By Michael Loney

April 29 - (The Insurer) – Florida carrier American Integrity Insurance Group has launched an initial public offering of 6.88 million shares with the price expected to be between $15 and $17 a share.

American Integrity intends to list its common stock on the New York Stock Exchange under the ticker symbol “AII."

Tampa-based American Integrity launched the roadshow for the proposed IPO of its common stock on Tuesday.

The launch was announced the same day as Bermudian (re)insurer Aspen also announced terms on an IPO that would raise up to $341 million, with a value of up to $2.85 billion.

American Integrity is offering 6.25 million shares and certain existing stockholders are offering 625,000 shares.

The IPO would raise $103.2 million at the low end, $116.9 million at the high end and $110.0 million at the midpoint of the expected price range of between $15 and $17 a share.

In addition, certain American Integrity stockholders intend to grant the underwriters a 30-day option to purchase up to an additional 1.03 million shares of common stock at the IPO offering price, less underwriting discounts and commissions.

American Integrity intends to use the net proceeds from the offering for general corporate purposes, which may include contributing capital to its insurance subsidiary to support growth, as well as for the satisfaction of tax withholding and remittance obligations.

Keefe Bruyette & Woods, Piper Sandler and William Blair are acting as the active bookrunners. Citizens Capital Markets and Raymond James are acting as passive bookrunners. Oppenheimer & Co is acting as a co-manager.

American Integrity filed an amended Form S-1 on Tuesday, following the carrier initially filing an S-1 registration statement in mid-April ahead of a potential IPO.

The company estimates that at the $16.00 per share midpoint of the price range it will receive net proceeds from the offering of $81.5 million after deducting expenses, fees due and a restricted stock grant net settlement.

In the filing, American Integrity founder and CEO Robert Ritchie said: “We have been a stable and disciplined provider of residential insurance coverage in Florida for more than 19 years.”

The company is the seventh-largest writer of residential property insurance in Florida, as measured by direct premiums written as of December 31, 2024,

As of December 31, 2024, American Integrity had 356,108 policies in-force.

It produced gross premiums written of $767.7 million in 2024, up from $641.0 million in 2023. Net premiums written increased to $194.4 million in 2024 from $138.0 million the year before.

Net income was $39.7 million in 2024, up from $37.8 million in 2024, while adjusted net income increased to $39.6 million from $37.8 million.

The combined ratio was 80.9% in 2024, compared with 83.3% in 2023.

“While the industry experienced over $6.9 billion in underwriting losses between 2017 and 2024, and nearly a dozen insurance companies focusing on the Florida residential property market failed during that time period, we were profitable in every year except two, generated cumulative net income of $121.2 million, and maintained a strong, stable balance sheet with no decreases in statutory surplus,” the filing said.

As of the end of March this year, policies in-force were 383,332, up 42.9% from the year before and up 7.6% from the end of 2024. The increase in policies in-force was due to new policies written through the voluntary market and Q1 2025 Citizens take-outs.

Gross premiums written increased 43.9% to $212.2 million in the first quarter of this year. The combined ratio was 42.9% for the quarter, compared to 75.9% for Q1 2024.