Ategrity Specialty Insurance Company Holdings has reported an underwriting income of $13.3 million for the first quarter of 2026, up 86.6% from $7.1 million in the same quarter a year prior, with a combined ratio of 87.4%, down from 90.9%.
The company attributed the improved combined ratio to improvements in both the loss and expense ratios.
The loss ratio decreased by 1.0 percentage point to 58.8%, supported by strong underwriting performance in property, including lower attritional losses and favourable catastrophe experience.
The expense ratio declined to 28.6% from 31.1%, driven by operating expense leverage and lower net policy acquisition costs.
In Q1’26, gross written premiums increased 23.1% to $142.9 million, from $116.1 million in Q1’25.
Net written premiums reached $118.7 million, up 32% from $89.9 million, while net earned premiums rose 34.4% to $105.2 million from $78.3 million.
Net income attributable to stockholders increased 201% to $25.5 million from nearly $8.5 million. Adjusted net income attributable to stockholders was $25.6 million, compared to $8.5 million.
Net investment income totalled $12 million, a 52.5% increase from $7.9 million.
Justin Cohen, Chief Executive Officer of Ategrity, said, “Ategrity delivered another quarter of record earnings, as underwriting income increased 86.6% year-over-year, driven by top-line growth and margin expansion. Our business scaled efficiently, generating operating leverage and a lower expense ratio.
“We continued to see strong opportunity flow across our distribution network and remained highly selective in how we deployed capital, producing profitable growth and strong returns on equity.
“We also invested for the future, launching new regional strategies to broaden our market reach and advancing our automation and AI initiatives to expand margins.
“This quarter’s results reflect a productionised underwriting model gaining market share and delivering consistent, profitable performance.”
Chris Schenk, President and Chief Underwriting Officer, added, “We achieved higher retention year-over-year, and new business submission activity was strong, reflecting growing demand for our product and the strength of our distribution network. Our strategic initiatives contributed meaningfully to growth, and policy count in our middle-market business nearly doubled. Technical pricing remained aligned with our target loss ratios, and underlying frequency and severity trends performed better than expected.
“We also launched several initiatives focused on expanding 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.”
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