American Integrity Insurance

Core revenue is recurring (renewal premiums), but loss costs are hurricane‑exposed and inherently volatile. Reinsurance materially reduces tail risk and the company buys to a 1‑in‑130 PML target, yet catastrophe frequency, inflation in repair costs, and Florida legislative risk limit earnings visibility.

The shift toward voluntary growth and multi‑state expansion should gradually diversify away from Citizens take‑out noise, but event risk remains the governing variable for annual outcomes.