American Integrity Insurance Group Inc. saw its shareholders launch a secondary public offering on Wednesday that could raise up to $69 million. The shares are being sold at $20 each, with three million shares initially offered. There is also an option for an additional 450,000 shares over the next 30 days. The company expects the offering to wrap up on November 21. It’s important to note that American Integrity itself won’t receive any proceeds from this sale, as these shares are coming from existing shareholders.
This move follows the company’s initial public offering (IPO) in May, when shares were priced at $16. At that time, American Integrity offered 6.25 million shares, while selling shareholders added 625,000 more. Since then, the insurer has focused largely on Florida’s residential property insurance market, with nearly 95% of its policies concentrated in the state by the end of September, according to recent SEC filings.
American Integrity has broadened its reach recently by entering the commercial residential sector. It now provides insurance for condominiums, townhomes, and homeowners associations in Florida. The company also picked up over 7,000 policies from Citizens Property Insurance Corp., Florida’s insurer of last resort, adding about $25.8 million in yearly premiums. This is part of a bigger trend, with American Integrity taking over nearly 69,000 policies from Citizens in 2024 and nearly 26,000 more in the first nine months of 2025.
Despite industry-wide losses exceeding $6.9 billion between 2017 and 2024, American Integrity has remained profitable most years, reporting cumulative net income of $121.2 million during that period. The insurer believes that getting ahead of statewide residential insurance litigation helped it outperform many competitors.
CEO Bob Ritchie pointed out that recent reforms in Florida have made the insurance market more stable and fair. He said the company is now looking for responsible ways to grow as the market improves.
Shares were trading at $19.27 on the afternoon of November 20, down just over 7% from the day before. The results of the secondary offering will be watched closely by investors interested in how American Integrity continues to expand in Florida’s evolving insurance landscape.