Looking Forward: Previews and AII Focus

Research evidence excerpt

Looking Forward: Previews and AII Focus

I N D U S T R Y N O T E

M a y 1 1 , 2 0 2 6

Insurance

CONCLUSION Paul Newsome, CFA, CPCU

We are highlighting AII ahead of its 1Q26 earnings this week as we think American Integrity Managing Director, Piper Sandler & Co.

will continue the trend of most of the Florida writers that have reported in the quarter by 312 281-3445, paul.newsome@psc.com

posting a beat due to lower than expected catastrophe losses. We preview AII and ARX Cam Bianchi

earnings for this week. Research Analyst, Piper Sandler & Co.

612 456-9841, cam.bianchi@psc.com

• Focus Idea: American Integrity (AII, Overweight, $385 million cap): We are Related Companies: Share Price:

highlighting American Integrity Insurance ahead of its 1Q26 earnings this week. We AII 19.73

think American Integrity Insurance will continue the trend of most of the Florida writers AIZ 239.67

that have reported in the quarter by posting a beat due to lower than expected ARX 13.20

catastrophe losses. We believe the combination of a favorable reinsurance environment

INDUSTRY RISKS and an improving litigation environment in Florida positions AII to sustain above-peer

underwriting margins well into 2026 and beyond. See (here) for full note. P/C: The P/C insurance industry is subject to risk

including catastrophe events, changes in interest

rates and fixed income credit losses, declines

• Earnings Previews: During the week of May 11, 2026, AII and ARX will report 1Q26 in equity valuations in their investment portfolios

earnings. See page 2 for full previews.

12 - American Integrity (AII, Overweight, $385 million cap): Earnings press changes in the legal and regulatory environment. ◦May and higher claim costs related to inflation and

release will be released on the 12th after market close.