Ategrity Specialty Insurance Company (ASIC) Q2 2025 earnings summary

Executive summary

• Gross written premiums rose 32.3% year-over-year to $167.5 million in Q2 2025, driven by network expansion, increased wallet share, and disciplined underwriting for small to mid-sized businesses.

• Net income attributable to stockholders increased to $17.9 million, a 365% year-over-year rise, with adjusted ROE of 14.5% and diluted EPS of $0.41.

• Completed IPO in June 2025, raising up to $130.3 million in gross proceeds and supporting growth and capital strength.

• Loss and expense ratios improved, reflecting underwriting discipline and favorable property loss experience.

• Book value per share increased to $11.64, up 12.2% from year-end.

Financial highlights

• Net premiums earned grew 19.7% year-over-year to $86.9 million for Q2 2025.

• Underwriting income rose 119% year-over-year to $9.6 million.

• Net investment income was $11.9 million, with realized/unrealized gains of $1.4 million.

• Fee income rose to $1.5 million from $191,000 a year ago due to new policy fees.

• Total stockholders' equity increased to $560.2 million as of June 30, 2025.

Outlook and guidance

• Reaffirmed mid to high 20s% year-over-year gross written premium growth for the second half of 2025, with combined ratio expected in the low 90s.

• Management expects continued premium growth, supported by technology-driven underwriting, automation, and expanded distribution.

• Sufficient liquidity and capital resources are projected to meet operating needs for the next twelve months.

• The company is evaluating the impact of new federal tax legislation enacted in July 2025.