TAMPA, Fla.–(BUSINESS WIRE<\/a>)– \nAmerican Integrity reported pre-tax income of $42.9 million and net income and adjusted net income1<\/sup> of $38.1 million for the first quarter of 2025.<\/p>\n \nHighlights for the quarter include:<\/p>\n Management Commentary <\/b>\u201cHaving just completed a successful IPO in May, I am pleased to report that American Integrity had an outstanding first quarter in 2025. These results reflect more than just performance\u2014they reflect disciplined, strategic execution, and a culture aligned around a mission that matters,\u201d said American Integrity Chief Executive Officer, Robert Ritchie. \u201cWe are grateful and humbled by the support that we have been shown by our new investors, and we look forward to discussing the quarterly results on our earnings call.\u201d<\/p>\n First Quarter 2025 Commentary<\/b><\/p>\n \n____________________<\/p>\n<\/td>\n<\/tr>\n<\/table>\n 1<\/sup> Adjusted net income is a non-GAAP financial measure. Please see the discussion below under the heading \u201cReconciliation of Non-GAAP Financial Measures\u201d for additional information concerning these and other non-GAAP financial measures.<\/p>\n Results of Operations<\/b><\/p>\n<\/td>\n Three Months Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n ($ in thousands)<\/b><\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $ Change<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n % Change<\/b><\/p>\n<\/td>\n<\/tr>\n Gross premiums written<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n212,150<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n147,452<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n64,699<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n43.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n Change in gross unearned premiums<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,994<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,476<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(11,470<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(121.0<\/p>\n<\/td>\n \n)%<\/p>\n<\/td>\n<\/tr>\n Gross premiums earned<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n210,156<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n156,928<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n53,228<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n33.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n Ceded premiums earned<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(144,754<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(117,645<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(27,109<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n23.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n Net premiums earned<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n65,402<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n39,283<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n26,119<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n66.5<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n Policy fees<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,204<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,554<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n650<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n41.8<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n Net investment income<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,103<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,248<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n855<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n26.3<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n Net realized gains (losses) on investments<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n153.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n Other income<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n161<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n217<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(57<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(26.1<\/p>\n<\/td>\n \n)%<\/p>\n<\/td>\n<\/tr>\n Total Revenues<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n71,886<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n44,308<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n27,578<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n62.2<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n Losses and loss adjustment expenses<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20,862<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20,365<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n496<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.4<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n Policy acquisition expenses<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,107<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,354<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,247<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(42.0<\/p>\n<\/td>\n \n)%<\/p>\n<\/td>\n<\/tr>\n General and administrative expenses<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,008<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,282<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(274<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(5.2<\/p>\n<\/td>\n \n)%<\/p>\n<\/td>\n<\/tr>\n Total Expenses<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n28,977<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n31,001<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,024<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(6.5<\/p>\n<\/td>\n \n)%<\/p>\n<\/td>\n<\/tr>\n Income before taxes<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n42,909<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13,307<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n29,602<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n222.5<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n Income tax expense<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,813<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,201<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,613<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n300.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n Net Income<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n38,096<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n12,106<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n25,990<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n214.7<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n Loss ratio1<\/sup><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n30.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n49.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Expense ratio2<\/sup><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n26.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Combined ratio3<\/sup><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n42.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n75.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Annualized return on equity4<\/sup><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n92.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n39.5<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nLoss ratio is the ratio of losses and LAE to net premiums earned plus policy fees.<\/p>\n<\/td>\n<\/tr>\n \nExpense ratio is the ratio of policy acquisition expenses and general and administrative expenses to net premiums earned plus policy fees.<\/p>\n<\/td>\n<\/tr>\n \nCombined ratio is defined as the sum of the loss ratio and the expense ratio.<\/p>\n<\/td>\n<\/tr>\n \nAnnualized return on equity is defined as net income, annualized, divided by the average beginning and ending members\u2019 equity during the applicable period.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Policies in-force and in-force premiums<\/b><\/p>\n \nPolicies in-force represents the number of active insurance policies with coverage in effect as of the end of the period referenced. We utilize the change in the number of policies in force to assess the trajectories of our operations. In-force premium represents the annual premium for active insurance policies with coverage in effect as of the end of the period referenced.<\/p>\n As of March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n ($ in thousands)<\/b><\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n % Change<\/b><\/p>\n<\/td>\n<\/tr>\n \nPolicies In-force<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n383,332<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n268,326<\/p>\n<\/td>\n \n42.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nIn-Force Premium<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n909,539<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n675,486<\/p>\n<\/td>\n \n34.6<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nPolicies in-force were 383,332 as of March 31, 2025, an increase of 42.9% compared to policies in-force of 268,326 as of March 31, 2024, and an increase of 7.6% compared to policies in-force of 356,108 as of December 31, 2024. The increase in our policies in-force was due to new policies written through the Voluntary Market and first quarter 2025 Citizens take-outs.<\/p>\n Reconciliation of Non-GAAP Financial Measures:<\/b><\/p>\n Adjusted net income (loss)<\/b><\/p>\n \nAdjusted net income (loss) is a non-GAAP financial measure defined as net income excluding net realized gains or losses on investments and excludes expenses incurred in connection with our IPO, net of tax impact. We use adjusted net income as an internal performance measure in the management of our operations because we believe it gives us and users of our financial information useful insight into our results of operations and our underlying business performance excluding the impact of realized gains and losses on the sale of securities, which we do not view as core to the underlying trends in our business. Adjusted net income should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define adjusted net income differently.<\/p>\n \nAdjusted net income (loss) for the three months ended March 31, 2025, and 2024 reconciles to net income as follows:<\/p>\n Three Months Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n<\/tr>\n ($ in thousands)<\/b><\/p>\n<\/td>\n Pre-tax<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n After tax<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Pre-tax<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n After tax<\/b><\/p>\n<\/td>\n<\/tr>\n Net Income<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n42,909<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n38,096<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n13,307<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n12,106<\/p>\n<\/td>\n<\/tr>\n Less:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Net realized investment income<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5<\/p>\n<\/td>\n<\/tr>\n Adjusted net income (loss)<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n42,893<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n38,084<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n13,301<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n12,101<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Underlying loss and loss adjustment expense ratio<\/b><\/p>\n \nUnderlying loss and loss adjustment expense ratio is a non-GAAP measure. We calculate the underlying loss and loss adjustment expense ratio by subtracting current year net catastrophe losses and prior year net reserve development from total net losses and LAE and dividing that amount by the sum of total net premiums earned plus policy fees. We use the underlying loss and LAE ratio to allow us to analyze our loss trends before the impact of catastrophe losses and prior year reserve development. These two items can have a significant impact on our loss trends in a given period. We believe it is useful for investors to evaluate these components both separately and in the aggregate when reviewing our performance. The most directly comparable GAAP measure is net loss and LAE ratio. The underlying loss and LAE ratio should not be considered a substitute for net loss and LAE ratio and does not reflect the overall profitability of our business.<\/p>\n \nThe following table summarizes loss ratios and underlying loss and LAE ratios for the three months ended March 31, 2025, and 2024:<\/p>\n Three Months Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n ($ in thousands)<\/b><\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n<\/tr>\n Total Net Premiums Earned<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n65,402<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n39,283<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Plus: Policy Fees<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,204<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,554<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Total Net Premiums Earned Plus Policy Fees<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n67,606<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n40,837<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Losses and Loss Adjustment Expenses, Net<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n20,862<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n20,365<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Loss and Loss Adjustment Expense Ratio (% Net Premiums Earned Plus Policy Fees)<\/b><\/p>\n<\/td>\n \n30.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n49.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n Less:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Current Year Net Catastrophe Losses<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,256<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Prior Year Net Reserve Development<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n579<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n500<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Underlying Loss and Loss Adjustment Expenses, Net<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n20,283<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n17,609<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Underlying Loss and Loss Adjustment Expense Ratio (% Net Premiums Earned Plus Policy Fees)<\/b><\/p>\n<\/td>\n \n30.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n43.1<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Conference Call<\/b><\/p>\n \nAmerican Integrity will hold a conference call to discuss results at 9:30 a.m. Eastern Time on June 10, 2025, hosted by Chief Executive Officer Robert Ritchie, President Jon Ritchie, and Chief Financial Officer Ben Lurie.<\/p>\n \nInterested parties can listen to the live presentation by dialing the listen-only number below or by clicking the webcast link available on the Investor Information section of the company\u2019s website at www.aii.com.<\/a><\/p>\n \nListen-only toll-free number: (800) 715-9871 \nPlease call the conference telephone number 10 minutes before the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Eve Siskin via email at esiskin@aii.com.<\/a><\/p>\n Condensed Consolidated Balance Sheets<\/b><\/p>\n<\/td>\n<\/tr>\n \n(In thousands, except unit and per unit data)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n March 31, 2025<\/b><\/p>\n<\/td>\n December 31, 2024<\/b><\/p>\n<\/td>\n<\/tr>\n Assets<\/b><\/p>\n<\/td>\n (unaudited)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nFixed maturities, available-for-sale, at fair value (amortized cost of $206,096 and $214,505, respectively)<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n \n206,232<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n \n214,045<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal investments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n206,232<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n214,045<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n236,416<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n173,220<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRestricted cash<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,306<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,052<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPremiums receivable, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n56,493<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n51,594<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAccrued investment income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,936<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,174<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPrepaid reinsurance premiums<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n178,399<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n268,254<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nReinsurance recoverable, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n439,704<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n462,097<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nProperty and equipment, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,755<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,843<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRight-of-use assets \u2013 operating leases<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,019<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,498<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,488<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16,368<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal assets<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 1,134,748<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 1,198,145<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Liabilities and members\u2019 equity<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLiabilities:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nUnpaid losses and loss adjustment expenses<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n431,620<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n475,708<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nIncome tax payable<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n18,290<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11,873<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nUnearned premiums<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n423,875<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n421,881<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nReinsurance payable<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,277<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n56,348<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdvance premiums<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20,512<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,561<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDeferred income tax liability, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n33<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,122<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLong-term debt<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n926<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,029<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLease liabilities \u2013 operating leases<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,110<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,612<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDeferred policy acquisition costs, net unearned ceding commissions<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n26,836<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n31,931<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther liabilities and accrued expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n23,211<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n26,688<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal liabilities<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 948,690<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1,035,753<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCommitments and contingencies (Note 18)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTemporary members\u2019 equity:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nClass B units (27,900 authorized, issued and outstanding at March 31, 2025 and December 31, 2024, no par value)<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nMembers\u2019 equity:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nClass A units (92,096 authorized, issued and outstanding at March 31, 2025 and December 31, 2024, no par value)<\/p>\n<\/td>\n \n10,287<\/p>\n<\/td>\n \n10,287<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nClass C units (2,904 authorized, issued and outstanding at March 31, 2025 and December 31, 2024, no par value)<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRetained earnings<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n175,653<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n152,432<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAccumulated other comprehensive loss, net of taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n118<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(327<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nTotal members\u2019 equity<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n186,058<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n162,392<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal liabilities and members\u2019 equity<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 1,134,748<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 1,198,145<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Condensed Consolidated Statement of Operations and Comprehensive Income (unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n \n(In thousands, except unit and per unit data)<\/p>\n<\/td>\n<\/tr>\n Three Months Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n<\/tr>\n \nRevenues:<\/p>\n<\/td>\n \nGross premiums written<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n \n212,150<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n \n147,452<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nChange in gross unearned premiums<\/p>\n<\/td>\n \n(1,994<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n9,476<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGross premiums earned<\/p>\n<\/td>\n \n210,156<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n156,928<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCeded premiums earned<\/p>\n<\/td>\n \n(144,754<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(117,645<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nNet premiums earned<\/p>\n<\/td>\n \n65,402<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n39,283<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPolicy fees<\/p>\n<\/td>\n \n2,204<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,554<\/p>\n<\/td>\n \nNet investment income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,103<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,248<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet realized gains (losses) on investments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n161<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n217<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal revenues<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n71,886<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n44,308<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nExpenses:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLosses and loss adjustment expenses, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20,862<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20,365<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPolicy acquisition expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,107<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,354<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGeneral and administrative expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,008<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,282<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n28,977<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n31,001<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nIncome before income taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n42,909<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13,307<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nIncome tax expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,813<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,201<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 38,096<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 12,106<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther comprehensive income:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nUnrealized holding gains on available-for-sale securities, net of taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n457<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n41<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nReclassification adjustment for net realized gains, net of taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(12<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nTotal other comprehensive income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n445<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n36<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nComprehensive income<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 38,541<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 12,142<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nEarnings per unit:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nBasic and diluted earnings per unit<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n \n292.15<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n \n94.27<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nWeighted average units outstanding \u2013 Basic and diluted<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n122,900<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n122,900<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Condensed Consolidated Statement of Cash Flows (unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n \n(In thousands)<\/p>\n<\/td>\n Three Months Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n<\/tr>\n Operating activities<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet income<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n \n38,096<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n \n12,106<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdjustments to reconcile net income to net cash from operating activities:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAmortization and depreciation<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n497<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n688<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDeferred income taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,090<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(914<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nNet realized (gains) losses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(16<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(6<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nChanges in operating assets and liabilities:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPremiums receivable<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(4,899<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3,183<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nAccrued investment income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n238<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(253<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nPrepaid reinsurance premiums<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n89,856<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n110,565<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nReinsurance recoverable<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n22,394<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(36,511<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nOther assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8,879<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n200<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nUnpaid losses and loss adjustment expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(44,089<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(17,773<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nUnearned premiums<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,994<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(37,611<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nReinsurance payable<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(55,072<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(61,061<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nAdvance premiums<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13,950<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11,135<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nIncome taxes payable (recoverable)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,418<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,120<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOperating lease payments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(501<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(514<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nDeferred policy acquisition costs, net unearned ceding commissions<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5,095<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,677<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther liabilities and accrued expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3,475<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(6,816<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nNet cash from (used in) operating activities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n68,085<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(20,151<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n Investing activities<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPurchases of property and equipment<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(108<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(595<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nProceeds from sales and maturities of fixed maturity securities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n59,870<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,532<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPurchases of fixed maturity securities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(51,419<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(7,487<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nProceeds from sales and maturities of short-term investments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(14<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nNet cash from (used in) investing activities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8,343<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(4,564<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n Financing activities<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCash distributions to members<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(14,875<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(4,022<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nRepayment of long-term debt<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(103<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(103<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nNet cash used in financing activities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(14,978<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(4,125<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nNet increase in cash and cash equivalents<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n61,450<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(28,840<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nCash, cash equivalents and restricted cash at beginning of year<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n179,272<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n62,168<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCash, cash equivalents and restricted cash at end of year<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 240,722<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 33,328<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Supplemental disclosures of cash flow information<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nInterest paid<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n \n0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n \n30<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nIncome taxes paid (refund)<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n \n0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n \n0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20250609791823\/en\/<\/a><\/span><\/p>\n Company Contact: KEYWORDS:<\/b> United States North America Florida<\/p>\n INDUSTRY KEYWORDS:<\/b> Professional Services Insurance Finance<\/p>\n
\nAmerican Integrity Insurance Group, Inc. (NYSE: AII), a Tampa-based property and casualty insurance holding company, successfully completed an initial public offering (\u201cIPO\u201d) on May 9, 2025. Immediately prior to the IPO, all of the outstanding equity of American Integrity Insurance Group, LLC was contributed to American Integrity Insurance Group, Inc. The financial results for the first quarter reflected are those of American Integrity Insurance Group, LLC. References to \u201cAmerican Integrity\u201d or the \u201cCompany\u201d prior to the consummation of the IPO refer to American Integrity Insurance Group, LLC and after the consummation of the IPO, refer to American Integrity Insurance Group, Inc.<\/p>\n\n
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\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n (1)<\/td>\n \n \n (2)<\/td>\n \n \n (3)<\/td>\n \n \n (4)<\/td>\n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
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Listen-only international number: +1 (646) 307-1963
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Listen-only Canada-Toronto: (647) 932-3411
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Conference ID: 6677350<\/p>\n\n
\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n<\/table>\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n <\/tr>\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/p>\n
\n<\/b>
Ben Lurie, CFO
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American Integrity Insurance Group, Inc.
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Tel (813) 551-1014
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blurie@aii.com<\/a><\/p>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20250609791823\/en\/783532\/3\/AIIC_Horizontal_FC.jpg\")
<\/td>\n<\/tr>\n