American Integrity Insurance Group, Inc. KBW Insurance Conference 2026

Happy to. Thank you for the opportunity, and thanks for listening to our story. Our story is not unique, and Florida is not unique. Florida is rebellious sometimes, and so for almost 20 years we have been building this company. I can tell you it is not proof of concept. It is real. So much so that other states are looking at our successes and how maybe they can replicate it. Who would have thought that? So we have never had a problem with Mother Nature. Some people will tell you that we have. We have not. Reinsurance ebbs and flows, both capacity and pricing. What has kept us up at night and what created so many failures was the litigation crisis. Matter of fact, we were not in the insurance business. We were in the lawsuit management business. That is all different. And we are growing successfully. We are 16 months in as a publicly traded company.

I am not here to tell you that we have learned everything. I am to tell you we are serious students for investors as we grow this company responsibly. And we are just looking forward to telling our story. Excuse me. Go ahead. Yeah.

There's a lot to unpack there, but thank you for that. First and foremost, third most populous state. We need more, not less. Even today, Tommy, as I look at the cadre of competition, first and foremost, Florida is not unique, but especially different compared to, say, California. I mentioned this last year in this very room. Our commissioner is appointed, not elected. That's a game changer. Mike Yaworsky, who's been on the job now, what, Jon, about 3 years. In my view, we had a great woman, Kevin McCarty. Guy before Yaworsky, not so much. Yaworsky's been responsible. He's done his job as an advocate, of course, for the consumer, but also for a healthy market. Tommy, I am not seeing any evidence of any rate filings, both new companies and existing, where buying business can be an option for Florida.

As we look at the competitive landscape, look, we got a lot of great competition, but the models are different. We're fortunate because, almost 20 years into this, we've got deep relationships. Back to a few more of your question points. I think the inference is, will margins go out the window because competition becomes reckless? I don't see that. I do not see that in the short or medium term. Later, we can talk about the confidence I've got in Tallahassee and why these reforms are real. Competition is not something that keeps American Integrity up at night. We have two rules. They're very simple in insurance. God, they're hard. If you write a piece of business, make a profit, underwriting profit, not investment, and offer to renew it. So pick the right ones. This marketplace is in an exceptional place.

Matter of fact, I don't believe there's never been a better time, even with rates coming down, with reinsurers or primary insurers or investors, to look at Florida. I don't say that because it's a calm season. No, the weather's not the problem. Competition is also not the problem.

Sure. You do not want to hear just from me. Jon, will you take that?

Yeah. Look, national carriers are, rightfully so, beholden to national AM Best standards, and Florida does not get a carve-out. That is why specialty carriers like American Integrity, amongst others, are able to exist in the marketplace. However, they want the auto, of course, within the state of Florida. They just do not want the homeowners risk, and that is a channel for us from a distribution perspective. We write with virtually every national carrier that actively writes auto insurance in Florida, and there are no indications that they are changing their flavor or their take on Florida property, and particularly homeowners risk, in terms of the commentary we are hearing from them privately and then, of course, what we are hearing publicly.

We do believe from a national carrier perspective, carving out State Farm, who does write within the state of Florida with their pup company, we feel like the moat is pretty wide and deep in terms of the protection of the specialist role within Florida.