Ategrity Specialty Holdings LLC | 10-Q: FY2026 Q1 Revenue: USD 128.96 M

Revenue: As of FY2026 Q1, the actual value is USD 128.96 M.

EPS: As of FY2026 Q1, the actual value is USD 0.51, beating the estimate of USD 0.41.

EBIT: As of FY2026 Q1, the actual value is USD 34.23 M.

Ategrity Specialty Insurance Company Holdings operates as a single reportable segment, focusing on the excess and surplus (E&S) market for small to medium-sized businesses in the United States using a technology-driven underwriting approach .

Segment Revenue (for the three months ended March 31, 2026 vs. 2025)

• Gross written premiums increased by 23.1% to $142,927 thousand in 2026 from $116,143 thousand in 2025 . This includes Casualty premiums of $104,653 thousand (73.2% of GWP) in 2026, up from $82,140 thousand (70.7% of GWP) in 2025, and Property premiums of $38,274 thousand (26.8% of GWP) in 2026, up from $34,003 thousand (29.3% of GWP) in 2025 .
• Net written premiums rose by 32.1% to $118,706 thousand in 2026 from $89,871 thousand in 2025 .
• Net earned premiums increased by 34.4% to $105,210 thousand in 2026 from $78,301 thousand in 2025 .
• Fee income significantly increased by 297.1% to $2,224 thousand in 2026 from $560 thousand in 2025, primarily due to the implementation of market-standard policy-related fees .
• Net investment income grew by 52.5% to $12,042 thousand in 2026 from $7,895 thousand in 2025, attributed to additional investments and income from loans to affiliates .
• Net realized and unrealized gains on investments were $9,464 thousand in 2026, a significant improvement from - $4,599 thousand in losses in 2025, mainly from Utility and Infrastructure investments .
• Total revenues reached $128,964 thousand in 2026, compared to $83,122 thousand in 2025 .

Operational Metrics (for the three months ended March 31, 2026 vs. 2025)

• Losses and loss adjustment expenses increased by 32.1% to $61,880 thousand in 2026 from $46,862 thousand in 2025 .
• Underwriting, acquisition and insurance expenses rose by 29.7% to $32,279 thousand in 2026 from $24,885 thousand in 2025 .
• Interest expense decreased by 99.1% to $4 thousand in 2026 from $447 thousand in 2025, due to the termination of letters of credit .
• Income before income taxes surged by 220.2% to $34,229 thousand in 2026 from $10,690 thousand in 2025 .
• Net income increased by 221.6% to $27,177 thousand in 2026 from $8,450 thousand in 2025 .
• Net income attributable to stockholders grew by 201.0% to $25,467 thousand in 2026 from $8,461 thousand in 2025 .

Unique Metrics (for the three months ended March 31, 2026 vs. 2025)

• Underwriting income increased by 86.6% to $13,275 thousand in 2026 from $7,114 thousand in 2025 .
• The loss ratio improved to 58.8% in 2026 from 59.8% in 2025, driven by favorable property portfolio performance and lower loss emergence from prior accident years .
• The expense ratio improved to 28.6% in 2026 from 31.1% in 2025, due to operating expense leverage and increased fee income .
• The combined ratio improved to 87.4% in 2026 from 90.9% in 2025, indicating an underwriting profit .
• Return on stockholders’ equity was 16.4% in 2026, compared to 8.2% in 2025 .
• Adjusted return on stockholders’ equity was 16.4% in 2026, compared to 8.3% in 2025 .
• Diluted earnings per share were $0.51 in 2026, compared to $0.20 in 2025 .

Cash Flow (for the three months ended March 31, 2026 vs. 2025)

• Net cash provided by operating activities was $42,031 thousand in 2026, up from $20,954 thousand in 2025, driven by business growth and the timing of premium receipts and claim payments .
• Net cash used in investing activities was - $22,198 thousand in 2026, compared to - $21,747 thousand in 2025 .
• Net cash provided by (used in) financing activities was - $2,077 thousand in 2026, compared to $13,143 thousand in 2025 .
• Cash and cash equivalents at the end of the period were $47,477 thousand in 2026, compared to $38,924 thousand in 2025 .

Future Outlook and Strategy

Growth initiatives and an expanding distribution network are driving increases in gross and net written premiums for Ategrity Specialty Insurance Company Holdings . The company aims to maintain underwriting profitability, targeting a combined ratio below 100% . To manage capital, the Board of Directors authorized a $50 million share repurchase program on February 12, 2026 .