American Integrity’s GPW up 44% in Q1’25

Tampa, Florida-headquartered property insurer, American Integrity Insurance, has reported a 43.9% increase in gross premiums written (GPW) in the first quarter of 2025 (Q1’25) to $212.2 million from $147.5 million in Q1’24.

Meanwhile, gross premiums earned for Q1’25 increased by 33.9% to $210.2 million from $156.9 million a year earlier, and net premiums earned increased by 66.5% to $65.4 million, compared to $39.3 million in Q1’24.

All the increases in the first quarter of 2025 have been attributed to the firm’s strategic participation in the Citizens Property Insurance Corporation take-out program, and an increase in premiums from new policies written through the voluntary market.

Ceded premiums earned in Q1’25 increased by 23% to $144.8 million compared to $117.7 million in Q1’24, due to the increase in gross premiums earned.

The combined ratio for the quarter is 42.9%, compared to 75.9% for Q1’24, an improvement of 33 percentage points.

The company explains decreases in its combined ratio, loss ratio and the expense ratio for the quarter were “due to net premiums earned increasing more than loss and loss adjustment expenses, policy acquisition expenses and general and administrative expenses, in each case primarily due to our participation in the Citizens take-out program and the continued realization of operating leverage in the business.”

For the quarter, losses and loss adjustment expenses increased 2.4% to $20.9 million compared to $20.4 million in Q1’24, driven by the rise in gross premiums earned.

The insurer’s net investment income for Q1’25 increased by 26.3% to $4.1 million compared to $3.2 million in Q1’24, driven by an increase in the size of its investment portfolio, primarily as a result of an increase in cash and cash equivalents and fixed-maturity securities.

Meanwhile, as mentioned earlier, policy acquisition and other underwriting expenses in Q1’25 decreased 42% to $3.1 million compared to $5.4 million in Q1’24 driven by an increase in non-catastrophe ceded commissions and participation in the “Citizens take-out program” of which such assumed policies do not carry any policy acquisition cost upon initial assumption of policies.

The loss ratio for Q1’25 is 30.9%, compared to 49.9% for Q1’24, a decrease of 19 percentage points. The expense ratio is 12%, compared to 26% in Q1’24, representing a 14 percentage point decrease.

The insurer reported pre-tax income of $42.9 million and net income of $38.1 million for the first quarter of 2025, compared with pre-tax income of $13.3 million and net income of $12.1 million a year earlier.

Lastly, American Integrity successfully completed an initial public offering (IPO) on May 9th, 2025.  The gross proceeds to the insurer from the IPO were $100 million, before deducting underwriting commissions and estimated offering expenses of approximately $18.5 million. There were 19,571,965 shares of common stock outstanding as of June 9th, 2025.

Robert Ritchie, Chief Executive Officer, American Integrity, commented, “Having just completed a successful IPO in May, I am pleased to report that American Integrity had an outstanding first quarter in 2025. These results reflect more than just performance—they reflect disciplined, strategic execution, and a culture aligned around a mission that matters. We are grateful and humbled by the support that we have been shown by our new investors, and we look forward to discussing the quarterly results on our earnings call.”

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