Ategrity Specialty Insurance Company (ASIC) Q4 2025 earnings summary

Executive summary

• Delivered record quarterly results with 30.2% year-over-year gross written premium growth and an 84.9% combined ratio, both company records.

• Growth driven by targeted specialty products, expanded distribution (nearly 600 partners), and workflow automation.

• Outperformed E&S industry growth by 20 percentage points, with strong performance in both property and casualty segments.

• Maintained underwriting discipline and margin expansion despite increased competitive intensity in the small and mid-sized E&S market.

• Book value per share increased 23.2% year-over-year to $12.78.

Financial highlights

• Adjusted net income rose to $25.4 million from $22.7 million year-over-year, with EPS of $0.51 per diluted share.

• Gross written premiums up 30.2% to $154.0 million, net written premiums up 44%, and net earned premiums up 34% year-over-year.

• Underwriting income increased 160% to $15.5 million; combined ratio improved to 84.9% from 92.3% last year.

• Net investment income was $11.6 million, up from $6.3 million, with $6.7 million in realized/unrealized gains.

• Book value per share rose to $12.78, up 21% since IPO and 23.2% year-over-year; cash and investments increased by $45 million to $1.1 billion.

Outlook and guidance

• Guidance for Q1 2026 is for growth 20 percentage points above E&S market growth, with a combined ratio just below 90%.

• Management expects continued profitable growth, citing durable underwriting strategy, analytics, and automation as competitive advantages.

• Broader distribution and targeted growth initiatives are expected to sustain submission flow and profitable business conversion.

• Continued focus on market share gains and disciplined underwriting in a moderating market.