8-K
Ategrity Specialty Insurance Co Holdings (ASIC)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 22, 2025
Ategrity Specialty Insurance Company Holdings
(Exact name of registrant as specified in its charter)
| Nevada | 001-42695 | 82-4925734 |
|---|---|---|
| (State or other jurisdiction<br><br>of incorporation) | (Commission<br><br>File Number) | (IRS Employer<br><br>Identification Number) |
9 West 57th Street, 33rd Floor
New York, NY 10019
(Address of principal executive offices, including Zip Code)
Registrant’s telephone number, including area code: (212) 509-1600
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br><br>Symbol(s) | Name of each exchange<br><br>on which registered |
|---|---|---|
| Common Stock, $0.001 par value per share | ASIC | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
| Item 2.02 | Results of Operations and Financial Condition |
|---|
On October 22, 2025, Ategrity Specialty Insurance Company Holdings (the “Company”) issued a press release announcing its financial results for the three months ended September 30, 2025. A copy of the Company’s press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
The information contained in Item 2.02, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended or the Exchange Act, except as expressly provided by specific reference in such a filing.
| Item 9.01 | Financial Statements and Exhibits. |
|---|
(d) Exhibits.
| Exhibit No. | Description |
|---|---|
| 99.1 | Press Release dated October 22, 2025 |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ATEGRITY SPECIALTY INSURANCE COMPANY HOLDINGS | ||
|---|---|---|
| Date: October 22, 2025 | By: | /s/ Neelam Patel |
| Neelam Patel | ||
| Chief Financial Officer |
Document
Ategrity Specialty Insurance Company Holdings Reports Third Quarter 2025 Results
Gross written premiums up 30.1% and combined ratio of 88.7% drive record earnings
NEW YORK, NY – October 22, 2025 – Ategrity Specialty Insurance Company Holdings (NYSE: ASIC) today announced financial results for the quarter ended September 30, 2025. The Company reported net income attributable to stockholders of $22.7 million, or $0.45 per diluted share, compared to $12.9 million, or $0.36 per diluted share, in the prior-year period. Adjusted net income attributable to stockholders(1) was $22.8 million, or $0.46 per diluted share(1).
Third Quarter 2025 Highlights
•Gross written premiums increased 30.1% to $143.9 million
•Net income attributable to stockholders was $22.7 million, or $0.45 per diluted share, up 76.2%
•Adjusted net income attributable to stockholders(1) was $22.8 million, or $0.46 per diluted share
•Combined ratio was 88.7%, compared to 95.3% in Q3 2024
•Adjusted return on stockholders’ equity(1) was 15.9%
•Book value per share at quarter-end was $12.24 per share, up 18.0% from year-end
Chief Executive Officer Justin Cohen said, “Ategrity delivered another quarter of top-line growth and margin expansion. Our results reflect consistent execution of our underwriting strategy, supported by disciplined pricing and prudent risk selection. Growth initiatives and broader distribution drove higher submission volume, which we converted into profitable business without compromising selectivity. Our business scaled efficiently, producing operating leverage and a lower expense ratio. We operate a differentiated model underpinned by analytics and automation that continues to extend our advantage in the market and drive profitable growth.”
Underwriting Results
For the quarter ended September 30, 2025, gross written premiums increased 30.1% 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 41.4% year-over-year, reflecting the Company’s strategic focus on broadening casualty-related products and verticals. Gross written premiums in property lines increased 10.8% year-over-year, an acceleration of growth on a sequential basis, reflecting the benefit of a full-year anniversary of the pricing and catastrophe management actions initiated in the third quarter of 2024.
Underwriting income(1) was $10.6 million for the quarter, up 207.7% from $3.5 million in the prior year period. The combined ratio for the quarter was 88.7%, a decrease from 95.3% in the prior-year period, driven by improvements in both the loss and expense ratios. The loss ratio decreased by 2.1 percentage points to 60.0%, supported by strong underwriting results in property, including lower attritional losses and favorable catastrophe experience.
The overall expense ratio was 28.7% for the quarter, compared to 33.2% 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 2.7 percentage points to 10.8%, reflecting emerging scale benefits of our centralized model, as well as improved fee income. Policy acquisition costs also contributed to margin expansion, decreasing as a percentage of net earned premiums by 1.8 percentage points to 17.9%, reflecting favorable business mix.
President and Chief Underwriting Officer Chris Schenk said, “This quarter’s performance demonstrates how combining disciplined underwriting with the strategic deployment of technology drives strong operating results. Submission growth accelerated in the third quarter, reflecting our expanding distribution network and record demand for our products. We remained selective in our underwriting, attaining our target hit ratios. We achieved rate increases ahead of loss trend in both property and casualty lines. Our results benefited from favorable property experience and a deliberate shift in our portfolio toward areas of our business with stronger underlying economics. We also improved our exposure profile and grew premiums faster than expenses. Taken together, these results reinforce the scalability of our productionized underwriting model and its ability to deliver sustainable growth and profitability.”
(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 and nine months ended September 30, 2025 and 2024:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ($ in thousands, except percentages) | 2025 | 2024 | 2025 | 2024 | ||||||||
| Gross written premiums | $ | 143,858 | $ | 110,552 | $ | 427,503 | $ | 318,771 | ||||
| Ceded written premiums | (36,348) | (34,624) | (112,851) | (95,811) | ||||||||
| Net written premiums | 107,510 | 75,928 | 314,652 | 222,960 | ||||||||
| Net premiums earned | 93,710 | 72,885 | 258,939 | 213,802 | ||||||||
| Fee income | 2,225 | 249 | 4,309 | 565 | ||||||||
| Losses and loss adjustment expenses | 56,199 | 45,230 | 153,472 | 130,404 | ||||||||
| Underwriting, acquisition and insurance expenses | 29,116 | 24,452 | 82,431 | 72,157 | ||||||||
| Underwriting income (1) | 10,620 | 3,452 | 27,345 | 11,806 | ||||||||
| Net investment income | 10,961 | 6,810 | 30,747 | 17,790 | ||||||||
| Net realized and unrealized gains (losses) on investments | 9,179 | 8,777 | 5,990 | 6,950 | ||||||||
| Interest expense | (392) | (480) | (1,286) | (1,574) | ||||||||
| Other income | 25 | 24 | 1,017 | 72 | ||||||||
| Other expenses | (659) | (64) | (1,059) | (174) | ||||||||
| Income before income taxes | 29,734 | 18,519 | 62,754 | 34,870 | ||||||||
| Income tax expense | 6,118 | 3,346 | 13,071 | 6,622 | ||||||||
| Net income | $ | 23,616 | $ | 15,173 | $ | 49,683 | $ | 28,248 | ||||
| Less: Net (loss) income attributable to non-controlling interest - General Partner | 952 | 2,310 | 936 | 2,684 | ||||||||
| Net income attributable to stockholders | $ | 22,664 | $ | 12,863 | $ | 48,747 | $ | 25,564 | ||||
| Key Metrics | ||||||||||||
| Adjusted net income attributable to stockholders (1) | $ | 22,828 | $ | 12,863 | $ | 49,228 | $ | 25,564 | ||||
| Loss ratio | 60.0 | % | 62.1 | % | 59.3 | % | 61.0 | % | ||||
| Expense ratio | 28.7 | % | 33.2 | % | 30.2 | % | 33.5 | % | ||||
| Combined ratio (3) | 88.7 | % | 95.3 | % | 89.4 | % | 94.5 | % | ||||
| Return on stockholders' equity (2) | 15.8 | % | 14.7 | % | 13.2 | % | 10.0 | % | ||||
| Adjusted return on stockholders' equity (1)(2) | 15.9 | % | 14.7 | % | 13.3 | % | 10.0 | % | ||||
| Diluted earnings per share | $ | 0.45 | $ | 0.36 | $ | 1.06 | $ | 0.71 | ||||
| Adjusted diluted earnings per share(1) | $ | 0.46 | $ | 0.36 | $ | 1.09 | $ | 0.71 |
(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 nine months ended September 30, 2025 and 2024, 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.
Gross Written Premiums
The following table presents gross written premiums by product for the three and nine months ended September 30, 2025 and 2024:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ($ in thousands, except percentages) | 2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||
| Casualty | $ | 98,863 | $ | 69,931 | 41.4 | % | $ | 288,026 | $ | 188,737 | 52.6 | % |
| Property | 44,995 | 40,621 | 10.8 | % | 139,477 | 130,034 | 7.3 | % | ||||
| Gross written premiums | $ | 143,858 | $ | 110,552 | 30.1 | % | $ | 427,503 | $ | 318,771 | 34.1 | % |
Expense Ratio
The following tables summarize the components of our expense ratio for the three and nine months ended September 30, 2025 and 2024:
| Three Months Ended September 30, | ||||||||
|---|---|---|---|---|---|---|---|---|
| ($ in thousands, except percentages) | 2025 | 2024 | ||||||
| Expenses | % of Net Earned Premiums | Expenses | % of Net Earned Premiums | |||||
| Policy acquisition costs | $ | 16,741 | 17.9 | % | $ | 14,348 | 19.7 | % |
| Operating expenses, net of fee income (1) | 10,150 | 10.8 | % | 9,856 | 13.5 | % | ||
| Underwriting, acquisition and insurance expenses, net of fee income (2) | $ | 26,891 | 28.7 | % | $ | 24,204 | 33.2 | % |
| Nine Months Ended September 30, | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2025 | 2024 | |||||||
| ($ in thousands, except percentages) | Expenses | % of Net Earned Premiums | Expenses | % of Net Earned Premiums | ||||
| Policy acquisition costs | $ | 47,562 | 18.4 | % | $ | 44,579 | 20.9 | % |
| Operating expenses, net of fee income (1) | 30,561 | 11.8 | % | 27,013 | 12.6 | % | ||
| Underwriting, acquisition and insurance expenses, net of fee income | $ | 78,123 | 30.2 | % | $ | 71,592 | 33.5 | % |
(1) Net of fee income of $2.2 million and $0.2 million for the three months ended September 30, 2025 and 2024, and $4.3 million and $0.6 million for the nine months ended September 30, 2025 and 2024, respectively.
(2) Ratios are calculated using unrounded figures. The sum of components may differ slightly from totals shown due to rounding.
Investment results
The following tables summarize net investment income and net realized and unrealized gains on investments for the three and nine months ended September 30, 2025 and 2024:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
|---|---|---|---|---|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | 2025 | 2024 | ||||
| Investment income | ||||||||
| Fixed-maturity securities | $ | 6,599 | $ | 4,863 | $ | 19,324 | $ | 8,384 |
| Short-term investments | 2,361 | 196 | 4,085 | 2,477 | ||||
| Cash equivalents | 433 | 1,267 | 1,344 | 4,871 | ||||
| Equity securities | — | — | — | 44 | ||||
| Loans to affiliates | 1,537 | 250 | 3,330 | 751 | ||||
| Securities sold not yet purchased | — | (13) | — | (249) | ||||
| Total fixed income | 10,930 | 6,563 | 28,083 | 16,278 | ||||
| Utility & Infrastructure Investments | 64 | 177 | 2,995 | 1,561 | ||||
| Other expenses | (33) | 70 | (331) | (49) | ||||
| Net investment income | $ | 10,961 | $ | 6,810 | $ | 30,747 | $ | 17,790 |
| Net realized and unrealized gains (losses) on investments | $ | 9,179 | $ | 8,777 | $ | 5,990 | $ | 6,950 |
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.
Underwriting income for the three and nine months ended September 30, 2025 and 2024 reconciles to income before income taxes as follows:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
|---|---|---|---|---|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | 2025 | 2024 | ||||
| Income before income taxes | $ | 29,734 | $ | 18,519 | $ | 62,754 | $ | 34,870 |
| Less: | ||||||||
| Net investment income | (10,961) | (6,810) | (30,747) | (17,790) | ||||
| Net realized and unrealized (gains) losses on investments | (9,179) | (8,777) | (5,990) | (6,950) | ||||
| Other income | (25) | (24) | (1,017) | (72) | ||||
| Add: | ||||||||
| Interest expense | 392 | 480 | 1,286 | 1,574 | ||||
| Other expenses | 659 | 64 | 1,059 | 174 | ||||
| Underwriting income | $ | 10,620 | $ | 3,452 | $ | 27,345 | $ | 11,806 |
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 nine months ended September 30, 2025 and 2024 reconciles to net income attributable to stockholders as follows:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
|---|---|---|---|---|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | 2025 | 2024 | ||||
| Net income attributable to stockholders | $ | 22,664 | $ | 12,863 | $ | 48,747 | $ | 25,564 |
| Adjustments: | ||||||||
| Other non-operating expenses (1) | 207 | — | 608 | — | ||||
| Tax impact | (43) | — | (127) | — | ||||
| Adjusted net income attributable to stockholders | $ | 22,828 | $ | 12,863 | $ | 49,228 | $ | 25,564 |
(1) In the three and nine months ended September 30, 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 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 nine months ended September 30, 2025 and 2024 reconciles to return on stockholders’ equity as follows:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ($ in thousands, except percentages) | 2025 | 2024 | 2025 | 2024 | ||||||||
| Numerator: Adjusted net income attributable to stockholders, annualized (1) | $ | 91,312 | $ | 51,452 | $ | 65,637 | $ | 34,085 | ||||
| Denominator: Average stockholders’ equity | 574,125 | 349,822 | 493,434 | 341,716 | ||||||||
| Adjusted return on stockholders' equity | 15.9 | % | 14.7 | % | 13.3 | % | 10.0 | % |
(1) For the three and nine months ended September 30, 2025 and 2024, 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 nine months ended September 30, 2025 and 2024 reconciles to diluted earnings per share as follows:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
|---|---|---|---|---|---|---|---|---|
| ($ in thousands, except share and per share data) | 2025 | 2024 | 2025 | 2024 | ||||
| Numerator: Adjusted net income attributable to stockholders | $ | 22,828 | $ | 12,863 | $ | 49,228 | $ | 25,564 |
| Denominator: Weighted-average shares outstanding - diluted | 49,972,530 | 36,229,096 | 45,046,434 | 36,233,646 | ||||
| Adjusted diluted earnings per share | $ | 0.46 | $ | 0.36 | $ | 1.09 | $ | 0.71 |
Conference Call
Ategrity will hold a conference call to discuss this press release today, October 22, 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/426743085 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.
__________________________________________________________________________________________________
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 Prospectus filed pursuant to Rule 424(b)(4) filed with the Securities and Exchange Commission, (the “SEC”) on June 11, 2025 and our other filings with the SEC. 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 IR@ategrity.com
Condensed Consolidated Balance Sheets (Unaudited)
| September 30, 2025<br> (Unaudited) | December 31, 2024 | |||
|---|---|---|---|---|
| (in thousands, except shares and par value data) | ||||
| Assets: | ||||
| Fixed maturity securities available-for-sale, at fair value (amortized cost: $503,537 in 2025 and $434,965 in 2024) | $ | 514,899 | $ | 438,752 |
| Utility & Infrastructure Investments, at fair value (cost of $172,753 in 2025 and $216,075 in 2024) | 185,574 | 270,242 | ||
| Short-term investments | 223,005 | 52,612 | ||
| Loans to affiliates | 106,500 | 13,501 | ||
| Other invested assets | 280 | 280 | ||
| Total invested assets | 1,030,258 | 775,387 | ||
| Cash and cash equivalents | 34,319 | 26,573 | ||
| Due from broker | 27 | — | ||
| Investment income due and accrued | 11,739 | 5,642 | ||
| Premiums receivable, net of allowance for credit losses of $7,484 in 2025 and $5,907 in 2024 | 77,943 | 53,500 | ||
| Deferred policy acquisition costs, net of ceding commissions | 30,066 | 21,552 | ||
| Prepaid reinsurance premiums | 7,482 | 3,905 | ||
| Deferred income tax asset, net | 9,227 | 9,670 | ||
| Reinsurance recoverable, net of allowance for credit losses of $0 in 2025 and $0 in 2024 | 165,230 | 133,616 | ||
| Receivable from affiliates, net | 514 | 16,857 | ||
| Ceded unearned premiums | 70,467 | 68,205 | ||
| Other assets | 9,155 | 8,531 | ||
| Total assets | $ | 1,446,427 | $ | 1,123,438 |
| Liabilities, stockholders' equity and non-controlling interest: | ||||
| Liabilities: | ||||
| Reserves for unpaid losses and loss adjustment expenses | 487,198 | 403,576 | ||
| Unearned premiums | 270,803 | 212,828 | ||
| Securities sold, not yet purchased, at fair value (cost of $0 in 2025 and $932 in 2024) | — | 930 | ||
| September 30, 2025<br> (Unaudited) | December 31, 2024 | |||
| --- | --- | --- | --- | --- |
| (in thousands, except shares and par value data) | ||||
| Payable to reinsurers | 25,040 | 27,160 | ||
| Due to broker | — | 9,189 | ||
| Accounts payable and accrued expenses | 50,658 | 38,061 | ||
| Funds held under reinsurance treaties | 1,682 | 2,092 | ||
| Income tax payable | 17,855 | 26,488 | ||
| Other liabilities | 3,195 | 4,307 | ||
| Total liabilities | 856,431 | 724,631 | ||
| Stockholders' equity: | ||||
| Preferred stock, $0.001 par value, 100,000,000 shares authorized and none issued or outstanding. | — | — | ||
| Common stock, $0.001 par value, 500,000,000 shares authorized, 48,066,674 and 38,386,433 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively. | 48 | 38 | ||
| Additional paid-in capital | 496,222 | 360,703 | ||
| Retained earnings | 83,316 | 34,569 | ||
| Accumulated other comprehensive income | 8,974 | 2,997 | ||
| Total stockholders' equity | 588,560 | 398,307 | ||
| Non-controlling interest - General Partner | 1,436 | 500 | ||
| Total stockholders' equity and non-controlling interest | 589,996 | 398,807 | ||
| Total liabilities, stockholders' equity and non-controlling interest | $ | 1,446,427 | $ | 1,123,438 |
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||
| (in thousands, except share and per share data) | ||||||||
| Revenues | ||||||||
| Gross written premiums | $ | 143,858 | $ | 110,552 | $ | 427,503 | $ | 318,771 |
| Ceded written premiums | (36,348) | (34,624) | (112,851) | (95,811) | ||||
| Net written premiums | 107,510 | 75,928 | 314,652 | 222,960 | ||||
| Change in unearned premiums | (13,800) | (3,043) | (55,713) | (9,158) | ||||
| Net premiums earned | 93,710 | 72,885 | 258,939 | 213,802 | ||||
| Fee income | 2,225 | 249 | 4,309 | 565 | ||||
| Net investment income | 10,961 | 6,810 | 30,747 | 17,790 | ||||
| Net realized and unrealized gains (losses) on investments | 9,179 | 8,777 | 5,990 | 6,950 | ||||
| Other income | 25 | 24 | 1,017 | 72 | ||||
| Total revenues | 116,100 | 88,745 | 301,002 | 239,179 | ||||
| Expenses | ||||||||
| Losses and loss adjustment expenses | 56,199 | 45,230 | 153,472 | 130,404 | ||||
| Underwriting, acquisition and insurance expenses | 29,116 | 24,452 | 82,431 | 72,157 | ||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2025 | 2024 | 2025 | 2024 | |||||
| (in thousands, except share and per share data) | ||||||||
| Interest expense | 392 | 480 | 1,286 | 1,574 | ||||
| Other expenses | 659 | 64 | 1,059 | 174 | ||||
| Total expenses | 86,366 | 70,226 | 238,248 | 204,309 | ||||
| Income before income taxes | 29,734 | 18,519 | 62,754 | 34,870 | ||||
| Income tax expense | 6,118 | 3,346 | 13,071 | 6,622 | ||||
| Net income | 23,616 | 15,173 | 49,683 | 28,248 | ||||
| Less: Net income (loss) attributable to non-controlling interest - General Partner | 952 | 2,310 | 936 | 2,684 | ||||
| Net income attributable to stockholders | 22,664 | 12,863 | 48,747 | 25,564 | ||||
| Other comprehensive income: | ||||||||
| Unrealized gains (losses), net of taxes | 5,939 | 10,882 | 5,976 | 14,230 | ||||
| Total comprehensive income attributable to stockholders | $ | 28,603 | $ | 23,745 | $ | 54,723 | $ | 39,794 |
| Earnings per share: | ||||||||
| Basic | $ | 0.47 | $ | 0.36 | $ | 1.10 | $ | 0.71 |
| Diluted | $ | 0.45 | $ | 0.36 | $ | 1.06 | $ | 0.71 |
| Weighted-average shares outstanding: | ||||||||
| Basic | 48,066,667 | 36,227,222 | 43,508,478 | 36,232,494 | ||||
| Diluted | 49,972,530 | 36,229,096 | 45,046,434 | 36,233,646 |
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