Ategrity第二季度業績創紀錄 承保利潤增67% 綜合成本率降至85.9%

EX-99.1
2
asic-2026729xexx991.htm
EX-99.1

Document

Ategrity Specialty Insurance Company Holdings Reports Second Quarter 2026 Results
Combined ratio of 85.9% drives underwriting income growth of 66.9% and record earnings
NEW YORK, NY – July 29, 2026 – Ategrity Specialty Insurance Company Holdings (NYSE: ASIC) today announced financial results for the quarter ended June 30, 2026. The Company reported net income attributable to stockholders of $33.5 million, or $0.67 per diluted share, compared to $17.6 million, or $0.39 per diluted share, in the prior-year period. Adjusted net income attributable to stockholders(1) was $33.5 million, or $0.67 per diluted share(1).
Second Quarter 2026 Highlights
•Gross written premiums increased 23.4% to $206.8 million
•Net income attributable to stockholders was $33.5 million, or $0.67 per diluted share, up 89.8%
•Adjusted net income attributable to stockholders(1) was $33.5 million, or $0.67 per diluted share
•Combined ratio was 85.9%, compared to 88.9% in Q2 2025
•Adjusted return on stockholders’ equity(1) was 20.7% 
•Book value per share at quarter-end was $13.86 per share, up 8.5% from year-end
Chief Executive Officer Justin Cohen said, “Ategrity delivered another quarter of record production, underwriting profitability and earnings, with gross written premium growth of 23.4%, a combined ratio of 85.9% and adjusted net income growth of 87.9%. These results demonstrate the strength of our productionized underwriting platform, and our ability to take market share while expanding profitability. 
“The scalability of our model was evident this quarter, as our expense ratio improved 350 basis points to 27.5%, contributing to a 66.9% increase in underwriting income. We continue to see opportunities to drive further efficiencies through automation and streamlined processes while executing our disciplined underwriting approach. As we continue to scale, we believe our model is positioned to deliver attractive returns for shareholders and exceptional value to our distribution partners.”
Underwriting Results
For the quarter ended June 30, 2026, gross written premiums increased 23.4% compared to the prior-year period, driven by execution of our growth initiatives and increased engagement across our expanding distribution network. Gross written premiums for casualty lines increased 24.7% year-over-year, reflecting the Company’s strategic focus on broadening casualty-related products and verticals. Gross written premiums in property lines increased 21.3% year-over-year, with contribution from growth in lower-risk geographies, including the Midwest and New England.
Underwriting income(1) was $16.0 million for the quarter, up 66.9% from $9.6 million in the prior-year period. The combined ratio for the quarter was 85.9%, a decrease from 88.9% in the prior-year period, driven by improvement in the expense ratio. The loss ratio increased by 0.5 percentage points to 58.5%, reflecting a shift in business mix toward our Brokerage channel in recent periods and lower catastrophe activity in the prior-year period. 
The overall expense ratio was 27.5% for the quarter, compared to 31.0% in the prior-year period, driven by operating expense leverage and lower net policy acquisition costs. Operating expenses, net of fee income, decreased as a percentage of net earned premiums by 2.9 percentage points to 9.5%, reflecting emerging scale benefits of our centralized model and stronger fee income. Policy 
acquisition costs also improved, decreasing by 0.6 percentage points to 17.9% of net earned premiums due to a favorable shift in our business mix. 
“Our team delivered another quarter of strong growth while maintaining our technical underwriting standards” said Chris Schenk, President and Chief Underwriting Officer. “Record new business growth was driven by the expansion of our distribution relationships and the execution of differentiated growth strategies, including initiatives such as Project Heartland and our New England strategy. We also entered the quarter with a larger and more valuable renewal portfolio, reflecting the cumulative benefits of investments made over the past several years. Together, these differentiated growth initiatives and our expanding renewal franchise are creating a more durable, predictable and profitable earnings foundation.” 
“Across our portfolio, we continue to capture attractive opportunities as we see increased market focus on coverage terms and conditions, particularly in the middle-market segment. Our strategy is to provide insureds with the coverage they need at fair, technically sound rates. As insureds demonstrate a renewed willingness to pay for coverage certainty, we believe our differentiated underwriting approach, targeted market strategies and disciplined execution will enable Ategrity to continue gaining market share while delivering sustainable, profitable growth.”

(1)    See the definitions and reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures in the section titled “Non-GAAP Financial Measures” below.

Summary of Operating Results
The following table summarizes the Company’s results of operations for the three months ended June 30, 2026 and 2025:

Three Months Ended June 30,Six Months Ended June 30,
($ in thousands, except percentages and per share data)
202620252026

2025

Gross written premiums
$206,762 $167,502 $349,689 $283,645 
Ceded written premiums
(53,325)(50,231)(77,545)(76,503)
Net written premiums
$153,437 $117,271 $272,144 $207,142 

Net earned premiums 
$113,775 $86,928 $218,986 $165,229 
Fee income
3,432 1,524 5,654 2,084 
Losses and loss adjustment expenses
66,503 50,412 128,383 97,274 
Underwriting, acquisition and insurance expenses
34,666 28,430 66,945 53,315 
Underwriting income (1)
16,038 9,610 29,312 16,724 
Net investment income
12,662 11,891 24,704 19,786 
Net realized and unrealized gains (losses) on investments
18,591 1,409 28,056 (3,190)
Interest expense
4 447 8 894 
Other income
24 28 48 993 
Other expenses
872 161 1,444 399 
Income before income taxes
46,439 22,330 80,668 33,020 
Income tax expense 
9,267 4,713 16,320 6,953 
Net income
$37,172 $17,617 $64,348 $26,067 
Less: Net income (loss) attributable to non-controlling interest - General Partner
3,721 (5)5,431 (16)
Net income attributable to stockholders
$33,451 $17,622 $58,917 $26,083 

Key Metrics

Adjusted net income attributable to stockholders (1)
$33,545 $17,857 $59,147 $26,400 
Loss ratio
58.5 %58.0 %58.6 %58.9 %
Expense ratio
27.5 %31.0 %28.0 %31.0 %
Combined ratio (3)
85.9 %88.9 %86.6 %89.9 %
Return on stockholders' equity (2)
20.7 
%
14.3 
%
18.4 
%
10.9 
%

Adjusted return on stockholders' equity (1) (2)
20.7 %14.5 
%
18.5 %11.0 
%

Diluted earnings per share
$
0.67 

$
0.39 

$
1.18 

$
0.60 

Adjusted diluted earnings per share(1)
$
0.67 

$
0.41 

$
1.19 

$
0.62 

(1)Each of these metrics is a non-GAAP financial measure. See “Non-GAAP Financial Measures” for a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP measure. 
(2)For the three and six months ended June 30, 2026 and 2025, net income attributable to stockholders and adjusted net income attributable to stockholders are annualized to arrive at return on stockholders’ equity and adjusted return on stockholders’ equity. 
(3) Ratios are calculated using unrounded figures. The sum of components may differ slightly from totals shown due to rounding.
2

Gross Written Premiums
The following tables presents gross written premiums by product for the three and six months ended June 30, 2026 and 2025:

Three Months Ended June 30,

Six Months Ended June 30,

($ in thousands, except percentages)

2026

2025

% Change

2026

2025

% Change

Casualty 

$133,424 $107,023 
24.7 
%

$238,077 $189,163 
25.9 
%

Property 

73,338 60,479 
21.3 
%

111,612 94,482 
18.1 
%

Gross written premiums 

$
206,762 

$
167,502 

23.4 
%

$
349,689 

$
283,645 

23.3 
%

Expense Ratio
The following tables summarize the components of our expense ratio for the three and six months ended June 30, 2026 and 2025:

Three Months Ended June 30,

($ in thousands, except percentages) 
2026

2025

Expenses

% of Net Earned Premiums (2)

Expenses

% of Net Earned Premiums (2)

Policy acquisition costs
$
20,370 

17.9 
%

$
16,088 

18.5 
%

Operating expenses, net of fee income (1)
10,864 

9.5 
%

10,818 

12.4 
%

Underwriting, acquisition and insurance expenses, net of fee income
$
31,234 

27.5 
%

$
26,906 

31.0 
%

Six Months Ended June 30,

($ in thousands, except percentages) 
2026

2025

Expenses

% of Net Earned Premiums

Expenses

% of Net Earned Premiums (2)

Policy acquisition costs
$
38,913 

17.8 
%

$
30,820 

18.7 
%

Operating expenses, net of fee income (1)
22,378 

10.2 
%

20,411 

12.4 
%

Underwriting, acquisition and insurance expenses, net of fee income
$
61,291 

28.0 
%

$
51,231 

31.0 
%

(1)Net of fee income of $3.4 million and $5.7 million for the three and six months ended June 30, 2026, and $1.5 million and $2.1 million for the three and six months ended June 30, 2025, respectively. 
(2) The sum of components differs slightly from the total shown due to rounding.

Investment results
The following tables summarize net investment income and net realized and unrealized gains on investments for the three and six months ended June 30, 2026 and 2025:
3

Three Months Ended June 30,Six Months Ended June 30,
($ in thousands)2026
2025
2026
2025

Investment income
Fixed-maturity securities$
8,846 

$
6,460 

$
17,201 

$
12,725 

Short-term investments1,939 

1,154 

3,568 

1,724 

Cash equivalents290 

475 

705 

911 

Loans to affiliates1,524 

1,543 

3,053 

1,793 

Total fixed income12,599 

9,632 

24,527 

17,153 

Utility & Infrastructure Investments210 

2,422 

452 

2,931 

Other expenses(147)

(163)

(275)

(298)

Net investment income$
12,662 

$
11,891 

$
24,704 

$
19,786 

Net realized and unrealized gains (losses) on investments$
18,591 

$
1,409 

$
28,056 

$
(3,190)

Non-GAAP Financial Measures
We report our financial results in accordance with GAAP. However, we believe that certain non-GAAP financial measures provide investors in our common stock with additional useful information in evaluating our performance. Management believes that excluding certain items that are not indicative of core performance assists in evaluating our ability to generate earnings and to more readily compare these metrics between past and future periods. These non-GAAP financial measures may be different than similarly titled measures used by other companies. 
These non-GAAP financial measures should not be considered in isolation from, or as substitutes for, financial information prepared in accordance with GAAP. There are limitations related to the use of these non-GAAP financial measures as compared to the most directly comparable GAAP financial measures. 

Underwriting Income
We define underwriting income as income before income taxes excluding the impact of net investment income, net realized and unrealized gains (losses) on investments, other income, interest expense, and other expenses (which include expenses related to corporate activities and expenses recorded by us in connection with the Company’s initial public offering). Underwriting income is a measure of the pre-tax profitability of our underwriting operations and allows us to evaluate our underwriting performance without regard to net investment income among other things. We use this metric as we believe it gives our management and other users of our financial information useful insight into our underlying business performance. Underwriting income should not be viewed as a substitute for income before income taxes calculated in accordance with GAAP, and other companies may define underwriting income differently. 
4

Underwriting income for the three and six months ended June 30, 2026 and 2025 reconciles to income before income taxes as follows: 

Three Months Ended June 30,

Six Months Ended June 30,

($ in thousands)

2026

2025

2026

2025

Income before income taxes

$
46,439 

$
22,330 

$
80,668 

$
33,020 

Less:

Net investment income

(12,662)

(11,891)

(24,704)

(19,786)

Net realized and unrealized (gains) losses on investments

(18,591)

(1,409)

(28,056)

3,190 

Other income

(24)

(28)

(48)

(993)

Add:

Interest expense

4 

447 

8 

894 

Other expenses

872 

161 

1,444 

399 

Underwriting income

$
16,038 

$
9,610 

$
29,312 

$
16,724 

Adjusted net income attributable to stockholders 
We define adjusted net income attributable to stockholders as net income attributable to stockholders excluding certain other non-operating expenses, which include expenses recorded by us in connection with the Company’s initial public offering. We use adjusted net income attributable to stockholders as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted net income attributable to stockholders should not be viewed as a substitute for net income attributable to stockholders calculated in accordance with GAAP, and other companies may define adjusted net income differently. 
Adjusted net income attributable to stockholders for the three and six months ended June 30, 2026 and 2025 reconciles to net income attributable to stockholders as follows: 

Three Months Ended June 30,

Six Months Ended June 30,

($ in thousands)

2026

2025

2026

2025

Net income attributable to stockholders

$
33,451 

$
17,622 

$
58,917 

$
26,083 

Adjustments:

Other non-operating expenses (1)

119 

298 

291 

401 

Tax impact

(25)

(63)

(61)

(84)

Adjusted net income attributable to stockholders

$
33,545 

$
17,857 

$
59,147 

$
26,400 

(1)In the three and six months ended June 30, 2026 and 2025, other non-operating expenses includes share-based compensation expenses recorded by us related to our initial public offering. 

Adjusted return on stockholders’ equity
We define adjusted return on stockholders’ equity as adjusted net income attributable to stockholders, expressed as a percentage of average beginning and ending stockholders’ equity during the period. Adjusted net income attributable to stockholders excludes the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. We use adjusted return on stockholders’ equity as an internal performance measure in the management of our operations because we believe it gives our management and other users of 
5

our financial information useful insight into our results of operations and our underlying business performance. Adjusted return on stockholders’ equity should not be viewed as a substitute for return on stockholders’ equity calculated in accordance with GAAP, and other companies may define adjusted return on stockholders’ equity and adjusted net income attributable to stockholders differently. 
Adjusted return on stockholders’ equity for the three and six months ended June 30, 2026 and 2025 reconciles to return on stockholders’ equity as follows: 

Three Months Ended June 30,

Six Months Ended June 30,

($ in thousands, except percentages)

2026

2025

2026

2025

Numerator: Adjusted net income attributable to stockholders, annualized (1)

$
134,180

$
71,428

$
118,294

$
52,800

Denominator: Average stockholders’ equity 

647,709

493,253

639,352

478,998

Adjusted return on stockholders' equity 

20.7 
%

14.5 
%

18.5 
%

11.0 
%

(1)For the three and six months ended June 30, 2026 and 2025, net income and adjusted net income are annualized to arrive at return on stockholders’ equity and adjusted return on stockholders’ equity.

Adjusted diluted earnings per share
We define adjusted diluted earnings per share as adjusted net income attributable to stockholders, divided by weighted average common shares outstanding - diluted for the period. We use adjusted diluted earnings per share as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted diluted earnings per share should not be viewed as a substitute for diluted earnings per share calculated in accordance with GAAP, and other companies may define adjusted diluted earnings per share differently. 
Adjusted diluted earnings per share for the three and six months ended June 30, 2026 and 2025 reconciles to diluted earnings per share as follows: 

Three Months Ended June 30,

Six Months Ended June 30,

($ in thousands, except share and per share data)

2026

2025

2026

2025

Numerator: Adjusted net income attributable to stockholders

$
33,545 

$
17,857 

$
59,147 

$
26,400 

Denominator: Weighted-average shares outstanding - diluted

49,864,919 

43,584,999 

49,839,370 

42,246,997 

Adjusted diluted earnings per share

$
0.67 

$
0.41 

$
1.19 

$
0.62 

Conference Call
Ategrity will hold a conference call to discuss this press release today, July 29, at 5:00 p.m. Eastern Time. Interested parties may access the conference call via a live webcast, which can be accessed at https://events.q4inc.com/attendee/692692597 or by visiting the Company’s Investor Relations website. Please join the webcast at least 10 minutes before the scheduled start time. A replay of the event webcast will be available on the Company’s Investor Relations website approximately two hours following the call, for a period of at least 30 days.
__________________________________________________________________________________
6

About Ategrity Specialty Insurance Company Holdings
Ategrity Specialty Insurance Company Holdings is a profitable and growing specialty insurance company dedicated to providing excess and surplus (“E&S”) products to small to medium-sized businesses across the United States. We have built a proprietary underwriting platform that combines sophisticated data analytics with automated and streamlined processes to efficiently serve our clients and deliver long-term value to our stockholders. The small to medium-sized business market is characterized by large volumes of small-sized policies, and we believe our competitive edge lies in our ability to offer consistent, high-speed, and low-touch interactions that our distribution partners value. This advantage stems from our technology-driven method of standardizing, simplifying, and automating our transaction process, which we call productionized underwriting.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. You can identify forward-looking statements in this press release by the use of words such as “anticipates,” “estimates,” “expects,” “intends,” “plans,” and “believes,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” These forward-looking statements include, among others, statements relating to our investments in automation and analytics and their expected impact and expected profitable growth. These forward-looking statements are based on management’s current expectations and assumptions about future events, which are inherently subject to uncertainties, risks, and changes in circumstances that are difficult to predict. 
Our actual results may differ materially from those expressed in, or implied by, the forward-looking statements included in this press release as a result of various factors, including, among others: the risks and uncertainties discussed under the caption “Risk Factors” in our 2025 Form 10-K filed with the Securities and Exchange Commission, (the “SEC”) on March 4, 2026. Accordingly, you should read this press release completely and with the understanding that our actual future results may be materially different from what we expect. 
Forward-looking statements speak only as of the date of this press release. Except as expressly required under federal securities laws and the rules and regulations of the SEC, we do not have any obligation, and do not undertake, to update any forward-looking statements to reflect events or circumstances arising after the date of this press release, whether as a result of new information, future events, or otherwise. You should not place undue reliance on the forward-looking statements included in this press release or that may be made elsewhere from time to time by us, or on our behalf. All forward-looking statements attributable to us are expressly qualified by these cautionary statements. 
Investor Relations Contact [email protected]
7

Condensed Consolidated Balance Sheets (Unaudited)

June 30, 2026

December 31, 2025

($ in thousands)

Assets:

Fixed-maturity securities available-for-sale, at fair value
$
611,314 

$
558,428 

Utility & Infrastructure Investments, at fair value
227,267 

189,859 

Short-term investments
228,919 

220,241 

Loans to affiliates
106,500 

106,500 

Other invested assets
1,766 

280 

Total invested assets
1,175,766 

1,075,308 

Cash and cash equivalents
$
33,327 

$
29,721 

Investment income due and accrued
10,497 

10,186 

Premiums receivable, net of allowance for credit losses
111,638 

75,244 

Deferred policy acquisition costs, net of ceding commissions
39,004 

30,204 

Income tax receivable
— 

— 

Deferred income tax asset, net
13,996 

13,289 

Reinsurance recoverable, net of allowance for credit losses
188,156 

150,386 

Ceded unearned premiums
76,555 

74,317 

Other assets
14,662 

15,658 

Total assets
1,663,601 

1,474,313 

Liabilities, stockholders' equity and non-controlling interest:

Liabilities:

Reserves for unpaid losses and loss adjustment expenses
$
583,933 

$
502,248 

Unearned premiums
337,260 

281,864 

Payable to reinsurers
39,434 

31,064 

Accounts payable and accrued expenses
27,671 

31,684 

Income tax payable
1,406 

8,414 

Other liabilities
3,522 

4,180 

Total liabilities
993,226 

859,454 

Stockholders' equity:

Total stockholders' equity
664,394 

614,309 

Non-controlling interest - General Partner
5,981 

550 

Total stockholders' equity and non-controlling interest
670,375 

614,859 

Total liabilities, stockholders' equity and non-controlling interest
1,663,601 

1,474,313 

8

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)

Three Months Ended June 30,
Six Months Ended June 30,
2026

2025
20262025
($ in thousands, except share and per share data)

Revenues
Gross written premiums$206,762 
$167,502 $349,689 $283,645 
Ceded written premiums(53,325)
(50,231)(77,545)(76,503)
Net written premiums153,437 
117,271 272,144 207,142 
Change in unearned premiums(39,662)
(30,343)(53,158)(41,913)
Net earned premiums 113,775 
86,928 218,986 165,229 
Fee income3,432 
1,524 5,654 2,084 
Net investment income12,662 
11,891 24,704 19,786 
Net realized and unrealized gains (losses) on investments18,591 
1,409 28,056 (3,190)
Other income24 
28 48 993 
Total revenues148,484 
101,780 277,448 184,902 

Expenses
Losses and loss adjustment expenses66,503 50,412 128,383 97,274 
Underwriting, acquisition and insurance expenses34,666 28,430 66,945 53,315 

Interest expense4 447 8 894 
Other expenses872 161 1,444 399 
Total expenses102,045 79,450 196,780 151,882 

Income before income taxes46,439 22,330 80,668 33,020 
Income tax expense 9,267 4,713 16,320 6,953 
Net income37,172 17,617 64,348 26,067 

Less: Net income (loss) attributable to non-controlling interest - General Partner3,721 (5)5,431 (16)
Net income attributable to stockholders33,451 17,622 58,917 26,083 

Other comprehensive income:
  Unrealized gains (losses), net of taxes2,559 152 (6,411)38 

Total comprehensive income attributable to stockholders$36,010 $17,774 $52,506 $26,121 

Earnings per share:
Basic$0.70 $0.40 $1.23 $0.61 
Diluted$0.67 $0.39 $1.18 $0.60 
Weighted-average shares outstanding:
Basic48,008,741 42,084,982 48,037,544 41,191,609 
Diluted49,864,919 43,584,999 49,839,370 42,246,997 

9