American IntegrityInsuranceGroup(AII), a Tampa, Florida-based residential property insurance company, priced its IPO at $16.00 – the mid-point of its $15.00-to-$17.00 price range – and sold 6.875 million shares – the number of shares in the prospectus – to raise $110.0 million on Wednesday night, May 7, 2025. At pricing, American Integrity Insurance Group had a market cap of $313.31 million. American Integrity Insurance Group’s stock is expected to start trading tomorrow – Thursday, May 8, 2025 – on the New York Stock Exchange.
Keefe Bruyette & Woods, Piper Sandler and William Blair acted as the joint book-runners.
Of the 6.875 million shares in the IPO, American Integrity Insurance Group is offering 6.25 million shares and the selling stockholders are offering 625,000 shares. The company will not receive any proceeds from the sale of the selling stockholders’ shares.
Through its subsidiary, American Integrity Insurance Company of Florida, Inc., the company provides “personal residential property insurance for single-family homeowners and condominium owners, mostly in Florida,” according to the prospectus. It also offers property insurance for vacant dwellings and investment properties – mostly in Florida.
American Integrity Insurance is the seventh-largest writer of residential property insurance in Florida, as measured by direct premiums written as of Dec. 31, 2024, based on data from the Florida Office of Insurance Regulation (FLOIR), according to the prospectus. The company also has expanded to Georgia and South Carolina.
“Our management team founded our company in 2006 to capitalize on the dislocation in Florida’s residential property insurance market caused by the devastating 2004 and 2005 hurricane seasons,” American Integrity Insurance said in the prospectus. “At a time when national insurers were retreating, we stepped forward, building a strong foundation to support homeowners in their time of need.”
American Integrity Insurance Group is profitable. For the year that ended Dec. 31, 2024, American Integrity Insurance Group reported net income of $39.7 million on revenue of $204.35 million.
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