American Integrity Insurance Group, Inc.

Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the American Integrity Insurance Group third quarter 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. As a reminder, this call is being recorded. But before we begin, please note that today's remarks may contain forward-looking statements, including comments about the company's outlook, strategy, plans, and expected performance. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially. A full discussion of the risk factors can be found in the company's SEC filings, including its most recently filed quarterly report on Form 10-Q. Management undertakes no obligation to update any forward-looking statements. Furthermore, today's remarks may contain non-GAAP financial measures. A reconciliation of non-GAAP financial measures to their most comparable GAAP measures is included in the company's quarterly press release and can also be found on its website at www.aii.com. References to American Integrity or the company 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. With that, I'll turn the call over to American Integrity's founder and chief executive officer, Bob Ritchie. Please go ahead.

Thank you, Tiffany, and good morning, everyone. This is our third earnings call as a public company, and we're now fully in our stride, building on success, broadening our reach, and sharpening our focus. I'm pleased to be speaking with you to discuss our third quarter results and the initiatives that are advancing the value of American integrity for all of our stakeholders. We're executing consistently, growing responsibly, and strengthening the franchise. Our third quarter results are a continuation of a very strong year for American integrity, not only that we continue to deliver strong earnings. But our consistent profitable policy growth continues to set us up for future success. The environment has been favorable with a very benign cap and a non-cap loss backdrop. And this has been coupled with softening reinsurance rates and continued operating discipline. We remain focused on the drivers that we control, underwriting quality, expense discipline, and thoughtful growth. So our performance remains durable and repeatable. Our growth initiative in the Tri-County region of Florida is underway and is gaining momentum. At the end of the third quarter, we had 26,493 policies in force in Tri-County representing 6.5% of our book, well below our potential market share for an area, representing about 26% of the state's households. While most of this business came from the citizens' takeouts over the last year, our tri-county voluntary policy writings are increasing, and we believe they will continue to grow meaningfully in 2026. This is a multi-year opportunity and we're approaching it with discipline and capacity. Yet this expansion is more than policy growth. It reflects expanding trust among Florida homeowners who value stability and integrity in their insurer. We're also making progress reorienting our sales and production efforts to ramp up are writings of middle-aged homes. And in recent years, our mix of business has skewed toward new-build homes. Given our conservative underwriting stance, our distribution advantages, and our belief that prior to legislative reforms, the middle-aged homes business at that point was unlikely to meet our underwriting criteria. Post-reform, entirely different story. We have reassessed this market and we know there is now attractive business. In fact, some that we used to write that we'll write again and that meet our underwriting standards. At the end of the third quarter, we had 32,202 HO3 policies enforced that we characterize as middle aged homes representing 7.9% of our portfolio compared to an estimated 25% of the statewide housing stock that meets the same criteria. Hence our bullishness in the growth potential. This represents another large addressable market and one that is under-penetrated currently by American integrity, yet we're continuing what we have done decades before. We have started to write policies again on middle-aged homes, and we see solid potential, though we will remain focused, as we always are, on stringent discipline underwriting to ensure we are earning adequate risk-adjusted returns. Another exciting entry, we've launched our commercial residential product in October, just a month ago, and this is designed to deliver comprehensive and reliable protection for Florida's condominium townhome, and residential homeowners associations. We expect our first ratings in the fourth quarter, including a modest participation in the November 2025 citizens takeout. So we're growing frugally and we're leveraging early insights to refine the product and to scale it responsibly. We continue to have success growing our ratings in Georgia and South Carolina, as we talked about before. This is largely again through our home builder agent relationships. We'll also announce, and we have announced, that we're beginning to write in about a month policies in North Carolina, so in December of this year. Having said that, Florida will remain our core market for years to come. I am confident to report that American integrity remain strong and profitable while growing responsibly in the attractive Florida market. Years of investment and underwriting have positioned us to have the capital and market relationships that we expect will deliver strong, profitable, organic growth for years to come. Our progress this year reflects the power of the simple idea Discipline creates opportunity, and opportunity creates lasting value. With that, I'll turn the call over to John to discuss operational execution and growth initiatives in more detail.

Thanks, Bob. I'll focus on how our disciplined execution this quarter positions us for sustainable growth into 2026. Starting with our results, we continue to grow in our core Florida market. In the third quarter, we wrote 25,985 new policies in the voluntary market, bringing our year-to-date total to over 78,000, representing a 25% increase over the same nine months of 2024. Combined with retention levels reaching 82.8% this quarter, our voluntary policies in force has increased 19% over the past year to 315,000 policies. Overall, our policy count at September 30, 2025 stood at 406,000 policies, up 49% over the past year. While the citizens' takeouts in late 2024 and the first three quarters of 2025 contributed to this, so did our voluntary business. Going forward, we view citizens' takeouts as a modest contributor. Voluntary growth is the more predictable and, we believe, more significant driver. As Bob mentioned, we are seeing progress as we expand into South Florida and return to underwriting middle-aged homes. We have appointed a territory sales manager to lead the South Florida region and are actively growing our distribution in the region. For middle-aged homes, we are adjusting our product mix to be more competitive in this segment, which we believe we can do profitably given the changes in the Florida marketplace following legislative reform. Our pricing, forms and appetite are aligned to compete and to win without compromising underwriting standards. Underlying or non-CAT losses continue to be favorable. We are pleased to report that our non-CAT losses continue to perform as expected. For every dollar of gross premium we earn, we are paying out about 17 cents in underlying non-CAT losses, which is as expected for 2025. We believe this represents a strong ratio based on our underwriting focus and higher market share of newer homes. This has also been a favorable year for catastrophe losses thus far, and we are optimistic that we may have a season without a meaningful catastrophe loss for the first time in many years. That would be welcome news for Florida, our policyholders, and our shareholders, and it would be constructive for our cap-on and excess of loss renewals next year. With that, let me turn the call over to Ben to walk through the financials.