American Integrity Insurance

Intangible assets and relationships: two decades building a large network of independent agents in Florida and neighboring states, plus recognized financial strength marks, create brand trust and distribution stickiness. The firm operates Guidewire‑based, block‑level underwriting that supports granular risk selection.

These assets are valuable but not unique among top Florida specialists. Switching costs: homeowners policies are annually remarketed and regulated, so switching costs are modest for consumers; agency relationships carry moderate switching friction.

Cost advantage: scale with reinsurers, multi‑layer CAT program, and recent double‑digit risk‑adjusted declines in CAT XOL costs create a near‑term expense edge versus smaller peers.

Efficient scale: Florida homeowners remains capacity constrained and operationally complex, favoring incumbents with licenses, models, and claims infrastructures; the company is one of the largest voluntary writers and top three by certain market share measures. Network effects are limited.

Overall, moat durability is moderate and tied to underwriting execution and reinsurance access rather than unassailable structural barriers.