總收入：9,093萬美元（+26.5%），受惠於淨已賺保費及投資收益增長。

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

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 10-Q

(Mark One) 

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026
or

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______
Commission File Number: 001-42634

American Integrity Insurance Group, Inc.
(Exact name of registrant as specified in its charter)

Delaware

 

33-2925846 

(State or other jurisdiction 
of incorporation or organization)

(I.R.S. Employer Identification No.)

3000 Bayport Drive, Suite 500
Tampa, Florida

33607

(Address of principal executive offices)

 (Zip Code)

(813) 880-7000 
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 par value

AII

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 
during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing 
requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of 
Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    
Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an 
emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth 
company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer 

☐

Accelerated filer

☐

Non-accelerated filer 

☒

Smaller reporting company

☒

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.            ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
As of May 14, 2026, there were 19,590,817 shares of common stock, par value of $0.001 per share, outstanding.

i

American Integrity Insurance Group, Inc.
Table of Contents

PART I

Explanatory Note

ii

Special Note Regarding Forward-Looking Statements

iii

PART I – FINANCIAL INFORMATION

Item 1.

Condensed Consolidated Financial Statements (Unaudited)

1

Condensed Consolidated Balance Sheets as of March 31, 2026 (Unaudited) and December 31, 
2025

1

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income for 
the three months ended March 31, 2026 and March 31, 2025

2

Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity for the 
three months ended March 31, 2026 and March 31, 2025

3

Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended 
March 31, 2026 and March 31, 2025

4

Notes to the Unaudited Condensed Consolidated Financial Statements

6

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

25

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

43

Item 4.

Controls and Procedures

43

PART II – OTHER INFORMATION

Item 1.

Legal Proceedings

45

Item 1A.

Risk Factors

45

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

45

Item 3.

Defaults Upon Senior Securities

45

Item 4.

Mine Safety Disclosures

45

Item 5.

Other Information

45

Item 6.

Exhibits

46

Signatures

47

ii

EXPLANATORY NOTE 
This Quarterly Report on Form 10-Q covers a period that includes a portion of time prior to the completion of our initial 
public offering (the “IPO”) on May 9, 2025. In connection with the completion of the IPO, American Integrity Insurance 
Group, Inc. (the “Company,” “American Integrity,” “we,” “our” or “us”) effected a corporate contribution in which the 
owners of the equity interests of American Integrity Insurance Group, LLC (“AIIG”) contributed all of their equity interests 
in AIIG to the Company in exchange for an aggregate of 12,904,495 shares of the Company’s common stock, par value 
$0.001 per share (the “Common Stock”). Except as otherwise noted herein, our unaudited condensed consolidated financial 
statements included in this Quarterly Report on Form 10-Q are those of the Company and its consolidated operations.

iii

Special Note Regarding Forward-Looking Statements 
This Quarterly Report on Form 10-Q contains “forward-looking statements” as defined in Section 27A of the Securities 
Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the 
“Exchange Act”). All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q 
may be forward-looking statements. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, 
but are not limited to, statements regarding: our outlook; our business strategy; writing new business and retaining existing 
policies; new insurance products; availability of reinsurance coverage; expectations on future growth; future Citizens 
Property Insurance Corporation (“Citizens”) take-out opportunities; anticipated future operating results and operating 
expenses, cash flows, capital resources and liquidity; reserves for losses and loss adjustment expenses; geographic 
expansion; reduction of our quota share; competition; future regulatory, judicial and legislative changes; forecasts of future 
revenues and appropriately planning our expenses; and our plans regarding our capital expenditures and investment 
portfolios. 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;
•the severity and frequency of catastrophe events of which are unpredictable;
•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;

iv

•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;
•mandatory assessments or competition from government entities may create short-term liabilities or affect our 
ability to underwrite more policies; and
•other risks identified in Part II, Item 1A “Risk Factors” in this Quarterly Report on Form 10-Q and Part I, Item 1A 
“Risk Factors” in our most recent Annual Report on Form 10-K. 
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 in this Quarterly Report on Form 10-Q may not occur and actual results 
could differ materially and adversely from those anticipated or implied in the forward-looking statements. 

1

PART I – FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements (unaudited)

American Integrity Insurance Group, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)

March 31, 
2026

December 31, 
2025

(unaudited)

Assets

Fixed maturities, available-for-sale, at fair value (amortized cost of $347,017 and 
$327,910, respectively)

$347,264

$330,489

Short-term investments (amortized cost of $2,480 and $18,121, respectively)

2,479

18,121

Total investments

349,743

348,610

Cash and cash equivalents

171,182

203,902

Restricted cash

55,169

40,217

Premiums receivable, net

44,432

45,031

Accrued investment income

3,072

3,458

Prepaid reinsurance premiums

157,888

275,093

Reinsurance recoverable, net

275,290

269,056

Net reinsurance commission receivable

58,871

—

Property and equipment, net 

6,390

5,718

Right-of-use assets – operating leases 

35,702

449

Deferred income tax asset, net

8,943

8,636

Other assets

8,372

24,904

Total assets

$1,175,054

$1,225,074

Liabilities and shareholders’ equity

Liabilities:

Unpaid losses and loss adjustment expenses 

$264,857

$266,591

Income tax payable

4,734

2,680

Unearned premiums

470,789

481,557

Reinsurance payable

5,350

78,526

Advance premiums

25,892

11,752

Long-term debt

515

618

Lease liabilities – operating leases 

32,652

458

Deferred policy acquisition costs, net of unearned ceding commissions

8,804

12,902

Other liabilities and accrued expenses

25,978

32,968

Total liabilities

$839,571

$888,052

Shareholders’ equity:(1)

Common stock, $0.001 par value, 100,000,000 shares authorized, 19,581,343 shares 
issued and outstanding at March 31, 2026 and 19,579,009 shares issued and 
outstanding at December 31, 2025

$20

$20

Additional paid-in capital

106,162

105,896

Accumulated other comprehensive income, net of taxes

184

1,928

Retained earnings

229,117

229,178

Total shareholders’ equity

$335,483

$337,022

Total liabilities and shareholders’ equity

$1,175,054

$1,225,074

See accompanying notes to unaudited condensed consolidated financial statements.
(1)Both the number of shares outstanding and their par value have been retrospectively recast for all prior periods presented to reflect 
the par value of the outstanding stock of American Integrity Insurance Group, Inc. as a result of the Corporate Contribution. See 
Note 1 — “Nature of Operations and Basis of Presentation” and Note 14 — “Earnings Per Share.”

2

American Integrity Insurance Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)
(In thousands, except share and per share data)

Three Months Ended March 31,

2026

2025

Revenues:

Gross premiums written

$220,004

$212,150

Change in gross unearned premiums

10,768

(1,994)

Gross premiums earned

230,772

210,156

Ceded premiums earned

(148,564)

(144,754)

Net premiums earned

82,208

65,402

Policy fees

2,745

2,204

Net investment income

5,652

4,103

Net realized gains on investments

53

16

Other income

273

161

Total revenues

90,931

71,886

Expenses:

Losses and loss adjustment expenses, net

31,725

20,862

Policy acquisition expenses

15,985

3,107

General and administrative expenses

15,966

5,008

Total expenses

63,676

28,977

Income before income taxes

27,255

42,909

Income tax expense

7,345

4,813

Net income

$19,910

$38,096

Other comprehensive income (loss):

Unrealized holding gains (losses) on available-for-sale securities, net 
of taxes

(1,705)

457

Reclassification adjustment for net realized gains (losses), net of 
taxes

(39)

(12)

Total other comprehensive income (loss)

(1,744)

445

Comprehensive income

$18,166

$38,541

Earnings per share:(1)

Basic earnings per share

$1.02

$2.78

Diluted earnings per share

$1.02

$2.78

Weighted average shares outstanding – Basic

19,579,035

12,904,495

Weighted average shares outstanding – Diluted

19,579,308

12,904,495

See accompanying notes to unaudited condensed consolidated financial statements.
(1)Both the number of shares outstanding and their par value have been retrospectively recast for all prior periods presented to reflect 
the par value of the outstanding stock of American Integrity Insurance Group, Inc. as a result of the Corporate Contribution. See 
Note 1 — “Nature of Operations and Basis of Presentation” and Note 14 — “Earnings Per Share.”

3

American Integrity Insurance Group, Inc. and Subsidiaries 
Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)
Three Months Ended March 31, 2026
(In thousands, except share amounts)

Common
Shares

Amount

Additional
Paid-in
Capital

Retained
Earnings

Accumulated
Other
Comprehensive
Income (Loss)

Total
Shareholders’
Equity

Balance at December 31, 2025

19,579,009

$20

$105,896

$229,178

$1,928

$337,022

Common stock dividends ($1.02 per 
share)

—

—

—

(19,971)

—

(19,971)

Total other comprehensive income 
(loss)

—

—

—

—

(1,744)

(1,744)

Net income

—

—

—

19,910

—

19,910

Vesting of restricted stock awards

2,334

—

45

—

—

45

Stock-based compensation on 
restricted stock units

—

—

221

—

—

221

Balance at March 31, 2026

19,581,343

$20

$106,162

$229,117

$184

$335,483

Common
Shares

Amount

Additional
Paid-in
Capital

Retained
Earnings

Accumulated
Other
Comprehensive
Income (Loss)

Total
Shareholders’
Equity

Balance at December 31, 2024

12,904,495

$13

$10,274

$152,432

$(327)

$162,392

Distributions to members – tax 
advances and profit distributions 
($1.15 per share)(1)

—

—

—

(14,875)

—

(14,875)

Total other comprehensive income

—

—

—

—

445

445

Net income

—

—

—

38,096

—

38,096

Balance at March 31, 2025

12,904,495

$13

$10,274

$175,653

$118

$186,058

See accompanying notes to unaudited condensed consolidated financial statements. 
(1)The distributions were made to members prior to the IPO. See Note 1 — “Nature of Operations and Basis of Presentation” and 
Note 11 — “Shareholders’ Equity.”

4

American Integrity Insurance Group, Inc. and Subsidiaries 
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)

For the Three Months Ended March 31,

2026

2025

Cash flows provided by (used in) operating activities

Net income

$19,910

$38,096

Adjustments to reconcile net income to net cash provided by operating activities:

Stock-based compensation expense

266

—

Amortization and depreciation

798

497

Deferred income taxes

282

(1,090)

Net realized (gains)

(53)

(16)

Changes in operating assets and liabilities:

Premiums receivable

599

(4,899)

Accrued investment income

386

238

Prepaid reinsurance premiums

117,205

89,856

Reinsurance recoverable

(6,234)

22,394

Net reinsurance commission receivable

8,312

—

Other assets

13,534

8,879

Unpaid losses and loss adjustment expense

(1,734)

(44,089)

Unearned premiums

(10,768)

1,994

Reinsurance payable

(140,359)

(55,072)

Advance premiums

14,140

13,950

Income taxes payable (recoverable)

2,054

6,418

Operating lease payments

389

(501)

Deferred policy acquisition costs, net unearned ceding commissions

(4,098)

(5,095)

Other liabilities and accrued expenses

(7,837)

(3,475)

Net cash provided by operating activities

6,792

68,085

Cash flows provided by (used in) investing activities

Purchases of property and equipment

(1,267)

(108)

Proceeds from sales and maturities of fixed maturity securities

20,534

59,870

Purchases of fixed maturity securities

(39,424)

(51,419)

Proceeds from sales and maturities of short-term investments

22,659

—

Purchases of short-term investments

(6,988)

—

Net cash provided by (used in) investing activities

(4,486)

8,343

Cash flows provided by (used in) financing activities

Cash dividends paid

(19,971)

—

Cash distributions to members(1)

—

(14,875)

Repayment of long-term debt

(103)

(103)

Net cash used in financing activities

(20,074)

(14,978)

Net increase in cash, cash equivalents and restricted cash

(17,768)

61,450

Cash, cash equivalents and restricted cash at beginning of year

244,119

179,272

Cash, cash equivalents and restricted cash at end of period

$226,351

$240,722

(1)The distributions were made to members prior to the IPO. See Note 1 — “Nature of Operations and Basis of Presentation” and 
Note 11 — “Shareholders’ Equity.”

5

American Integrity Insurance Group, Inc. and Subsidiaries 
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)

For the Three Months Ended March 31,

2026

2025

Supplemental disclosures of cash flow information

Interest paid

$12

$—

Income taxes paid

$5,311

$—

The following table is a reconciliation of cash, cash equivalents, and restricted cash reported within the Company’s 
condensed consolidated balance sheets: 

March 31, 
2026

December 31, 
2025

Cash and cash equivalents

$171,182

$203,902

Restricted cash

55,169

40,217

Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated 
Statements of Cash Flows

$226,351

$244,119

See accompanying notes to unaudited condensed consolidated financial statements.

6

American Integrity Insurance Group, Inc. and Subsidiaries
Notes to Consolidated Financial Statements 
(Dollar amounts in thousands, except share and per share data, unless otherwise stated)

 

1.            Nature of Operations and Basis of Presentation
Organization and Description of the Company
American Integrity Insurance Group, Inc., a Delaware corporation (the “Company”), was formed on January 15, 
2025. American Integrity Insurance Group, LLC, a Texas limited liability company (“AIIG”), was formed in 2006. 
On May 7, 2025, the holders of all of the outstanding equity of AIIG contributed all of their equity interests in AIIG 
to the Company (the “Corporate Contribution”), in exchange for 12,904,495 shares of the Company’s common 
stock, par value $0.001 per share (the “Common Stock”), immediately prior to the Company’s initial public offering 
(the “IPO”). This is further described in the “Initial Public Offering and Corporate Contribution” section below. 
The operations of AIIG represent the predecessor to the Company prior to the IPO, and the consolidated and 
combined entities of the Company are described in more detail below. Information for any periods prior to May 7, 
2025 relates to AIIG and its subsidiaries.
The Company and its wholly-owned subsidiaries are engaged in the property and casualty insurance business. The 
Company’s subsidiaries include American Integrity Insurance Company (f/k/a American Integrity Insurance 
Company of Florida, Inc.) (“AIIC”), a property and casualty insurance company domiciled in the state of Florida; 
AIIG; American Integrity MGA, LLC (“AIMGA”), a Texas limited liability company operating as a managing 
general agency and functioning as a manager for the insurance subsidiary’s business; American Integrity Claims 
Services, LLC (“AICS”), a Texas limited liability company operating as a third-party administrator and providing 
insurance claims processing services; Pinnacle Insurance Consultants, LLC (“PIC”), a Nevada limited liability 
company operating as a licensed insurance agency in the state of Florida; and Pinnacle Analytics, LLC (“PA”), a 
Texas limited liability company performing limited reinsurance brokerage functions for the insurance subsidiary’s 
business. During 2023, the Company entered into an agreement with Artex SAC Limited (“Artex”), a Bermuda 
Licensed Segregated Accounts Company, to establish Catstyle Segregated Account (“Catstyle”). Catstyle is a 
segregated account controlled by the Company formed for the purpose of conducting reinsurance business.
The Company’s property and casualty insurance is currently offered in Florida, Georgia, North Carolina, and South 
Carolina.
Basis of Presentation and Principles of Consolidation
The Company has prepared the accompanying unaudited condensed consolidated financial statements in accordance 
with accounting principles generally accepted in the United States of America (“GAAP”) and the Securities and 
Exchange Commission (“SEC”). References to the Accounting Standard Codification (“ASC”) and the Accounting 
Standard Updates (“ASU”) included hereinafter refer to the Accounting Standards Codification and Updates issued 
by the Financial Accounting Standards Board (“FASB”) as the source of the authoritative GAAP. In the opinion of 
management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have 
been included in these condensed consolidated financial statements.
The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-
owned subsidiaries, as well as variable interest entities (“VIE”) in which the Company is determined to be the 
primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. 
The condensed consolidated financial statements for prior periods give effect to the Corporate Contribution 
discussed below, including the exchange of all 122,900 units of AIIG for an aggregate of 12,904,495 shares of 
Common Stock of the Company, which is equivalent to an overall exchange ratio of one-for-105. All share and 
earnings per share amounts presented herein have been retroactively adjusted to give effect to the Corporate 
Contribution as if they occurred prior to all prior periods presented.

7

American Integrity Insurance Group, Inc. and Subsidiaries
Notes to Consolidated Financial Statements 
(Dollar amounts in thousands, except share and per share data, unless otherwise stated)

Initial Public Offering and Corporate Contribution
Immediately prior to the IPO, the owners of the equity interests of AIIG contributed all of their equity interests to 
the Company in exchange for an aggregate of 12,904,495 shares of Common Stock in the Corporate Contribution. 
On May 9, 2025, the Company completed its IPO of an aggregate of 6,875,000 shares of the Company’s Common 
Stock, at a price to the public of $16.00 per share, 6,250,000 of which shares were sold by the Company and 
625,000 of which shares were sold by certain selling stockholders. The gross proceeds to the Company from the IPO 
were $100 million, and gross proceeds to the selling stockholders from the IPO were $10 million, before deducting 
underwriting discounts and commissions of $7 million. Pending their further use, the proceeds were invested in 
investment grade instruments. On May 13, 2025, the underwriters completed the exercise of their option to purchase 
an additional 1,031,250 shares of Common Stock from the selling stockholders resulting in an additional $16.5 
million in gross proceeds to the selling stockholders, before deducting underwriting discounts and commissions. The 
Company did not receive any gross proceeds from the sales of shares of Common Stock by the selling stockholders.
In connection with the IPO, the Company issued a net amount of 417,470 shares of restricted stock to certain 
employees and consultants (the “Restricted Stock Grant”) after giving effect to the withholding of approximately 
234,587 shares of Common Stock to satisfy the estimated tax withholding and remittance obligations (the 
“Restricted Stock Grant Net Settlement”). The Company incurred a one-time share-based compensation expense of 
$10.4 million in connection with the Restricted Stock Grant, which was expensed in general and administrative 
expenses on the condensed consolidated statements of operations and comprehensive income. The Company also 
paid $3.8 million for tax withheld on vesting of restricted stock in connection with the Restricted Stock Grant Net 
Settlement. The compensation expense for these awards was recognized in the second quarter of 2025.
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with GAAP requires management to 
make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed 
consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. As 
a result, actual results could differ from those estimates. Management evaluates estimates on an ongoing basis when 
updated information related to such estimates becomes available. The most significant areas that require 
management judgment are the estimate of unpaid losses and loss adjustment expenses, evaluation of reinsurance 
recoverable, evaluation of ceding commission, and valuation of investments.

2.           Significant Accounting Policies
Changes to Significant Accounting Policies 
There have been no changes to significant accounting policies as reported in the audited consolidated financial 
statements of the Company for the year ended December 31, 2025. The Company has included the Restricted Stock 
policy, which is a newly updated policy to reflect the performance-based restricted stock units (“PSUs”) granted for 
the unaudited condensed consolidated financial statements of the Company for the three months ended March 31, 
2026.
Restricted Stock
The PSUs are subject to performance-based vesting conditions and are accounted for as equity under ASC Topic 
718, Compensation—Stock Compensation. PSUs are valued based on the fair value of the underlying award, which 
is the closing price of the Common Stock on the date of the grant. The Company recognizes the compensation cost 
for PSUs on a straight-line basis over the awards’ three-year vesting period as general and administrative expenses 
within the Company’s consolidated statements of operations and comprehensive income. The PSUs were granted 
assuming expected maximum achievement of the applicable performance conditions. Accordingly, compensation 

8

American Integrity Insurance Group, Inc. and Subsidiaries
Notes to Consolidated Financial Statements 
(Dollar amounts in thousands, except share and per share data, unless otherwise stated)

cost is subject to decreases based on the Company’s actual performance relative to the established metrics for each 
performance year. The Company recognizes any PSU forfeitures when they occur. 
Recently Issued and Adopted Accounting Pronouncements
In November 2023, the FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable 
Segment Disclosures, which amended the guidance in ASC 280, Segment Reporting, to require a public entity to 
disclose significant segment expenses and other segment items on an annual and interim basis and to provide in 
interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required 
annually. Public entities with a single reportable segment are required to provide the new disclosures and all the 
disclosures required under ASC 280. The guidance is applied retrospectively to all periods presented in financial 
statements, unless it is impracticable. The guidance applies to all public entities and is effective for fiscal years 
beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. 
The Company adopted ASU 2023-07 for its 2024 year-end. The adoption of the ASU did not have a material impact 
on the consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax 
Disclosures, which amended the guidance in ASC 740 to enhance the transparency and decision-usefulness of 
income tax disclosures, particularly in the rate reconciliation table and disclosures about income taxes paid. The 
guidance applies to all entities subject to income taxes and permits either prospective or retrospective application. 
For public business entities, the new requirements will be effective for annual periods beginning after December 15, 
2024. The Company adopted ASU 2023-09 on a prospective basis beginning with the year ended December 31, 
2025. The adoption did not have a material impact on the Company’s consolidated financial condition or results of 
operations, but resulted in additional income tax disclosures in the consolidated financial statements.
In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software 
(Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which provides updated 
guidance on the recognition, measurement, and disclosure of costs incurred in connection with internally developed 
software. The new standard is intended to align accounting practices for software that is developed in-house with 
recent advancements in technology and current industry practices. ASU 2025-06 is effective for annual reporting 
periods beginning after December 15, 2027, and interim periods within those annual periods. The Company adopted 
ASU 2025-06 on January 1, 2026 using the prospective method. The adoption of the ASU did not have a material 
impact on the condensed consolidated financial statements.
Recently Issued Accounting Pronouncements Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – 
Expense Disaggregation Disclosures (Subtopic 220-40). This ASU requires disaggregated disclosure of income 
statement expenses, such as employee compensation and depreciation, for public business entities. The ASU does 
not change the expense captions an entity presents on the face of the income statement; rather, it requires 
disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the 
consolidated financial statements. The ASU also requires disclosure of a qualitative description of the amounts 
remaining in relevant expense captions that are not separately disaggregated quantitatively. ASU 2024-03 is 
effective for all public business entities for fiscal years beginning after December 15, 2026 and interim periods 
within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company will adopt the 
guidance on December 31, 2027, and is currently assessing the impact of this ASU on the consolidated financial 
statements and related disclosures.
In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope 
Improvements, which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. 
The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle 
requiring entities to disclose events since the end of the last annual reporting period that have a material impact on 
the entity. ASU 2025-11 is effective for annual reporting periods beginning after December 15, 2027 and interim 
periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact of 
ASU 2025-11 on its consolidated financial statements and related disclosures. 

9

American Integrity Insurance Group, Inc. and Subsidiaries
Notes to Consolidated Financial Statements 
(Dollar amounts in thousands, except share and per share data, unless otherwise stated)

3.           Variable Interest Entity
As part of the 2023-2024 catastrophe excess of loss reinsurance placement, which incepted on June 1, 2023, AIIC 
entered into a reinsurance agreement with Catstyle, a segregated account controlled by the Company. Catstyle 
provides reinsurance coverage for layer one of the Company’s catastrophe reinsurance program effective June 1, 
2023 through May 31, 2024, June 1, 2024 through May 31, 2025, and June 1, 2025 through May 31, 2026. Catstyle 
reinsurance eliminates in consolidation.
To establish the Catstyle, AIIG entered into a master preference shareholder agreement with Artex whereby AIIG 
purchased 1,000 non-voting redeemable preference shares, par value of $1.00, to become the sole shareholder of 
Catstyle. AIIG also contributed additional surplus in order to fully capitalize Catstyle.
The Company was determined to be the primary beneficiary of Catstyle, a silo that is a VIE within Artex, as AIIG 
has the power to direct the activities that significantly affect the economic performance as well as the obligation to 
absorb losses and the right to receive benefits that could potentially be significant of Catstyle. Thus, AIIG has 
consolidated the assets, liabilities and operations of Catstyle in its consolidated financial statements with 
intercompany balances and transactions eliminated in consolidation.
The following table presents, on a consolidated basis, the balance sheet classification and exposure of restricted cash 
and investments held in the segregated account, which are used to settle reinsurance obligations of the VIE as of the 
dates presented. Restricted cash and investments held in the segregated account are required to be held in a trust 
account solely for the benefit of the Company and can be used to settle activity under the reinsurance agreement. 
Any restricted cash or investments held in the segregated account not actively being used to settle activity under the 
reinsurance agreement can be paid to the Company by dividend based upon underwriting results of the segregated 
account or by expiration or termination of the reinsurance agreement. Catstyle cannot declare or pay dividends 
without necessary approvals from the Bermuda Monetary Authority (the “Authority”).

March 31,
2026

December 31,
2025

Restricted cash and cash equivalents

$54,311

$39,364

Total

$54,311

$39,364

4.           Investments
Available-for-Sale Securities
The amortized cost and estimated fair value of available-for-sale securities were as follows:

March 31, 2026

Amortized
Cost

Allowance
for Credit
Loss

Gross 
Unrealized
Gains

Gross
Unrealized
Losses

Estimated
Fair Value

U.S. Treasury and U.S. government agencies

$30,673

$—

$16

$(16)

$30,673

Corporate debt securities

190,217

—

568

(220)

190,565

Asset-backed securities

126,127

—

302

(403)

126,026

Total fixed maturity securities

347,017

—

886

(639)

347,264

Short-term investments

2,480

—

—

(1)

2,479

Total available-for-sale investments

$349,497

$—

$886

$(640)

$349,743

10

American Integrity Insurance Group, Inc. and Subsidiaries
Notes to Consolidated Financial Statements 
(Dollar amounts in thousands, except share and per share data, unless otherwise stated)

December 31, 2025

Amortized
Cost

Allowance
for Credit
Loss

Gross 
Unrealized
Gains

Gross
Unrealized
Losses

Estimated
Fair Value

U.S. Treasury and U.S. government agencies

$30,646

$—

$76

$—

$30,722

Corporate debt securities

205,109

—

1,793

(103)

206,799

Asset-backed securities

92,155

—

826

(13)

92,968

Total fixed maturity securities

327,910

—

2,695

(116)

330,489

Short-term investments

18,121

—

1

(1)

18,121

Total available-for-sale investments

$346,031

$—

$2,696

$(117)

$348,610

A summary of the aggregate estimated fair values of available-for-sale securities with unrealized losses segregated 
by time period in an unrealized loss position is as follows: 

March 31, 2026

Less than 12 months

12 months or greater

Total

Estimated
Fair Value

Unrealized
losses

Estimated
Fair Value

Unrealized
losses

Estimated
Fair Value

Unrealized
losses

U.S. Treasury and U.S. government 
agencies

$—

$—

$30,673

$(16)

$30,673

$(16)

Corporate debt securities

—

—

190,565

(220)

190,565

(220)

Asset-backed securities

38,836

(227)

87,190

(176)

126,026

(403)

Short-term investments

2,479

(1)

—

—

2,479

(1)

Total

$41,315

$(228)

$308,428

$(412)

$349,743

$(640)

December 31, 2025

Less than 12 months

12 months or greater

Total

Estimated
Fair Value

Unrealized
losses

Estimated
Fair Value

Unrealized
losses

Estimated
Fair Value

Unrealized
losses

Corporate debt securities

$134,892

$(19)

$71,907

$(84)

$206,799

$(103)

Asset-backed securities

78,644

(12)

14,324

(1)

92,968

(13)

Short-term investments

18,121

(1)

—

—

18,121

(1)

Total

$231,657

$(32)

$86,231

$(85)

$317,888

$(117)

As of March 31, 2026 and December 31, 2025, there were 77 and 17 available-for-sale fixed-maturity securities, 
respectively, in an unrealized loss position.

11

American Integrity Insurance Group, Inc. and Subsidiaries
Notes to Consolidated Financial Statements 
(Dollar amounts in thousands, except share and per share data, unless otherwise stated)

A summary of the amortized cost and estimated fair value of available-for-sale securities at March 31, 2026, by 
contractual maturity is as follows. The expected maturities may differ from the contractual maturities because 
certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

Amortized Cost

Estimated Fair
Value

Years to maturity

Government and corporate securities:

Due in one year or less

$85,371

$85,373

Due after one year through five years

137,999

138,344

Due after five years through 10 years

—

—

Due after 10 years

—

—

Other securities, which provide for periodic payments:

Asset-backed securities

126,127

126,026

Total

$349,497

$349,743

The following table presents components of the Company’s net investment income as follows:

Three Months Ended March 31,

2026

2025

Fixed maturities, available-for-sale

$3,835

$2,131

Short-term investments

117

—

Cash and cash equivalents

1,908

2,115

Gross investment income

5,860

4,246

Investment expenses

(208)

(143)

Net investment income

$5,652

$4,103

Proceeds from sales or maturities of fixed maturity available-for-sale securities for the three months ended 
March 31, 2026 were $20,534, with $82 and $24 of gross realized gains and losses, respectively. Proceeds from 
sales of fixed maturity available-for-sale securities for the three months ended March 31, 2025 were $59,870, with 
$111 and $93 of gross realized gains and losses, respectively. Proceeds from sales or maturities of short-term 
securities for the three months ended March 31, 2026 were $22,659, with $0 and $5 of gross realized gains and 
losses, respectively. There were no proceeds from sales or maturities of short-term securities for the three months 
ended March 31, 2025.
The Company did not record any activity pertaining to the allowance for credit losses as of March 31, 2026 or 
December 31, 2025.

12

American Integrity Insurance Group