Ategrity Specialty Insurance Company Holdings reported strong underwriting results for the fourth quarter of 2025, with underwriting income rising 160.3% to $15.5 million from $5.9 million in the same period a year earlier, alongside an improved combined ratio of 84.9% compared with 92.3%.
The improved combined ratio was driven by improvements in both the loss and expense ratios. The loss ratio decreased to 57.1% from 58.3%, supported by strong underwriting results in property, including lower attritional losses and favourable catastrophe experience, while the expense ratio declined to 27.8% from 33.9%.
For the quarter, gross written premiums (GWP) totalled $154 million, up 30.2% from $118.3 million. GWP for casualty lines increased 37.5% year over year, while property lines rose 17.9%.
In Q4’25, net written premiums rose 44.2% to $110 million from $76.2 million in Q4’24.
Net premiums earned stood at $102.8 million, up 33.7% from $76.8 million.
Net income attributable to stockholders was $25.3 million, a 17.3% increase from $21.5 million. Meanwhile, adjusted net income attributable to stockholders was $25.4 million, up 11.9% from $22.7 million.
The company posted a net investment income of $11.6 million, up 88.9% from $6.3 million.
For full year 2025, Ategrity’s underwriting income amounted to $42.8 million, a 141.2% increase from $17.8 million in 2024.
Ategrity’s combined ratio improved to 88.2% from 93.9% a year earlier, with a loss ratio of 58.7% versus 60.3% and an expense ratio of 29.5% versus 33.6%.
Gross written premiums increased 33% to $581.5 million from $437 million. Net written premiums rose 41.9% to $424.6 million from $299.2 million, while net premiums earned increased 24.4% to $361.7 million from $290.6 million.
Net income attributable to stockholders stood at $74 million, up 57.2% from $47.1 million, while adjusted net income attributable to stockholders was $74.6 million, up 54.6% from $48.3 million.
In 2025, net investment income was $42.4 million, marking a 76.2% increase from $24 million.
Justin Cohen, Chief Executive Officer of Ategrity, said, “Ategrity delivered another record quarter, with continued growth and margin expansion. Our performance reflects the durability of our underwriting strategy: disciplined pricing, precise risk selection, and consistent execution across the platform. Broader distribution and targeted growth initiatives increased submission flow, which we converted into profitable business while maintaining selectivity. Our model continued to scale efficiently, generating operating leverage and a further reduction in the expense ratio. With analytics and automation embedded across the organisation, we are steadily extending our competitive advantage and compounding profitable growth.”
Chris Schenk, President and Chief Underwriting Officer, added, “We have built a business with multiple, differentiated pathways for growth across market cycles. That approach is evident in the strength of our submission pipeline, our financial performance, and our rate change results. We exited 2025 with positive property growth while many peers contracted, reflecting our deliberate decision to avoid trend-chasing in catastrophe-exposed property. Our management and professional liability lines established durable positions in their early period of development despite broader market softening. In casualty, we delivered strong growth across our core verticals, and our newly launched retail-trade vertical generated meaningful submission momentum exiting the fourth quarter, supported by Project Heartland and a highly engaged, diversified distribution network.
“We wrote new business above our cost of product, preserving account-level economics and supporting long-term value. That technical discipline—particularly in small and middle-market risks—has driven renewal stability and portfolio durability.”
