American Integrity Insurance coverage, one of many largest property insurance coverage carriers in Florida with greater than 350,000 insurance policies in power, goes to Wall Road with an preliminary public providing.
The Tampa-based dad or mum firm, American Integrity Insurance coverage Group, based in 2006, this week filed a registration assertion with the U.S. Securities and Change Fee. Firm leaders hope to lift as a lot as $100 million within the IPO, Renaissance Capital reported.
“We imagine we’re well-positioned to reap the benefits of favorable traits in our current main market of Florida to develop the quantity of latest premiums we write and generate further income,” reads the submitting, which incorporates an introductory letter from CEO and founder Bob Ritchie. “We imagine the numerous regulatory reform payments handed in December 2022 by the Florida legislature are considerably bettering the property insurance coverage underwriting setting within the state, permitting us to pursue further new enterprise alternatives that previously didn’t meet our underwriting and profitability standards.”
The deliberate inventory image on the New York Inventory Change is AII (uppercase aii). The April 14 filing didn’t point out a deliberate date for the IPO or the variety of shares to be provided. The corporate can be transformed from a Texas LLC, a restricted legal responsibility firm, to an organization registered in Delaware.
The SEC submitting famous that an funding within the agency carries some inherent dangers. Loss reserves could also be insufficient to cowl precise legal responsibility for losses, the corporate wrote.
“We use firm historic knowledge to the extent it’s out there and depend on business historic knowledge, which will not be indicative of future intervals,” the corporate defined. “Because of this, our projections and our estimates could also be inaccurate, which in flip might trigger our precise losses to exceed our loss reserves. If our precise losses exceed our loss reserves, our monetary outcomes, our potential to broaden our enterprise and our potential to compete within the property and casualty insurance coverage business could also be negatively affected.”
The submitting added: “If our reserves for unpaid losses and LAE (loss adjustment bills) are lower than precise losses and LAE, we can be required to extend our reserves with a corresponding discount in our internet revenue within the interval during which the deficiency is recognized.”
The submitting reported that American Integrity held 356,108 insurance policies in power on the finish of 2024, principally in Florida. That complete is up sharply from this time final yr, when the Florida Workplace of Insurance coverage Regulation’s quarterly stories present the provider held about 260,000 insurance policies in Florida in Q2 2024. Most of these have been householders and dwelling-fire insurance policies.
Earnings for the agency have risen steadily lately. After a $4.8 million internet loss in 2020, the corporate reported virtually $38 million in internet revenue for 2024, the submitting reveals.
If the preliminary public providing is finalized, American Integrity can be one among solely a handful of publicly traded insurance coverage provider corporations which might be domiciled in Florida, together with Common Property & Casualty Insurance coverage (Common Insurance coverage Holdings), and Heritage Insurance coverage (Heritage Insurance coverage Holdings).
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Florida
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