Ategrity Specialty Insurance Co Holdings
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 5, 2026
ASIC$24.10-2.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-13.
0002040491-26-000045
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-05.
0002040491-26-000058
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 178 previous paragraphs and 177 current paragraphs.
119 unchanged; 53 reworded; 4 added; 4 removed; 2 previous and 1 current paragraphs rearranged.
Tables are not compared: 21 previous and 21 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
During the three months ended September 30, 2025, the Company recognized an impairment loss of $38 thousand on certain fixed-maturity securities classified as available-for-sale. The impairment reflected the Company’s decision to sell the securities prior to recovery of their amortized cost basis, which required recognition of the full unrealized loss in earnings. The loss was recorded in net realized and unrealized gains (losses) within the condensed consolidated statements of operations. During the three months ended September 30, 2026, the Company recognized no impairment loss on fixed-maturity securities classified as available-for-sale.
Current report
Nine months ended September 30, 2026, compared to nine months ended September 30, 2025
Current report
Gross written premiums were $514.7 million for the nine months ended September 30, 2026 compared to $427.5 million for the nine months ended September 30, 2025, an increase of approximately $87.2 million, or
Current report
Income tax expense was $19.9 million for the nine months ended September 30, 2026 compared to $13.1 million for the nine months ended September 30, 2025, an increase of approximately $6.8 million. Our effective tax rate was 20.9% for the nine months ended September 30, 2026 compared to 20.8% for the nine months ended September 30, 2025. Our effective tax rate was relatively consistent between periods and differed from the 21.0% federal statutory rate primarily due to income attributable to the non-controlling interest and non-deductible expenses.
Removed paragraphs (4)
Previous report
(2) The sum of components differs slightly from the total shown due to rounding.
Previous report
Six months ended June 30, 2026, compared to six months ended June 30, 2025
Previous report
(2) The sum of components differs slightly from the total shown due to rounding.
Previous report
Income tax expense was $16.3 million for the six months ended June 30, 2026 compared to $7.0 million for the six months ended June 30, 2025, an increase of approximately $9.4 million. Our effective tax rate was 20.2% for the six months ended June 30, 2026 compared to 21.1% for the six months ended June 30, 2025. The decrease in our effective tax rate was primarily driven by an increase in non-taxable pass-through income.
Reworded paragraphs (53)
Previous wording
Interest expense primarily consists of fees incurred during the period related to our letters of credit issued for the benefit of Ategrity Specialty on behalf of Ategrity Limited.
Current wording
Interest expense in 2025 primarily consisted of fees related to our letters of credit issued for the benefit of Ategrity Specialty on behalf of Ategrity Limited, which were terminated in September and October 2025. Interest expense in 2026 has not been significant.
Previous wording
Underwriting income is a non-GAAP financial measure. 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 relating to corporate activities and expenses recorded by us in connection with the Company’s Initial Public Offering or “IPO”). For a reconciliation of underwriting income to the most directly comparable GAAP financial measure, information about why we consider underwriting income useful and a discussion of the material risks and limitations of underwriting income, see “Reconciliation of non-GAAP financial measures”.
Current wording
Underwriting income is a non-GAAP financial measure. 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 relating to corporate activities and expenses recorded by us in connection with the Company’s initial public offering (the “IPO”). For a reconciliation of underwriting income to the most directly comparable GAAP financial measure, information about why we consider underwriting income useful and a discussion of the material risks and limitations of underwriting income, see “Reconciliation of non-GAAP financial measures”.
Previous wording
Adjusted return on stockholders’ equity is a non-GAAP financial measure. 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. For a reconciliation of adjusted return on stockholders’ equity to the most directly comparable GAAP financial measure, information about why we consider adjusted return on stockholders’ equity useful and a discussion of the material risks and limitations of adjusted net income attributable to stockholders, see “Reconciliation of non-GAAP financial measures”.
Current wording
Adjusted return on stockholders’ equity is a non-GAAP financial measure. 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. For a reconciliation of adjusted return on stockholders’ equity to the most directly comparable GAAP financial measure, information about why we consider adjusted return on stockholders’ equity useful and a discussion of the material risks and limitations of adjusted return on stockholders’ equity, see “Reconciliation of non-GAAP financial measures”.
Previous wording
Our gross written premiums were $206.8 million for the three months ended June 30, 2026 compared to $167.5 million for the three months ended June 30, 2025, an increase of approximately $39.3 million, or 23.4%. The increase in both our casualty and property lines was primarily driven by the continued execution of our growth initiatives and increased engagement across our expanding distribution network.
Current wording
Our gross written premiums were $165.0 million for the three months ended September 30, 2026 compared to $143.9 million for the three months ended September 30, 2025, an increase of approximately $21.2 million, or 14.7%. The increase in both our casualty and property lines was primarily driven by the continued execution of our growth initiatives and increased engagement across our expanding distribution network.
Previous wording
Net written premiums were $153.4 million for the three months ended June 30, 2026, compared to $117.3 million for the three months ended June 30, 2025, an increase of approximately $36.2 million, or 30.8%. The increase was primarily attributable to higher gross written premiums as well as a decrease in ceded written premiums as a percentage of gross written premiums, reflecting the reduction in quota share reinsurance within our casualty lines.
Current wording
Net written premiums were $135.2 million for the three months ended September 30, 2026, compared to $107.5 million for the three months ended September 30, 2025, an increase of approximately $27.7 million, or 25.8%. The increase was primarily attributable to higher gross written premiums as well as a decrease in ceded written premiums as a percentage of gross written premiums, reflecting the reduction in quota share reinsurance within our casualty lines.
Previous wording
Net earned premiums were $113.8 million for the three months ended June 30, 2026, compared to $86.9 million for the three months ended June 30, 2025, an increase of approximately $26.8 million, or 30.9%. The increase was primarily due to growth in net written premiums.
Current wording
Net earned premiums were $127.1 million for the three months ended September 30, 2026, compared to $93.7 million for the three months ended September 30, 2025, an increase of approximately $33.4 million, or 35.7%. The increase was primarily due to growth in net written premiums.
Previous wording
Fee income was $3.4 million for the three months ended June 30, 2026 compared to $1.5 million for the three months ended June 30, 2025, an increase of approximately $1.9 million. The increase was driven by the implementation of market-standard policy-related fees that occurred over the course of 2025.
Current wording
Fee income was $2.6 million for the three months ended September 30, 2026 compared to $2.2 million for the three months ended September 30, 2025, an increase of approximately $0.4 million. The increase was driven by the implementation of market-standard policy-related fees that occurred over the course of 2025.
Previous wording
Our loss ratio was 58.5% for the three months ended June 30, 2026 compared to 58.0% for the three months ended June 30, 2025. The loss ratio for the three months ended June 30, 2026 benefited from strong performance in our property portfolio. The loss ratio increased compared to the three months ended June 30, 2025, reflecting a shift in business mix toward our Brokerage channel in recent periods and lower catastrophe activity in the prior-year period.
Current wording
Our loss ratio was 57.5% for the three months ended September 30, 2026 compared to 60.0% for the three months ended September 30, 2025. The loss ratio for the three months ended September 30, 2026 benefited from strong performance in our property portfolio. The loss ratio decreased compared to the three months ended September 30, 2025, reflecting favorable underwriting performance across both property and casualty lines of business.
Previous wording
During the three months ended June 30, 2026, prior accident years developed favorably by $1.0 million, primarily due to lower loss emergence than expected, driven by our property lines. For the three months ended June 30, 2025, there was no development on our net incurred losses for prior periods.
Current wording
During the three months ended September 30, 2026, prior accident years developed favorably by $2.0 million, primarily due to lower than expected loss emergence. For the three months ended September 30, 2025, there was no development on our net incurred losses for prior periods.
Previous wording
Our losses paid in the three months ended June 30, 2026 and 2025 were $39.5 million and $33.8 million, respectively.
Current wording
Our losses paid in the three months ended September 30, 2026 and 2025 were $40.0 million and $33.2 million, respectively.
Previous wording
(1) Net of fee income of $3.4 million and $1.5 million for the three months ended June 30, 2026 and 2025, respectively.
Current wording
(1) Net of fee income of $2.6 million and $2.2 million for the three months ended September 30, 2026 and 2025, respectively.
Previous wording
Our expense ratio was 27.5% for the three months ended June 30, 2026 compared to 31.0% for the three months ended June 30, 2025. The improvement was driven by a lower policy acquisition ratio and operating expense ratio.
Current wording
Our expense ratio was 27.2% for the three months ended September 30, 2026 compared to 28.7% for the three months ended September 30, 2025. The improvement was driven by a lower policy acquisition ratio and operating expense ratio.
Previous wording
The decrease in operating expenses as a percentage of net earned premiums was primarily due to operating expense leverage and an increase in our fee income.
Current wording
The decrease in operating expenses as a percentage of net earned premiums was primarily due to operating expense leverage.
Previous wording
Net investment income was $12.7 million for the three months ended June 30, 2026, compared to $11.9 million for the three months ended June 30, 2025, an increase of $0.8 million, or 6.5%. This increase was driven by additional investments in fixed-maturity securities and short-term investments, as well as income from loans to affiliates. Included in net investment income is $0.2 million and $2.4 million attributable to Utility & Infrastructure Investments, net of investment management fees, for the three months ended June 30, 2026 and 2025, respectively.
Current wording
Net investment income was $13.1 million for the three months ended September 30, 2026, compared to $11.0 million for the three months ended September 30, 2025, an increase of $2.1 million, or 19.1%. This increase was mainly driven by additional investments in fixed-maturity securities. Included in net investment income is a net loss of $0.3 million and net income of $0.1 million attributable to Utility & Infrastructure Investments, net of investment management fees, for the three months ended September 30, 2026 and 2025, respectively.
Previous wording
Net realized and unrealized gain on investments was $18.6 million for the three months ended June 30, 2026, compared to a net realized and unrealized gain of $1.4 million for the three months ended June 30, 2025, an increase of $17.2 million. This increase was primarily driven by higher realized and unrealized gains on the Utility and Infrastructure investments compared to the prior-year period.
Current wording
Net realized and unrealized loss on investments was $17.2 million for the three months ended September 30, 2026, compared to a net realized and unrealized gain of $9.2 million for the three months ended September 30, 2025, a decrease of $26.4 million. This decrease was primarily driven by realized and unrealized losses on the Utility & Infrastructure investments in the current period, reflecting a normalization of returns following strong performance in the first half of 2026, compared to net realized and unrealized gains in the prior-year period.
Previous wording
Interest expense was $4 thousand for the three months ended June 30, 2026 compared to $447 thousand for the three months ended June 30, 2025, a decrease of approximately $443 thousand, or 99.1%, driven by the termination of our letters of credit in 2025.
Current wording
Interest expense was $3 thousand for the three months ended September 30, 2026 compared to $392 thousand for the three months ended September 30, 2025, a decrease of approximately $389 thousand, or 99.2%, driven by the termination of our letters of credit in 2025.
Previous wording
Income tax expense was $9.3 million for the three months ended June 30, 2026 compared to $4.7 million for the three months ended June 30, 2025, an increase of approximately $4.6 million. Our effective tax rate was 20.0% for the three months ended June 30, 2026 compared to 21.1% for the three months ended June 30, 2025. The decrease in our effective tax rate was primarily driven by an increase in non-taxable pass-through income.
Current wording
Income tax expense was $3.6 million for the three months ended September 30, 2026 compared to $6.1 million for the three months ended September 30, 2025, a decrease of approximately $2.6 million. Our effective tax rate was 24.4% for the three months ended September 30, 2026 compared to 20.6% for the three months ended September 30, 2025. The increase in our effective tax rate was primarily related to changes in the income attributable to the non-controlling interest and non-deductible expenses.
Previous wording
(1)Each of these metrics is a non-GAAP financial measure. See Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Reconciliation of non-GAAP financial measures” for a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP measure.
Current wording
(1)Each of these metrics is a non-GAAP financial measure. See “Reconciliation of non-GAAP financial measures” for a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP measure.
Previous wording
(3) Ratios are calculated using unrounded figures. The sum of components may differ slightly from totals shown due to rounding.
Current wording
(2)Ratios are calculated using unrounded figures. The sum of components may differ slightly from totals shown due to rounding.
Previous wording
(2) For the six months ended June 30, 2026 and 2025, 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.
Current wording
(3) For the nine months ended September 30, 2026 and 2025, 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.
Previous wording
The following table presents gross written premiums by product for the six months ended June 30, 2026 and 2025:
Current wording
The following table presents gross written premiums by product for the nine months ended September 30, 2026 and 2025:
Previous wording
Gross written premiums were $349.7 million for the six months ended June 30, 2026 compared to $283.6 million for the six months ended June 30, 2025, an increase of approximately $66.0 million, or 23.3%. The increase in both our casualty and property lines was primarily driven by the continued execution of our growth initiatives and increased engagement across our expanding distribution network.
Current wording
20.4%. The increase in both our casualty and property lines was primarily driven by the continued execution of our growth initiatives and increased engagement across our expanding distribution network.
Previous wording
Net written premiums were $272.1 million for the six months ended June 30, 2026, compared to $207.1 million for the six months ended June 30, 2025, an increase of approximately $65.0 million, or 31.4%. The increase was primarily attributable to higher gross written premiums as well as a decrease in ceded written premiums as a percentage of gross written premiums, reflecting the reduction in quota share reinsurance within our casualty lines.
Current wording
Net written premiums were $407.4 million for the nine months ended September 30, 2026, compared to $314.7 million for the nine months ended September 30, 2025, an increase of approximately $92.7 million, or 29.5%. The increase was primarily attributable to higher gross written premiums as well as a decrease in ceded written premiums as a percentage of gross written premiums, reflecting the reduction in quota share reinsurance within our casualty lines.
Previous wording
Net earned premiums were $219.0 million for the six months ended June 30, 2026, compared to $165.2 million for the six months ended June 30, 2025, an increase of approximately $53.8 million, or 32.5%. The increase was primarily due to growth in net written premiums.
Current wording
Net earned premiums were $346.1 million for the nine months ended September 30, 2026, compared to $258.9 million for the nine months ended September 30, 2025, an increase of approximately $87.2 million, or 33.7%. The increase was primarily due to growth in net written premiums.
Previous wording
Fee income was $5.7 million for the six months ended June 30, 2026 compared to $2.1 million for the six months ended June 30, 2025, an increase of approximately $3.6 million. The increase was driven by implementation of market-standard policy-related fees that occurred over the course of 2025.
Current wording
Fee income was $8.3 million for the nine months ended September 30, 2026 compared to $4.3 million for the nine months ended September 30, 2025, an increase of approximately $4.0 million. The increase was driven by the implementation of market-standard policy-related fees over the course of 2025.
Previous wording
Our loss ratio was 58.6% for the six months ended June 30, 2026 compared to 58.9% for the six months ended June 30, 2025. The decrease in the loss ratio was primarily driven by strong performance in our property portfolio.
Current wording
Our loss ratio was 58.2% for the nine months ended September 30, 2026 compared to 59.3% for the nine months ended September 30, 2025. The decrease in the loss ratio was primarily driven by strong performance in our property portfolio.
Previous wording
During the six months ended June 30, 2026, prior accident years developed favorably by $1.5 million primarily due to lower loss emergence than expected, driven by our property lines. For the six months ended June 30, 2025, there was no development on our net incurred losses for prior periods.
Current wording
During the nine months ended September 30, 2026, prior accident years developed favorably by $3.5 million primarily due to lower than expected loss emergence. For the nine months ended September 30, 2025, there was no development on our net incurred losses for prior periods.
Previous wording
Our losses paid in the six months ended June 30, 2026 and 2025 were $73.7 million and $66.0 million, respectively.
Current wording
Our losses paid in the nine months ended September 30, 2026 and 2025 were $113.7 million and $99.2 million, respectively.
Previous wording
The following table summarizes the components of the expense ratio for the six months ended June 30, 2026 and 2025:
Current wording
The following table summarizes the components of the expense ratio for the nine months ended September 30, 2026 and 2025:
Previous wording
(1) Net of fee income of 5.7 million and 2.1 million for the six months ended June 30, 2026 and 2025, respectively.
Current wording
(1) Net of fee income of $8.3 million and $4.3 million for the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
Our expense ratio was 28.0% for the six months ended June 30, 2026 compared to 31.0% for the six months ended June 30, 2025. The improvement was driven by a lower policy acquisition ratio and operating expense ratio.
Current wording
Our expense ratio was 27.7% for the nine months ended September 30, 2026 compared to 30.2% for the nine months ended September 30, 2025. The improvement was driven by a lower policy acquisition ratio and operating expense ratio.
Previous wording
The decrease in policy acquisition costs as percentage of net earned premiums was primarily attributable to a favorable shift in our business mix.
Current wording
The decrease in policy acquisition costs as a percentage of net earned premiums was primarily attributable to a favorable shift in our business mix.
Previous wording
Net investment income was $24.7 million for the six months ended June 30, 2026, compared to $19.8 million for the six months ended June 30, 2025, an increase of $4.9 million, or 24.9%. This increase was driven by additional investments in fixed-maturity securities and short-term investments, including the investment of the proceeds from our IPO, as well as income from loans to affiliates. Included in net investment income were $0.5 million and $2.9 million attributable to Utility & Infrastructure Investments, net of investment management fees for the six months ended June 30, 2026 and 2025, respectively.
Current wording
Net investment income was $37.8 million for the nine months ended September 30, 2026, compared to $30.7 million for the nine months ended September 30, 2025, an increase of $7.0 million, or 22.8%. This increase was driven by additional investments in fixed-maturity securities and short-term investments, including the investment of the proceeds from our IPO, as well as income from loans to affiliates. Included in net investment income were $0.1 million and $3.0 million attributable to Utility & Infrastructure Investments, net of investment management fees for the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
Net realized and unrealized gains on investments were $28.1 million for the six months ended June 30, 2026, compared to net realized and unrealized loss of $3.2 million for the six months ended June 30, 2025, an increase of $31.2 million. This change was primarily driven by higher net realized and unrealized gains related to the Utility & Infrastructure Investments compared to the prior year period.
Current wording
Net realized and unrealized gains on investments were $10.8 million for the nine months ended September 30, 2026, compared to net realized and unrealized gains of $6.0 million for the nine months ended September 30, 2025, an increase of $4.8 million. This change was primarily driven by higher net realized and unrealized gains related to the Utility & Infrastructure Investments, partially offset by lower gains on sales of fixed-maturity securities compared to the prior year period.
Previous wording
Interest expense was $8 thousand for the six months ended June 30, 2026 compared to $894 thousand for the six months ended June 30, 2025, a decrease of $886 thousand, or 99.1% primarily driven by the termination of our letter of credit agreements in September and October 2025.
Current wording
Interest expense was $11 thousand for the nine months ended September 30, 2026 compared to $1.3 million for the nine months ended September 30, 2025, a decrease of $1.3 million, or 99.1%, primarily driven by the termination of our letter of credit agreements in September and October 2025.
Previous wording
Underwriting income for the three and six months ended June 30, 2026 and 2025 reconciles to income before income taxes as follows:
Current wording
Underwriting income for the three and nine months ended September 30, 2026 and 2025 reconciles to income before income taxes as follows:
Previous wording
Adjusted net income attributable to stockholders for the three and six months ended June 30, 2026 and 2025 reconciles to net income attributable to stockholders as follows:
Current wording
Adjusted net income attributable to stockholders for the three and nine months ended September 30, 2026 and 2025 reconciles to net income attributable to stockholders as follows:
Previous wording
(1)In the three and six months ended June 30, 2026 and 2025, other non-operating expenses includes share-based compensation expenses recorded by us related to our IPO.
Current wording
(1)In the three and nine months ended September 30, 2026 and 2025, other non-operating expenses include share-based compensation expenses recorded by us related to our IPO.
Previous wording
Adjusted return on stockholders’ equity for the three and six months ended June 30, 2026 and 2025 reconciles to return on stockholders’ equity as follows:
Current wording
Adjusted return on stockholders’ equity for the three and nine months ended September 30, 2026 and 2025 reconciles to return on stockholders’ equity as follows:
Previous wording
(1) For the three and six months ended June 30, 2026 and 2025, net income and adjusted net income are annualized to arrive at return on stockholders’ equity and adjusted return on stockholders’ equity.
Current wording
(1) For the three and nine months ended September 30, 2026 and 2025, net income and adjusted net income are annualized to arrive at return on stockholders’ equity and adjusted return on stockholders’ equity.
Showing the first 40 of 53 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Infrastructure Fund invests primarily in the equities of electric and gas utilities, integrated utilities, water utilities, telecommunication companies, independent power producers and pipelines, exploration and production companies, oilfield service companies, and more broadly in energy and infrastructure-related industries (such as chemicals, materials, transportation infrastructure, and real estate equities).
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
30, 2026, we maintained catastrophe reinsurance coverage of $43 million per event in excess of our $12 million per event retention. Our property catastrophe reinsurance includes a reinstatement provision which requires us to pay reinstatement premiums after a loss has occurred in order to preserve coverage. Including the reinstatement provision, the maximum aggregate loss recovery limit is $86 million and is in addition to the coverage provided by our other property reinsurance.
Previous report — wording carried elsewhere
Operations — Off-balance sheet arrangements” in our Annual Report on Form 10-K for the year ended December 31, 2025.