American Integrity Insurance Group (NYSE: AII) delivers record Q2 2026 profits and policy growth
Rhea-AI Filing Summary
American Integrity Insurance Group, Inc. reported strong second quarter 2026 results with record profitability and policy growth. Net income was $34.1 million, up 24.2% year over year, or $1.74 per diluted share. Adjusted net income was $34.9 million, up 11.4%. Net premiums earned rose 58.2% to $104.7 million, while total revenues increased 54.6% to $115.2 million. Underwriting performance improved, with a combined ratio of 63.4% versus 72.9% a year earlier, and return on equity of 38.7% (adjusted 39.6%).
Policies in-force reached 461,714, up 15.7% year over year, with notable voluntary growth in Florida’s Tri-County region and middle-aged homes. Book value per share was $18.86, up 22.3% from June 30, 2025. The company renewed its catastrophe excess-of-loss reinsurance program effective June 1, 2026, securing $3 billion of third-party catastrophe coverage at an estimated total cost of $430–$440 million, benefiting from risk-adjusted rate decreases at the upper end of the 15–20% decline range and a lower aggregate retention.
For the first six months of 2026, total revenues grew 40.8% to $206.1 million, but net income declined 17.6% to $54.1 million as the combined ratio rose to 68.5% from 58.1%, reflecting higher losses and expenses over the period.
Positive
- Net income rose 24.2% in Q2 2026 to $34.1 million, with diluted EPS of $1.74 and adjusted net income up 11.4% to $34.9 million.
- Underwriting performance strengthened, with the Q2 2026 combined ratio improving to 63.4% from 72.9%, and the expense ratio falling to 32.8% from 42.3%.
- Top-line and policy growth were robust: Q2 net premiums earned increased 58.2% to $104.7 million and policies in-force grew 15.7% to 461,714.
- Book value per share increased 22.3% year over year to $18.86 as of June 30, 2026, alongside shareholders’ equity of $369.5 million.
- Reinsurance costs improved materially: the 2026–2027 CAT XOL program provides $3 billion of coverage with risk-adjusted rate decreases at the upper end of the 15–20% range and reduced aggregate retention from $95 million to $75 million.
Negative
- Six-month net income declined 17.6% to $54.1 million, and adjusted net income fell to $54.7 million from $69.4 million year over year.
- Profitability for the first half weakened, with the combined ratio rising to 68.5% from 58.1%, driven by higher loss and expense ratios.
- First-half expense ratio increased to 34.9% from 27.3%, reflecting sharply higher policy acquisition expenses and general and administrative costs.
- Loss ratio for the first half rose to 33.6% from 30.8%, indicating higher losses relative to earned premiums plus policy fees over the six-month period.
Filing Explained
At June 30, 2026, the filing reports $288,453 thousand in cash and $369,519 thousand in equity, updating holders’ balance-sheet view.
Form 8-K reports specified material events; here, American Integrity Insurance Group furnished second-quarter results and an investor presentation on
As of
The same balance sheet reports
For the six months ended
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q2 2026 Net Income: $34,146,000
Q2 2026 Net Premiums Earned: $104,696,000
Q2 2026 Combined Ratio: 63.4%
+5 more
8 metrics
Q2 2026 Net Income
$34,146,000
Three months ended June 30, 2026 net income, up 24.2% year over year
Q2 2026 Net Premiums Earned
$104,696,000
Three months ended June 30, 2026, 58.2% higher than Q2 2025
Q2 2026 Combined Ratio
63.4%
Three months ended June 30, 2026 combined ratio vs 72.9% in Q2 2025
Book Value per Share
$18.86
As of June 30, 2026, up 22.3% from June 30, 2025
Policies In-Force
461,714
Policies in-force as of June 30, 2026, 15.7% higher than a year earlier
Six-Month 2026 Net Income
$54,056,000
Six months ended June 30, 2026, down 17.6% from $65,590,000 in 2025
Six-Month 2026 Combined Ratio
68.5%
Combined ratio for six months ended June 30, 2026 vs 58.1% in 2025
CAT XOL Coverage
$3,000,000,000
Total third-party catastrophe coverage under 2026–2027 excess of loss program
Key Terms
combined ratio, quota share reinsurance, catastrophe excess of loss reinsurance, probable maximum loss, +2 more
6 terms
combined ratio financial
"The combined ratio was 63.4% for the second quarter of 2026 compared to 72.9% for the second quarter of 2025"
The combined ratio is a way insurance companies measure how well they are doing by adding up all their costs and claims and comparing them to the money they earn from premiums. If the ratio is below 100%, it means the company is making a profit; if it's above 100%, they are losing money. It helps see if an insurance company is financially healthy or not.
catastrophe excess of loss reinsurance financial
"Renewed the Company’s catastrophe excess of loss (“CAT XOL”) reinsurance program effective June 1, 2026"
A catastrophe excess of loss reinsurance policy is a contract that kicks in when an insurer’s losses from a single large disaster exceed a set threshold, covering the amount above that threshold up to a predetermined limit. Think of it like an umbrella that only opens after a storm causes massive damage; for investors, it matters because it reduces an insurer’s exposure to extreme losses, stabilizes capital and earnings, and influences pricing and solvency metrics.
probable maximum loss financial
"retaining its 1-in-130 year probable maximum loss level and reducing its aggregate retention"
An estimate of the largest loss a company, project, or portfolio is likely to suffer from a single plausible adverse event, such as a natural disaster, major accident, or market shock. For investors it signals how much capital, insurance, or reserves may be needed to withstand a severe but realistic hit—like estimating the most damage a storm could cause to your house—helping assess downside risk and financial resilience.
Citizens take-outs financial
"the benefit of Citizens take-outs in 2025"
Tri-County region of Florida financial
"7,636 voluntary new business policies in Tri-County region of Florida compared to 185"
Earnings Snapshot
Net income: $34,146,000
quarter ended June 30, 2026
Net income
$34,146,000
+24.2% vs Q2 2025
Net premiums earned
$104,696,000
+58.2% vs Q2 2025
Combined ratio
63.4%
-9.5 percentage points vs Q2 2025
Book value per share
$18.86
+22.3% vs June 30, 2025
Adjusted net income
$34,874,000
+11.4% vs Q2 2025
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did American Integrity Insurance Group (AII) perform financially in Q2 2026?
American Integrity reported Q2 2026 net income of $34.1 million, up 24.2% year over year, and adjusted net income of $34.9 million. Net premiums earned rose 58.2% to $104.7 million, and the combined ratio improved to 63.4% from 72.9%.
What were American Integrity’s key profitability ratios for Q2 2026?
For Q2 2026, American Integrity posted a loss ratio of 30.6%, an expense ratio of 32.8%, and a combined ratio of 63.4%. Return on equity was 38.7%, while adjusted return on equity reached 39.6%, indicating strong quarterly profitability.
How did American Integrity’s first-half 2026 results compare to 2025?
For the six months ended June 30, 2026, net income was $54.1 million, down 17.6% from $65.6 million in 2025, despite revenues rising 40.8% to $206.1 million. The combined ratio worsened to 68.5% from 58.1%, reflecting higher losses and expenses.
What are the key features of American Integrity’s 2026–2027 catastrophe reinsurance program?
Effective June 1, 2026, American Integrity’s CAT XOL program provides $3 billion of total third-party catastrophe coverage at an estimated cost of $430–$440 million. The company achieved 15–20% risk-adjusted rate decreases and reduced its aggregate retention from $95 million to $75 million.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________
FORM 8-K
__________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 11, 2026
__________________________
(Exact name of registrant as specified in its charter)
__________________________
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code: (813 ) 880-7000
Not Applicable
(Former name or former address, if changed since last report)
__________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company x
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. o
Item 2.02 Results of Operations and Financial Condition.
On August 11, 2026, American Integrity Insurance Group, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2026. A copy of the Company’s press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
The information in this Current Report on Form 8-K, including Exhibit 99.1 furnished hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth in such filing.
Item 7.01 Regulation FD Disclosure.
The Company is furnishing a copy of an investor presentation (the “Presentation”) that the Company intends to use, in whole or in part, in one or more meetings with investors or analysts. A copy of the Presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated by reference herein.
The information contained in the Presentation is summary information that is intended to be considered in the context of the Company’s Securities and Exchange Commission filings and other public announcements that the Company may make, by press release or otherwise, from time to time. The Company undertakes no duty or obligation to publicly update or revise the information contained in the Presentation, although it may do so from time to time as its management believes is warranted.
The information in this Current Report on Form 8-K, including Exhibit 99.2 furnished hereto, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |||||||
| 99.1 | Press Release, issued August 11, 2026 (furnished pursuant to Item 2.02). | |||||||
| 99.2 | Investor Presentation (furnished pursuant to Item 7.01). | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AMERICAN INTEGRITY INSURANCE GROUP, INC. | ||||||||
| Date: August 11, 2026 | By: | /s/ Robert Ritchie | ||||||
| Name: | Robert Ritchie | |||||||
| Title: | Chief Executive Officer | |||||||
1 2Q 2026 Investor Presentation
2 Generally. The information contained in this presentation has been prepared by American Integrity Insurance Group, Inc. and its subsidiaries (collectively, “American Integrity, “AII,” the “Company,” “we,” “us” or “our”) and contains information pertaining to the business and operations of the Company. The information contained in this presentation is current only as of the date of the presentation. For any time after the date of this presentation, the information, including information concerning our business, financial condition, results of operations and prospects, may have changed. The delivery of this presentation shall not, under any circumstances, create any implication that there have been no changes in our affairs after the date of this presentation. We have not authorized any person to give any information or to make any representations about us in connection with this presentation that is not contained herein. If any information has been or is given or any representations have been or are made to you outside of this presentation, such information or representations should not be relied upon as having been authorized by us. Cautionary Note Regarding Forward-Looking Statements. Certain statements in this presentation may be forward-looking statements. All statements other than statements of historical facts may be forward-looking statements. Forward-looking statements 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 regarding future growth; future 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 and its impact on our results; 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; 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; 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 “Risk Factors” in our reports filed with the Securities and Exchange Commission (the “SEC”), including our most recently filed Annual Report on Form 10-K for the period ended December 31, 2025. 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 may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. We do not undertake any obligation to update or revise the forward-looking statements to reflect events that occur or circumstances that exist after the date on which such statements were made, except to the extent required by law. Market and Industry Data. Unless otherwise indicated, market data and certain industry forecast data used in this presentation were obtained from internal reports, where appropriate, as well as third-party sources and other publicly available information. Data regarding the industry in which the Company competes, its market position and market share within are inherently imprecise and are subject to significant business, economic and competitive uncertainties beyond the Company’s control. In addition, assumptions and estimates of the Company and its industry’s future performance are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause future performance to differ materially from assumptions and estimates. Financial Information. The financial information included in this presentation and other financial information about the Company can also be found on our Annual Report on Form 10-K for the period ended December 31, 2025, and our Quarterly Report on Form 10-Q for the period ended June 30, 2026. The Company has prepared its financial statements with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, and the SEC rules for interim financial reporting. Accordingly, the financial results in this presentation do not include all the information and footnotes required for complete financial statements and should be read in conjunction with the consolidated financial statements of the Company and the accompanying notes thereto for the year ended December 31, 2025, and for the three and six months ended June 30, 2026. The results for interim periods do not necessarily indicate the results that may be expected for any interim period or for the full year. Financial results for periods beginning prior to the consummation of our initial public offering on May 7, 2025, are those of American Integrity Insurance Group, LLC and its consolidated subsidiaries, and financial results for periods beginning after our initial public offering are those of American Integrity Insurance Group, Inc. and its consolidated subsidiaries. Non-GAAP Financial Measures. This presentation includes certain financial measures derived from consolidated financial data but not presented in accordance with GAAP, including underwriting income, adjusted net income, adjusted earnings per share, net underlying loss and loss adjustment expense ratio, gross underlying loss and loss adjustment expense ratio, ceded catastrophe excess of loss premiums ratio and adjusted return on equity. The Company believes that these non-GAAP measures, when taken together with its financial results presented in accordance with GAAP, provide meaningful supplemental information regarding its operating performance and facilitate internal comparisons of its historical operating performance on a more consistent basis. These non-GAAP financial measures however are subject to inherent limitations, may not be comparable to similarly-titled measures used by other companies and should not be considered in isolation or as an alternative to GAAP measures. Please refer to the Appendix for reconciliations of the non-GAAP financial measures to their most directly comparable GAAP financial measures. Legal Disclaimer
3 Bob Ritchie Founder & Chief Executive Officer Founded American Integrity in 2006 Previously served in leadership roles at American Modern, AIG, CNA and GE Insurance Solutions More than 40 years of insurance industry experience BS, University of Evansville Jon Ritchie President Joined American Integrity in 2009 Previously served as COO and in operational and managerial roles Prior experience: leading an entrepreneurial venture BS, DePaul University; MBA, Indiana University Brian Foley Chief Financial Officer Became CFO in 2026 Prior experience: Keefe, Bruyette & Woods, Balyasny Asset Management, and PwC BS, University of Delaware David Clark Chairman Co-founded American Integrity in 2006 Currently serves as a Managing Director at Sowell & Co. Prior experience: McKinsey & Co. BA & BBA, University of Texas at Austin; Masters of Management, Northwestern University Experienced, Founder-Led Management Team
4 Second Quarter and Business Highlights (1) Market data provided by the Florida Office of Insurance Regulation (https://floir.com/tools-and-data/residential-market-share-reports). (2) YTD through May 31, 2026. Data excludes policy types: Commercial Residential, Personal Residential Condominium/Tenants/Farmowners/Excess Flood. (3) Adjusted Return on Equity is a non-GAAP financial measure defined as adjusted net income (after tax) divided by average beginning and ending shareholders’ equity during the applicable period and is annualized for periods of less than one year. See the non-GAAP reconciliation in the Appendix. #1 public company voluntary market new business writer in Florida(1)(2) 22% voluntary market PIF growth, and 16% overall PIF growth, versus the same period last year 40% Adjusted ROE(3) and $1.78 Adjusted EPS, which we believe demonstrates the power of broader, more durable earnings beyond the temporary Citizens-driven market opportunity Fully placed 2026-2027 catastrophe excess-of-loss reinsurance program at high end of 15-20% rate reduction with improved terms and retentions CAT reinsurance costs coming down faster than premiums, creating a tailwind to earnings
5 American Integrity Financial Highlights - Three & Six Months Ended 6/30/2026 Six Months Ended 6/30/2026 vs. Six Months Ended 6/30/2025 462K Policies In-Force vs. 399K 2Q ‘25 (+16%) $547M Gross Premiums Written vs. $499M 1H ‘25 (+10%) $187M Net Premiums Earned vs. $132M 1H ‘25 (+42%) $55M Adjusted Net Income vs. $69M 1H ‘25 (-21%) $370M Shareholders’ Equity vs. $337M 2025 (+10%) 68% Combined Ratio vs. 58% 1H ‘25 (+10 ppts.) 34% / 19% Net / Gross Loss Ratio vs. 31% 1H ‘25 (net) vs. 16% 1H ’25 (gross) (1) (1) Three Months Ended 6/30/2026 vs. Three Months Ended 6/30/2025 462K Policies In-Force vs. 399K 2Q ‘25 (+16%) $327M Gross Premiums Written vs. $287M 2Q ’25 (+14%) $105M Net Premiums Earned vs. $66M 2Q ’25 (+58%) $35M Adjusted Net Income vs. $31M 2Q ’25 (+11%) $370M Shareholders’ Equity vs. $335M 1Q ‘26 (+10%) 63% Combined Ratio vs. 73% 2Q ’25 (-10 ppts.) 31% / 18% Net / Gross Loss Ratio vs. 31% 2Q ’25 (net) vs. 16% 2Q ’25 (gross) (1) (1)40% Adjusted ROE vs. 51% 2Q ’25 (-11 ppts.) 31% Adjusted ROE vs. 60% 1H ‘25 (-29 ppts.) (1) (3) (4) (4) (1) (3) (1) As of June 30, 2026. (2) Gross loss ratio reflects gross underlying loss and loss adjustment expense ratio. Gross underlying loss and loss adjustment expense ratio is a non-GAAP measure. We calculate the gross underlying loss and LAE ratio by adding net underlying loss and LAE and ceded non-catastrophe losses and dividing that amount by the sum of total gross premiums earned and policy fees. See the non-GAAP reconciliation in the Appendix. (3) Adjusted net income is a non-GAAP financial measure defined as net income excluding net realized gains or losses on investments, stock compensation expense incurred in connection with our IPO, and certain non-recurring or non-cash expenses, including those incurred in connection with our IPO, net of tax. See the non-GAAP reconciliation in the Appendix. (4) Adjusted Return on Equity represents adjusted net income (after tax) divided by average beginning and ending shareholders’ equity during the applicable period and is annualized for periods of less than one year. See the non-GAAP reconciliation in the Appendix. (2) (2)
6 Leading Florida Residential Market Share Position Twenty years of cultivating our distribution network has resulted in a strong market share position in the Florida residential insurance marketplace, both in terms of voluntary writings and in-force policies/premium(1)(2) (1) Market Share data provided by the Florida Office of Insurance Regulation (https://floir.gov/tools-and-data/residential-market-share-reports). (2) Data excludes the following policy types: Commercial Residential, Personal Residential Condominium/Tenants/Farmowners/Excess Flood. #3 Among All Carriers #2 Excl. Citizens/National Carriers #7 Among All Carriers #6 Excl. Citizens/National Carriers #2 Among All Carriers #2 Excl. Citizens/National Carriers New FL Voluntary Policies Written Year to Date Ended 5/31/2026 1. Tower Hill 55,706 2. American Integrity 46,287 3. Florida Peninsula 38,735 4. Frontline 37,897 5. Citizens 32,072 6. Universal P&C 27,335 7. Assurant 22,600 8. Kin 19,801 9. Cabrillo Coastal 19,650 10. American Traditions 19,182 11. Security First 15,586 12. State Farm 15,027 13. TRUE 10,127 14. People’s Trust 10,038 15. USAA 9,113 Other Public Peers 19. Slide 6,355 23. Heritage 4,716 28. HCI 2,959 FL Residential Policies In-Force as of 5/31/2026 1. Slide 428,270 2. State Farm 396,767 3. American Integrity 393,686 4. Tower Hill 390,714 5. Florida Peninsula 374,093 6. Universal P&C 294,672 7. Frontline 265,921 8. Citizens 255,435 9. HCI 227,257 10. USAA 217,674 11. Safepoint 191,886 12. Kin 158,087 13. Southern Oak 135,809 14. American Traditions 131,808 15. Cabrillo Coastal 131,316 Other Public Peers 20. Heritage 98,778 FL Residential Premium In-Force, $M as of 5/31/2026 1. Slide $1,679 2. Florida Peninsula $1,537 3. Universal P&C $1,192 4. Tower Hill $1,190 5. HCI $1,124 6. State Farm $1,124 7. American Integrity $900 8. Frontline $890 9. USAA $876 10. Safepoint $658 11. Citizens $629 12. Monarch $486 13. Kin $465 14. Assurant $453 15. Olympus $442 Other Public Peers 18. Heritage $385
7 Executing on Voluntary, Organic Growth Opportunities Our strong balance sheet and leading position in the stabilized Florida insurance market has resulted in strong growth across our key business initiatives. Our next phase of growth is being driven by scalable voluntary market opportunities independent of Citizens take-outs Strong Balance Sheet Stable Market Market Leadership Expansion into Florida’s Large Tri-County Region(1) Re-Opening Florida HO3 Capacity for Middle-Aged Homes Florida Introduction of Commercial Residential Reduction of Non-Cat Quota Share Strategic Expansion in GA, SC, NC with Builder Agents Strong Voluntary Policy Writing and Renewal Trends (1) Tri-County encompasses Miami-Dade, Broward, and Palm Beach counties.
8 $35,079 $87,721 2Q 2025 2Q 2026 Voluntary New Business GWP ($ 000s) Strong Voluntary Business Driving Organic Growth • 54% new voluntary policy growth and 150% new voluntary premium growth during the second quarter of 2026 compared to the same period last year, combined with favorable retention • Voluntary growth continues to significantly outpace overall growth as the Company increasingly prioritizes high-quality organic business over Citizens take-out volume $1,262 $2,047 Average new business gross written premium per policy ($ in actuals) 75.1% 78.1% 81.5% 82.8% 82.7% 83.6% 84.4% 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Quarterly Policy Retention Ratio Trends +9.3 % ppts. 28 43 2Q 2025 2Q 2026 Voluntary New Policy Writings (000s) 306 373 93 88 399 462 2Q 2025 2Q 2026 PIF (000s) Voluntary PIF Citizens PIF
9 $0.5 $28.8 2Q 2025 2Q 2026 Tri-County Growth Success Tri-County Voluntary New Business Policies Written Tri-County Voluntary New Business Gross Premiums Written • Our re-entry into the Tri-County region of Florida is gaining momentum • Average new business rates tend to skew higher in Tri-County • Successfully expanding our position in Florida’s attractive high-value homeowner market • We believe approximately 40% of all Florida “high-valued homes”(1) are located in Tri-County % of total voluntary new business mix 18% ($ in millions) 33% Tri-County premium per new business policy ~2x that of rest of book 185 7,636 2Q 2025 2Q 2026 1%1% (1) Defined as valued over $1.5 million.
10 Middle-Aged Homes Execution • HO-3 business was the most severely impacted product line by the Florida litigation crisis and where we historically pulled back writing most acutely • Dwelling and fire products were somewhat insulated as roofs mostly were insured on an actual cash value basis • As we re-opened our HO-3 product to middle-aged homes, we have seen strong growth, and feedback from agents has been positive (1) We define middle-aged homes as homes with roofs that are older than five years. Excludes middle-aged homes in the Tri-County region of Florida, which are captured separately in their own category. HO-3 Middle-Aged(1) Voluntary New Business Policies Written HO-3 Middle-Aged(1) Voluntary New Business Gross Premiums Written 21% ($ in millions) 24% 437 9,062 2Q 2025 2Q 2026 $1.4 $21.3 2Q 2025 2Q 2026 2% 4% % of total voluntary new business mix
11 Florida Commercial Residential Growth Opportunity • Florida commercial residential market represents $1.7B of premium(1) • Launched commercial residential writings in 4Q 2025 with high degree of pricing/underwriting discipline • Highly selective in the opportunities we pursue • Garden-style, 2 and 3 story condominium associations • Townhome communities • Homeowner’s associations • Avoiding high rise coastal buildings 278 Policies In-Force(2) $18.6M In-Force Premium(2) (1) Market data provided by the Florida Office of Insurance Regulation as of December 31, 2025 (https://floir.com/tools-and-data/residential-market-share- reports); does not include the non-admitted market. (2) As of June 30, 2026.
12 Reduced Non-Cat Quota Share • In addition to our catastrophe XOL reinsurance tower, we also purchase non-cat quota share reinsurance • Effective January 1, 2026, we reduced our quota share ceding percentage from 40% to 25% • The reduction in quota share reflects our growing confidence in the profitability, stability and earnings power of our underlying portfolio • We believe the change in our quota share ceding percentage will positively impact revenue and net income, but will affect the period-over-period comparability of our results • Our quota share partners pay us variable ceding commission income based on loss experience • Ceding commission income reduces policy acquisition expenses (PAC) and general and administrative expenses (G&A), resulting in an increase on an absolute dollar basis period-over-period when the quota share is reduced, holding all else equal(1) • Allocation of ceding commission income may distort comparability of PAC and G&A line items individually Quota Share Ceding Percentage Net Earned Premiums ($ 000s) Ceding Commission Income ($ 000s) 17% 11% Total % of gross premiums earned 49% 51% 44% 56% $66,169 $104,696 2Q 2025 2Q 2026 40% 25% 2025 2026 (1) Total ceding commission allocated to PAC and G&A in proportion to their respective gross amounts. $21,953 $13,786 $16,992 $13,197 2Q 2025 2Q 2026 Ceding Commission Allocated to PAC Ceding Commission Allocated to G&A $38,945 $26,984
13 Accomplishing Strategic Regional Expansion • Growth in geographies outside of FL(1) progressing nicely • Good initial momentum in North Carolina continuing into 2H 2026 • Evaluating the potential for further state expansion and introduction of new products in existing ex-FL footprint in 2027 Ex-FL Voluntary New Business Policies Written Ex-FL Voluntary New Business Gross Premiums Written 18% 10%20% 16% ($ in millions) (1) Currently writing in North Carolina, South Carolina and Georgia. 5,450 7,644 2Q 2025 2Q 2026 % of total voluntary new business mix $5.6 $8.4 2Q 2025 2Q 2026
14 Our Core Competencies Support and Fuel our Profitable Growth We believe our differentiated operating platform creates meaningful barriers to entry in the Florida residential market Deep, Diversified Distribution Robust, Granular Technology Platform Tested, Aligned Management Integrated, Detailed Underwriting & Claims Longstanding independent agent relationships National carriers and agencies New construction home builder-affiliated agents Selective Citizens depopulations Insurance Now Guidewire system Seamless API integrations Block-level granularity with in-house programming Founder-led since inception in 2007 Battle-tested senior leadership team Deep Florida insurance expertise Differentiated capacity at the agency/zip/census block level Dedicated underwriters for top agencies Strong integration between underwriting and claims, product and sales
15 1,229 936 395 278 2023 2024 2025 2Q 2026 Competitive Environment Average Gross Premiums Written Per Policy • Despite the market becoming more competitive, we are seeing stability in our average premium per policy • Mix shifts towards middle-aged homes and policies in Tri-County plus rate increases on our take-out book have been offset by appropriate, modest rate declines in some areas of our voluntary book • Policy features such as inflation guard also dampen pricing declines • Reinsurance rates have been declining well in excess of primary rates • We continue to view our multi-pronged distribution strategy, led by independent agents, as a competitive advantage and a significant barrier to entry in the Florida market • #1 public company voluntary market new business writer in Florida(1)(2) • As Citizens shrinks to historically low levels, we believe the ability to scale profitably in the voluntary market increasingly differentiates established carriers with deep distribution relationships and underwriting infrastructure (1) Market data provided by the Florida Office of Insurance Regulation (https://floir.gov/tools-and-data/residential-market-share-reports). (2) YTD through May 31, 2026. Data excludes policy types: Commercial Residential, Personal Residential Condominium/Tenants/Farmowners/Excess Flood. (3) Citizens Property Insurance Corporation. Includes all policies in-force (residential, wind only, and commercial). Citizens Policies In-Force (000s) (1)(3) Lowest levels in last 20 years $2,178 $2,156 2Q 2025 2Q 2026
16 Robust Reinsurance Program Our strategic reinsurance program is key to our risk management philosophy Per Risk & Facultative • Cover individual risks as opposed to group or class of business • Provides coverage for non-catastrophe losses from individual policies in excess of $1M Non-CAT Quota Share • Reinsurer assumes a specified percentage of losses for defined class of business • Utilized for non-catastrophe, flood-related and equipment breakdown losses Excess of Loss (“XOL”) • Reinsurer assumes all or portion of losses for an individual claim or event in excess of specified amount • Utilized for catastrophe protection with multiple prepaid reinstatements • Utilize captive to optimize profitability given uneconomic cost of XOL reinsurance at low limits • Improves financial flexibility and capital management Captive Reinsurance We regularly assess and realign our reinsurance structure to optimize the effectiveness of our program Reinsurance Philosophy Reduce earnings volatility 1 Enhance capital management 2 Limit exposure to CAT events 3 Protect capital 4 Our Risk Management Strategy Includes Multiple Types of Reinsurance: CAT Bonds • Collateralized catastrophe bonds placed in the private markets to protect against named storms in Florida
17 2026/2027 Finalized Catastrophe XOL Reinsurance Highlights Favorable renewal completed with risk-adjusted rate declines in line with broader market of upwards of 20% reductions and improved terms Robust vertical and horizontal cover modeled to contain the four-event 2004 Florida storm season First event retention of $35 million, consistent with last year’s program (despite 19% exposure growth), and reduced aggregate retention from $95 million to $75 million in a four-event season $2.3 billion first event tower, including retentions, equal to a 1-in-130 year probable maximum loss level, consistent with last year’s program Total third-party coverage for all occurrences is $3 billion, representing an increase of $409 million, or 15.8%, over the 2025 treaty year Total cost of the program expected to be between $430 - $440 million Traditional reinsurance limit represents $1.65 billion (up from $1.1 billion in 2025), and ILS market represents $825 million in total limit
18 American Integrity Retention Catastrophe Reinsurance Program with Broad Market Support Sophisticated and conservative all-peril catastrophe XOL coverage to mitigate retained property losses Our multi-layered CAT XOL program provides comprehensive coverage up to $2.27B, including Company retentions, for a single event and $1.75B for second event (assuming first event of $905M) American Integrity Retention Integrity Re 2025 CL A-1 Integrity Re 2025 CL A-2 $2,270M $1,455M $1,205M $905M $900M $328M $200M $100M $35M $10M $1,937M $1,685M $1,745M $590M $390M $200M $100M $35M $10M $1,500M $1,170M $20M First event retention of $35M, with $10M of exposure for the insurance entity and $25M of exposure for our captive Second event retention of $20M, with $10M of exposure for the insurance entity and $10M of exposure for our captive (3rd and 4th event retention of $10M, respectively) Coverage by state of Florida, participation in FHCF is mandatory for all FL residential property insurers Class D CAT bond placed in 2025, expiring end of May 2027 Multi-tranche CAT bond (class B and C) placed in 2026 expiring end of May 2029 Class C CAT bond placed in 2025 expiring end of May 2027 Multi-tranche CAT bond placed in 2025 expiring end of May 2027 Multi-tranche CAT bond placed in 2025 expiring end of May 2028 First event tower, including retentions, equal to 1-in-130 year probable maximum loss level Second Event assumes a First Event loss of $905.4M net of Florida Hurricane Catastrophe Fund and Named Storm Inuring layers Second event First event A B C D F E G IH J K A B C D E F G H I J K Integrity Re 2025 CL B-1 Integrity Re 2025 CL B-2 Integrity Re 2025 CL C Integrity Re 2026 CL B Integrity Re 2026 CL CIntegrity Re 2025 CL D Integrity Re 2026 CL A $2,260M $2,130M $2,055M $1,755M $1,105M $690M $940M $1240M $1540M $1,755M $1,615M Integrity Re 2026 CL A Integrity Re 2025 CL B-1 Integrity Re 2025 CL B-2 Integrity Re 2025 CL A-1 Integrity Re 2025 CL A-2 Integrity Re 2026 CL B Integrity Re 2025 CL C Integrity Re 2026 CL CIntegrity Re 2025 CL D Florida Hurricane Catastrophe Fund
19 A Compelling Investment Opportunity A Compelling Investment Opportunity American Integrity combines deep Florida expertise, management continuity and an impressive track record of operating in the state with a large organic growth opportunity in the stabilized Florida market (1) Federal Reserve data https://fred.stlouisfed.org/series/FLPOP; U.S. Census Bureau data https://www.census.gov/quickfacts/fact/table/FL/PST040224 (2) Capital growth includes increases in book value plus profit distributions to stockholders. (3) Adjusted ROE represents adjusted net income (after tax) divided by average beginning and ending shareholders’ equity. See Appendix for non-GAAP reconciliation. (4) Core organic excludes all Citizens takeout business including legacy assumptions. Long-Term Growth and Profitability Track Record 2008 - 2025 GWP growth CAGR 14.0% 2008 - 2025 PIF growth CAGR of 10.4% vs 1.4% (1) annual population growth in Florida Mar 2007- Mar 2025 pre-IPO capital growth CAGR of 20.2% (2) Returned $20M to stockholders in 1Q 26 via special dividend Improved and Stabilized Florida Market and Positioning Historic litigation reforms of 2022 IPO May 2025 generated $100M of gross proceeds Adj. ROE for 2024 and 2025 of 27% and 42%, respectively (3) Built market leading voluntary distribution channel relationships We believe new Tri- County focus and capacity for writing middle-aged homes is working Reduction in quota share in 1Q 2026 added to earnings FL commercial residential writings began in 4Q 2025 NC writings began in 1Q 2026 Organic Growth Momentum Continues to Strengthen Across Multiple Strategic Initiatives Successfully Scaling Multiple High-Return Organic Growth Initiatives Total PIF growth up 16% at 6/30/2026 vs. 6/30/2025 Voluntary new writings up 54% 2Q 26 vs. 2Q 25 Policy retention rates up from 75% in 4Q 24 to 84% in 2Q 26 Voluntary core organic (4) PIF growth up 22% at 6/30/2026 vs. 6/30/2025 r i r t t ti t tr t r lti l tr t i I iti ti
20 Appendix
21 Summary Financials Income Statement – Three Months Ended Income Statement – Six Months Ended $ in thousands June 30, June 30, Six Months Ended 2026 2025 Revenues Gross premiums written $546,596 $499,145 Change in gross unearned premiums (73,573) (65,249) Gross premiums earned 473,023 433,896 Ceded premiums earned (286,119) (302,325) Net premiums earned 186,904 131,571 Policy fees 6,456 5,171 Net investment income 11,902 8,883 Net realized gains (losses) on investments 51 501 Other income 789 259 Total revenues 206,102 146,385 Expenses Losses and loss adjustment expenses, net 64,876 42,051 Policy acquisition expenses 33,395 9,388 General and administrative expenses 34,152 27,940 Total expenses 132,423 79,379 Income before income taxes 73,679 67,006 Income tax expense (benefit) 19,623 1,416 Net income $54,056 $65,590 Adjusted net income (1) $54,742 $69,377 Key Ratios Loss ratio 33.6% 30.8% Expense ratio 34.9% 27.3% Combined ratio 68.5% 58.1% (1) Adjusted net income is a non-GAAP financial measure defined as net income excluding net realized gains or losses on investments, stock compensation expense incurred in connection with our IPO, and certain non-recurring or non-cash expenses, including those incurred in connection with our IPO, net of tax. See the non-GAAP reconciliation in the Appendix. $ in thousands June 30, June 30, Three Months Ended 2026 2025 Revenues Gross premiums written $326,592 $286,995 Change in gross unearned premiums (84,341) (63,255) Gross premiums earned 242,251 223,740 Ceded premiums earned (137,555) (157,571) Net premiums earned 104,696 66,169 Policy fees 3,711 2,967 Net investment income 6,250 4,780 Net realized gains (losses) on investments (2) 485 Other income 516 98 Total revenues 115,171 74,499 Expenses Losses and loss adjustment expenses, net 33,151 21,189 Policy acquisition expenses 17,410 6,281 General and administrative expenses 18,186 22,932 Total expenses 68,747 50,402 Income before income taxes 46,424 24,097 Income tax expense (benefit) 12,278 (3,397) Net income $34,146 $27,494 Adjusted net income (1) $34,874 $31,294 Key Ratios Loss ratio 30.6% 30.6% Expense ratio 32.8% 42.3% Combined ratio 63.4% 72.9%
22 Summary Financials Balance Sheet $ in thousands June 30, December 31, December 31, 2026 2025 2024 Assets Fixed maturities, available-for-sale, at fair value $346,427 $330,489 $214,045 Short-term investments 4,738 18,121 - Total investments $351,165 $348,610 $214,045 Cash and cash equivalents 288,453 203,902 173,220 Restricted cash and cash equivalents 55,419 40,217 6,052 Premiums receivable, net 59,104 45,031 51,594 Accrued investment income 3,163 3,458 2,174 Prepaid reinsurance premiums 519,574 275,093 268,254 Income taxes recoverable 1,545 - - Reinsurance recoverable, net 247,916 269,056 462,097 Deferred policy acquisition costs, net 22,414 5,127 - Property and equipment, net 8,951 5,718 1,843 Right-of-use assets – operating leases 38,452 449 2,498 Deferred income tax asset, net 5,116 8,636 - Other assets 11,009 24,904 16,368 Total assets $1,612,281 $1,230,201 $1,198,145 Liabilities and shareholders' equity Unpaid losses and loss adjustment expenses $254,178 $266,591 $475,708 Income tax payable - 2,680 11,873 Unearned premiums 555,130 481,557 421,881 Reinsurance payable 341,609 96,555 56,348 Advance premiums 21,847 11,752 6,561 Deferred income tax liability, net - - 1,122 Long-term debt 412 618 1,029 Lease liabilities – operating leases 33,065 458 2,612 Deferred policy acq. costs, net unearned ceding commissions - - 31,931 Other liabilities and accrued expenses 36,521 32,968 26,688 Total liabilities $1,242,762 $893,179 $1,035,753 Total shareholders' equity 369,519 337,022 162,392 Total liabilities and shareholders' equity $1,612,281 $1,230,201 $1,198,145 Book value per share(1) $18.86 $17.21 $12.58 a (1) Book value per share is the ratio of shareholders’ equity to shares outstanding, each as of the balance sheet date.
23 High Quality Investment Portfolio (1) Fair value of securities, accrued interest, cash and restricted cash as of 6/30/2026. (2) Includes $507.7M of investments & cash, $3.2M of accrued interest, and $0.5M of unrealized losses in our managed investment portfolios at the holding company and insurance company combined, not including cash held for working capital. As of July 22, 2026, the insurance company portfolio weighted average duration was 2.0 years and weighted average credit rating was AA- following the deployment of the vast majority of the 35% cash allocation into fixed income securities. (3) Portfolio account value was $113M as of 8/5/2026 following the movement of $45M of cash from our captive into the holding company portfolio. Weighted Average Credit Rating(2) AA No Equity Exposure • We maintain a simple, conservative, highly-rated and liquid investment portfolio focused on investment grade fixed income securities • Total cash and investments at 6/30/2026 of $698M(1), which includes $510M in two investment portfolios(2) managed by Goldman Sachs Asset Management Weighted Average Effective Duration(2) 1.3 years Weighted Average Credit Rating(2) AA No Equity Exposure Weighted Average Effective Duration(2) 1.8 years 37% 6%22% 35% Insurance Company Portfolio Corporate Securities Government Securities Asset Backed Securities Cash $442M 31% 6%57% 5% Holding Company Portfolio Corporate Securities Government Securities Asset Backed Securities Cash $68M(3)
24 ($ in thousands) Three Months Ended June 30, 2026 2025 Numerator: Net income $34,146 $27,494 Denominator: Average shareholders' equity 352,501 243,966 Return on equity 38.7% 45.1% Numerator: Adjusted net income $34,874 $31,294 Denominator: Average shareholders' equity 352,501 243,966 Adjusted return on equity 39.6% 51.3% Adjusted Return on Equity Non-GAAP Reconciliations Three Months Ended June 30, 2026 vs 2025 ($ in thousands) ($ in thousands) Underwriting Income Net / Gross Underlying Loss and LAE Ratio Ceded Catastrophe Excess of Loss Premiums Ratio Three Months Ended June 30, 2026 2025 Income before taxes $46,424 $24,097 Less: Net investment income 6,250 4,780 Net realized gains (losses) on investments (2) 485 Other income 516 98 Underwriting income $39,660 $18,734 Three Months Ended June 30, 2026 2025 Gross premiums earned $242,251 $223,740 Total ceded premiums earned (137,555) (157,571) Less: NCQSR and other ancillary reinsurance treaties (42,178) (63,212) Ceded catastrophe XOL premiums earned $(95,377) $(94,359) Ceded catastrophe XOL premiums ratio 39.4% 42.2% ($ in thousands) Three Months Ended June 30, 2026 2025 Net income $34,146 $27,494 Add: Stock compensation - 10,433 Termination of MSA - 3,000 One-time IPO expenses - 1,654 One-time bonus expenses - 1,387 Executive transition cost 920 - Less: Net realized gains (losses) on investments (2) 485 Change in tax status - 9,722 Tax effect 194 2,467 Adjusted net income $34,874 $31,294 ($ in thousands) Three Months Ended June 30, 2026 2025 Total net premiums earned $104,696 $66,169 Plus: Policy fees 3,711 2,967 Total net premiums earned plus policy fees 108,407 69,136 Losses and loss adj. expense, net $33,151 $21,189 Loss and loss adj. expense ratio (% of net premiums earned plus policy fees) 30.6% 30.6% Less: Current year net catastrophe losses - - Prior year net reserve development - (1,695) Underlying loss and loss adj. expense, net $33,151 $22,884 Net underlying loss and loss adj. expense ratio (% of net premiums earned plus policy fees) 30.6% 33.1% Add: Ceded non-catastrophe loss and loss adj. expense 11,443 12,356 Gross underlying loss and loss adj. expense $44,594 $35,240 Gross underlying loss and loss adj. expense ratio (% of gross premiums earned plus policy fees) 18.1% 15.5% Adjusted Net Income
25 ($ in thousands) Six Months Ended June 30, 2026 2025 Total net premiums earned $186,904 $131,571 Plus: Policy fees 6,456 5,171 Total net premiums earned plus policy fees 193,360 136,742 Losses and loss adj. expense, net $64,876 $42,051 Loss and loss adj. expense ratio (% of net premiums earned plus policy fees) 33.6% 30.8% Less: Current year net catastrophe losses - - Prior year net reserve development - (1,117) Underlying loss and loss adj. expense, net $64,876 $43,168 Net underlying loss and loss adj. expense ratio (% of net premiums earned plus policy fees) 33.6% 31.6% Add: Ceded non-catastrophe loss and loss adj. expense 24,205 26,376 Gross underlying loss and loss adj. expense $89,081 $69,544 Gross underlying loss and loss adj. expense ratio (% of gross premiums earned plus policy fees) 18.6% 15.8% ($ in thousands) Six Months Ended June 30, 2026 2025 Numerator: Net income $54,056 $65,590 Denominator: Average shareholders' equity 353,270 232,133 Return on equity 30.6% 56.5% Numerator: Adjusted net income $54,742 $69,377 Denominator: Average shareholders' equity 353,270 232,133 Adjusted return on equity 31.0% 59.8% Adjusted Net Income Adjusted Return on Equity Non-GAAP Reconciliations Six Months Ended June 30, 2026 vs 2025 ($ in thousands) ($ in thousands) Underwriting Income Net / Gross Underlying Loss and LAE Ratio Ceded Catastrophe Excess of Loss Premiums Ratio Six Months Ended June 30, 2026 2025 Income before taxes $73,679 $67,006 Less: Net investment income 11,902 8,883 Net realized gains (losses) on investments 51 501 Other income 789 259 Underwriting income $60,937 $57,363 Six Months Ended June 30, 2026 2025 Gross premiums earned $473,023 $433,896 Total ceded premiums earned (286,119) (302,325) Less: NCQSR and other ancillary reinsurance treaties (83,130) (120,943) Ceded catastrophe XOL premiums earned $(202,989) $(181,382) Ceded catastrophe XOL premiums ratio 42.9% 41.8% ($ in thousands) Six Months Ended June 30, 2026 2025 Net income $54,056 $65,590 Add: Stock compensation - 10,433 Termination of MSA - 3,000 One-time IPO expenses - 1,654 One-time bonus expenses - 1,387 Executive transition cost 920 - Less: Net realized gains (losses) on investments 51 501 Change in tax status - 9,722 Tax effect 183 2,464 Adjusted net income $54,742 $69,377
26 ($ in thousands) Year Ended December 31, 2025 2024 Numerator: Net income $99,621 $39,742 Denominator: Average shareholders' equity 249,707 148,179 Return on equity 39.9% 26.8% Numerator: Adjusted net income $105,161 $39,648 Denominator: Average shareholders' equity 249,707 148,179 Adjusted return on equity 42.1% 26.8% Adjusted Net Income Adjusted Return on Equity Non-GAAP Reconciliations Year Ended December 31, 2025 vs 2024 ($ in thousands) ($ in thousands) Underwriting Income Net / Gross Underlying Loss and LAE Ratio Ceded Catastrophe Excess of Loss Premiums Ratio Year Ended December 31, 2025 2024 Income before taxes $115,057 $51,039 Less: Net investment income 21,704 14,180 Net realized gains (losses) on investments 569 119 Other income 892 607 Underwriting income $91,892 $36,133 Year Ended December 31, 2025 2024 Gross premiums earned $884,958 $682,216 Total ceded premiums earned (642,035) (500,161) Less: NCQSR and other ancillary reinsurance treaties (248,103) (194,022) Ceded catastrophe XOL premiums earned $(393,932) $(306,139) Ceded catastrophe XOL premiums ratio 44.5% 44.9% ($ in thousands) Year Ended December 31, 2025 2024 Net income $99,621 $39,742 Add: Stock compensation 10,433 - Termination of MSA 3,000 - One-time IPO expenses 1,654 - One-time bonus expenses 1,387 - Post IPO transition expenses 2,287 - Less: Net realized gains (losses) on investments 569 119 Change in tax status 9,722 - Tax effect 2,930 (25) Adjusted net income $105,161 $39,648 ($ in thousands) Year Ended June 30, 2025 2024 Total net premiums earned $242,923 $182,055 Plus: Policy fees 10,397 7,393 Total net premiums earned plus policy fees 253,320 189,448 Losses and loss adj. expense, net $98,034 $90,832 Loss and loss adj. expense ratio (% of net premiums earned plus policy fees) 38.7% 47.9% Less: Current year net catastrophe losses - 32,192 Prior year net reserve development (1,814) (3,187) Underlying loss and loss adj. expense, net $99,848 $61,827 Net underlying loss and loss adj. expense ratio (% of net premiums earned plus policy fees) 39.4% 32.6% Add: Ceded non-catastrophe loss and loss adj. expense 52,522 55,381 Gross underlying loss and loss adj. expense $152,370 $117,208 Gross underlying loss and loss adj. expense ratio (% of gross premiums earned plus policy fees) 17.0% 17.0%
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