AII Overview

Surge in Insurance IPOs: Insurance companies have seen a significant increase in initial public offerings (IPOs) this year, reaching a 20-year high, as investors seek stability amid economic volatility caused by trade wars and inflation.

Strong Performance and Investor Interest: U.S.-listed insurance IPOs have collectively raised $2.64 billion, with companies like American Integrity and Aspen Insurance performing well post-debut, indicating strong investor interest in the sector.

Future Outlook for Insurance IPOs: Despite concerns over pricing pressures and claims, the insurance industry is expected to continue attracting investors, with a pipeline of companies ready to go public, particularly those backed by private equity firms.

Impact of Government Shutdown: The recent U.S. government shutdown has caused delays in the IPO process, which may affect the number of listings in 2025, pushing momentum into the first half of 2026.

Secondary Public Offering Announcement: American Integrity Insurance Group, Inc. has announced a secondary public offering of 3,000,000 shares of its common stock at a price of $20.00 per share, with an option for underwriters to purchase an additional 450,000 shares.

Proceeds and Closing Date: The company will not receive any proceeds from the sale, and the offering is expected to close on November 21, 2025, pending customary closing conditions.

Underwriters Involved: Keefe, Bruyette & Woods, Piper Sandler, and William Blair are the active bookrunners, while Citizens Capital Markets and Raymond James are acting as passive bookrunners for the offering.

Forward-Looking Statements Disclaimer: The press release includes forward-looking statements that are subject to risks and uncertainties, and actual results may differ from those anticipated due to various factors.

Acquisition Announcement: Almonty Industries has successfully acquired 100% ownership of the Gentung Browns Lake Tungsten Project in Montana, marking its entry into the U.S. market and enhancing its global tungsten portfolio.

Project Details: The Gentung project boasts significant mineral resources and is expected to produce approximately 140,000 Metric Ton Units (MTUs) of tungsten annually, with production readiness targeted for the second half of 2026.

Strategic Importance: This acquisition supports U.S. efforts to strengthen domestic tungsten supply chains, reducing reliance on Chinese sources and aligning with government initiatives in defense and advanced technology sectors.

Future Growth Potential: Almonty aims to establish a fully integrated tungsten platform across North America, Europe, and Asia, leveraging its U.S. presence for industrial partnerships and technological collaborations to enhance supply chain resilience.