Ategrity Specialty Insurance Company Holdings (NYSE: ASIC) announced its third‑quarter 2025 results on October 24, 2025, reporting net income attributable to stockholders of $22.7 million, or $0.45 per diluted share, up from $12.9 million ($0.36) in the same quarter a year earlier. Adjusted net income attributable to stockholders was $22.8 million, or $0.46 per diluted share, and gross written premiums (GWP) grew 30.1% year‑over‑year to $143.9 million. The company’s combined ratio improved to 88.7%, down from 95.3% a year ago, reflecting stronger underwriting profitability.
The Q3 GWP increase was driven by a 41.4% rise in casualty lines to $98.9 million and a 10.8% rise in property lines to $45.0 million. This growth aligns with ASIC’s strategic focus on expanding its casualty‑related product mix, which now accounts for a larger share of total premiums. The company also noted that its casualty GWP now represents 63.9% of total GWP, up from 53.9% in Q3 2024.
Underwriting performance improved across the board: the loss ratio fell to 60.0% from 62.1% a year earlier, while the expense ratio dropped to 28.7% from 33.2%. Operating expenses, net of fee income, fell to 10.8% of net earned premiums from 13.5%, and policy acquisition costs decreased to 17.9% from 19.7%. These efficiencies contributed to the 88.7% combined ratio, a key indicator of underwriting health.
Net investment income for the quarter was $10.961 million, up from $6.810 million a year earlier, driven by gains in fixed‑maturity securities and short‑term investments. Net realized and unrealized gains on investments were $9.179 million, slightly higher than the $8.777 million reported a year ago. CEO Justin Cohen highlighted that the company’s “productionized underwriting” platform continues to deliver speed and margin expansion, supporting the strong financial results reported today.
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