAE ratio and does not reflect the overall profitability of our business.
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reflect the overall profitability of our business.
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other subsidiaries generated from, among other things, income earned on policy fees and fees paid by AIIC to AIMGA for
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general agency, inspections, agent commissions, general operating expenses and claims adjusting services.