American Integrity Insurance

Post‑IPO, management directed cash toward policy growth and reinsurance, paid a 20.0 million special dividend in Q1 2026, and kept leverage negligible.

Reported H1 2026 operating cash flow was 129.8 million, but insurer cash flows swing with reinsurance prepayments and recoverables, so we triangulate on normalized owner earnings near 81 million TTM (net income plus D&A less capex) for a steadier lens.

SBC tied to the 2025 IPO was elevated then fell to modest run‑rate levels in 2026. No serial M&A; growth is organic and via selective Citizens take‑outs. Overall, allocation has been disciplined, balancing growth, surplus, and shareholder returns.