Ategrity Specialty Insurance Company Holdings reported underwriting revenue of $13.3 million in the first quarter of 2026, an increase of 86.6% from $7.1 million in the same period last year, and a combined ratio of 87.4%, a decrease from 90.9% in the same period last year.
The company attributed the improvement in combined ratio to improvements in loss and expense ratios.
Loss ratio decreased 1.0 percentage points to 58.8%, driven by strong property underwriting performance, including lower natural wear and tear losses and good catastrophe experience.
The expense ratio fell to 28.6% from 31.1%, driven by operating expense leverage and lower net policy acquisition costs.
In 1Q26, total premiums increased 23.1% to $142.9 million from $116.1 million in 1Q25.
Net premiums written reached $118.7 million, an increase of 32% from $89.9 million, while net premiums earned increased 34.4% to $105.2 million from $78.3 million.
Net profit to shareholders increased 201% to $25.5 million from nearly $8.5 million. Adjusted net profit attributable to shareholders was US$25.6 million, compared with US$8.5 million in the same period last year.
Net investment income totaled $12 million, an increase of 52.5% from $7.9 million.
Ategrity CEO Justin Cohen said: “Ategrity delivered another quarter of record profitability, driven by revenue growth and margin expansion, with underwriting revenue growing 86.6% year over year. Our business scaled effectively, generating operating leverage and lowering expense ratios.
“We continue to see strong opportunities flowing through our distribution network and remain highly selective in how we deploy capital to deliver profitable growth and strong returns on equity.
“We are also investing for the future, launching a new regional strategy to expand our market coverage and advancing our automation and artificial intelligence plans to expand margins.
“This quarter’s results reflect the production underwriting model gaining market share and delivering consistent profitability results.”
Chris Schenk, President and Chief Underwriting Officer, added, “Our retention rates are improving year over year and new business submission activity is strong, reflecting growing demand for our products and the strength of our distribution network. Our strategic initiatives have meaningfully contributed to growth, with our middle market business nearly doubling the number of policies. Technical pricing is consistent with our target loss ratios, and underlying frequency and severity trends are performing better than expected.”
“We have also launched several initiatives to expand our submission pipeline, including new regional strategies in Texas, Florida and New England. We are seeing early traction through new brokerage appointments and expanded market access as these differentiated solutions position Ategrity for continued above-market growth.”
