Ategrity Specialty Insurance Company (ASIC) Q1 2026 earnings summary

Executive summary

• Achieved record earnings and strong margins, with net income attributable to stockholders rising 201% year-over-year to $25.5 million, or $0.51 per diluted share, and adjusted net income at $25.6 million, driven by 23.1% gross written premium growth and improved underwriting performance.

• Growth was fueled by identifying underserved segments, launching new regional strategies in Texas, Florida, and New England, and leveraging a centralized, technology-driven underwriting model.

• Maintained a single operating segment focused on excess and surplus lines for small and medium-sized businesses in the U.S., delivering differentiated solutions and maintaining underwriting discipline.

• Technology investments and expanded distribution network contributed to increased business volume and operational efficiency.

• Book value per share at quarter-end was $13.13, up 24.3% year-over-year.

Financial highlights

• Gross written premiums rose 23.1% year-over-year to $142.9 million; net written premiums up 32.1% to $118.7 million; net earned premiums increased 34.4% to $105.2 million.

• Fee income reached $2.2 million, up from $0.6 million, due to new policy fees.

• Underwriting income was $13.3 million, up 86.6% year-over-year.

• Net investment income rose to $12.0 million from $7.9 million, with realized/unrealized gains of $9.5 million, reversing a prior-year loss.

• Adjusted return on stockholders' equity was 16.4%, doubling from 8.3% in Q1 2025.

Outlook and guidance

• Management expects continued above-market premium growth and operational leverage, supported by new regional strategies, technology investments, and expanded broker relationships.

• Combined ratio expected to remain in the 87s, indicating continued year-over-year improvement.

• Sufficient liquidity and capital resources are available to support growth and meet obligations for the next twelve months.