Ategrity Specialty Insurance Company Holdings reported strong underwriting results for the fourth quarter of 2025, with underwriting revenue increasing 160.3% to $15.5 million from $5.9 million in the same period last year, and the combined ratio improving to 84.9% from 92.3% in the same period last year.
The improvement in the combined ratio was driven by improvements in the loss ratio and expense ratio. The loss ratio fell to 57.1% from 58.3%, while the expense ratio fell to 27.8% from 33.9%, driven by strong property underwriting performance, including lower natural wear and tear and good catastrophe experience.
Gross written premiums (GWP) for the quarter totaled US$154 million, an increase of 30.2% from US$118.3 million. The GWP of casualty insurance increased by 37.5% year-on-year, while that of property and casualty insurance increased by 17.9%.
Net written premiums increased 44.2% to US$110 million in 4Q25 from US$76.2 million in 4Q24.
Net premium income was US$102.8 million, an increase of 33.7% from US$76.8 million.
Shareholders’ net profit was US$25.3 million, an increase of 17.3% from US$21.5 million. At the same time, adjusted net profit attributable to shareholders was US$25.4 million, an increase of 11.9% from US$22.7 million.
The company reported net investment income of $11.6 million, an increase of 88.9% from $6.3 million.
For the full year of 2025, Ategrity’s underwriting revenue reached $42.8 million, an increase of 141.2% from $17.8 million in 2024.
Ategrity’s combined ratio increased to 88.2% from 93.9% in the same period last year, the loss ratio was 58.7%, compared with 60.3% in the same period last year, and the expense ratio was 29.5%, compared with 33.6% in the same period last year.
Total premiums increased by 33% from US$437 million to US$581.5 million. Net written premiums increased 41.9% from US$299.2 million to US$424.6 million, and net written premiums increased 24.4% from US$290.6 million to US$361.7 million.
Net profit attributable to shareholders was US$74 million, an increase of 57.2% from US$47.1 million, and adjusted net profit attributable to shareholders was US$74.6 million, an increase of 54.6% from US$48.3 million.
In 2025, net investment income will be US$42.4 million, an increase of 76.2% from US$24 million.
Ategrity CEO Justin Cohen said: “Ategrity Delivered another record quarter with continued growth and margin expansion. Our results demonstrate the durability of our underwriting strategy: disciplined pricing, precise risk selection and consistent execution across the platform. Broader distribution and targeted growth initiatives have increased submission traffic, while maintaining selectivity. Our model continues to scale efficiently, generate operating leverage and further reduce expense ratios. By embedding analytics and automation throughout the organization, we are steadily expanding our competitive advantages and compounding profitable growth.”
Chris Schenk, President and Chief Underwriting Officer, added: “We have built a business that offers multiple differentiated paths to growth across market cycles. This approach is evident in the strength of our submission pipeline, our financial performance and our rate change results. 2025 We delivered positive real estate growth in 2018 while many of our peers contracted, reflecting our intention to avoid chasing trends in the catastrophic real estate segment. Our management and professional liability lines established a durable position early in our development despite overall softness in the market. In casualty, we delivered strong growth in our core verticals, with our newly launched retail trade vertical generating meaningful submission momentum in the fourth quarter, supported by Project Heartland and a highly engaged, diversified distribution network.
“We write new business on top of product costs, maintaining account-level economics and supporting long-term value. This technical discipline – particularly in small and mid-market exposure – drives renewed stability and portfolio durability.”
