American Integrity Insurance initiated with an Outperform at Citizens JMP

Citizens JMP analyst Matthew Carletti initiated coverage of American Integrity Insurance (AII) with an Outperform rating and $23 price target Founded in 2006 on dislocation in the Florida residential property insurance market following the 2004 and 2005 hurricane seasons and producing an “enviable” track record, American Integrity is well positioned to take full advantage of the growing Florida insurance market, which is benefiting from recent highly successful legislative reforms, the analyst tells investors in a research note. The firm finds the shares attractively valued.