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, outperforming E&S industry growth by 20 percentage points.

• Growth driven by targeted specialty products, expanded distribution network, workflow automation, and analytics, resulting in strong submission volume and margin expansion.

• Net income attributable to stockholders was $25.3 million, up 17.3% year-over-year, with adjusted net income of $25.4 million.

• Book value per share increased to $12.78, up 23.2% year-over-year and 21% since IPO.

• AI integration in underwriting and back office has improved efficiency and is expected to further reduce expense ratios in 2026.

Financial highlights

• Net written premiums increased 44%, net earned premiums rose to $102.8 million from $76.8 million, and fee income reached $2.3 million.

• Underwriting income surged 160% to $15.5 million, with a combined ratio improving to 84.9% from 92.3%.

• Net investment income was $11.6 million, up from $6.3 million year-over-year, with $6.7 million in realized and unrealized gains.

• Adjusted diluted EPS was $0.51 per share; return on stockholders' equity was 16.8%.

• Book value per share ended at $12.78, with cash and investments increasing by $45 million to $1.1 billion.

Outlook and guidance

• Guidance for Q1 2026 targets 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.

• Focus remains on market share gains and disciplined underwriting in a moderating market.