American Integrity Insurance Group, Inc.

AI-generated fair value estimate for this company.

Method: Excess-return (Gordon-growth-on-book) model. Inputs: BVPS = $18.86 (total shareholders' equity $369.5M / 19.59M shares); normalized long-run ROE = 17% (well below the current abnormally high Q2'26 annualized ROE near 30-39%, which reflects a benign 2026 hurricane season plus post-2022 Florida tort-reform underwriting margins); cost of equity = 12% (elevated vs large diversified insurers to reflect single-state Florida hurricane catastrophe concentration risk); terminal/long-run growth = 5%. P/B = (0.17 - 0.05)/(0.12 - 0.05) = 1.714x. Value/share = 1.714 x $18.86 = $32.30. Market cap $517.7M, price $26.42, shares out 19.59M, TTM revenue $336.2M, TTM net income $88.1M.

Reasoning: Same insurer-specific logic as AIG - value driven by ROE spread to cost of equity on book value rather than FCF DCF. AII's current profitability is cyclically elevated, so a materially lower sustainable ROE assumption is used to avoid overstating intrinsic value off a single benign year, given known Florida hurricane tail risk.