Ategrity Specialty Insurance Company (ASIC) Q3 2025 earnings summary

Executive summary

• Achieved record results with 30.1% year-over-year gross written premium growth and 76.2% net income increase, outpacing E&S market trends through specialization, analytics, automation, and a broad distribution network.

• Combined ratio improved to 88.7%, reflecting disciplined underwriting, operating leverage, and technology-driven efficiency.

• Focused on excess and surplus lines for SMBs, leveraging proprietary technology and data analytics for underwriting efficiency and growth.

• Operates as a single segment with a strong digital-native distribution network and robust risk management.

• Book value per share increased 18.0% from year-end to $12.24.

Financial highlights

• Gross written premiums for Q3 2025 rose 30.1% year-over-year to $143.9 million; net written premiums up 41.6% to $107.5 million.

• Net income attributable to stockholders for Q3 2025 was $22.7 million, up 76.2% from Q3 2024; adjusted net income was $22.8 million.

• Underwriting income rose 208% to $10.6 million; net investment income was $11 million, up from $6.8 million; realized/unrealized gains added $9.2 million.

• Book value per share ended at $12.24; stockholders' equity rose to $588.6 million as of September 30, 2025.

• Return on stockholders' equity for Q3 2025 was 15.8%; adjusted return: 15.9%.

Outlook and guidance

• Targeting 30% year-over-year premium growth in Q4, maintaining growth 20+ percentage points above the E&S market.

• Aiming for a 90% combined ratio in the fourth quarter and expecting Q4 fee income of about $1.5 million.

• Management expects continued profitable growth, supported by investments in automation, analytics, and robust reinsurance protection.

• Sufficient liquidity and capital resources are available to support ongoing operations and growth initiatives.