The company achieved significant underwriting profitability in 2026Q1, evidenced by a combined ratio of 73.5% and a 55.2% year-over-year revenue growth rate.
| Revenue | 470.18M | 424.34M | 343.83M | 241.32M |
| Revenue Growth % | - | 23.41% | 42.48% | - |
| Medical Costs & Claims | 212.57M | 212.15M | 235.93M | 200.31M |
| Medical Cost Ratio % | 45.21% | 49.99% | 68.62% | 83.01% |
| Gross Profit | 257.61M | 212.19M | 107.91M | 41.01M |
| Gross Margin % | 54.79% | 50.01% | 31.38% | 16.99% |
| Gross Profit Growth % | - | 96.64% | 163.14% | - |
| Operating Expenses | 138.16M | 116.28M | 41.64M | 28.39M |
| OpEx / Revenue % | 29.38% | 27.4% | 12.11% | 11.76% |
| Depreciation & Amortization | 0 | 593K | 699K | 227K |
| Combined Ratio % | 74.59% | 77.4% | 80.73% | 94.77% |
| Operating Income | 119.45M | 95.91M | 66.26M | 12.62M |
| Operating Margin % | 25.41% | 22.6% | 19.27% | 5.23% |
| Operating Income Growth % | - | 44.75% | 425.03% | - |
| EBITDA | 120.37M | 96.51M | 66.96M | 12.85M |
| EBITDA Margin % | 25.6% | 22.74% | 19.48% | 5.32% |
| Interest Expense | 915K | 1.36M | 2.04M | 2.24M |
| Non-Operating Income | -915K | -1.36M | -2.04M | -2.24M |
| Pretax Income | 119.45M | 95.91M | 66.26M | 12.62M |
| Pretax Margin % | 25.41% | 22.6% | 19.27% | 5.23% |
| Income Tax | 24.6M | 19.79M | 12.32M | 2.52M |
| Effective Tax Rate % | 20.59% | 20.63% | 18.59% | 19.95% |
| Net Income | 91.01M | 74M | 47.09M | 10.05M |
| Net Margin % | 19.36% | 17.44% | 13.7% | 4.16% |
| Net Income Growth % | - | 57.15% | 368.65% | - |
| EPS (Diluted) | 1.83 | 1.60 | 0.96 | 0.21 |
| EPS Growth % | - | 66.67% | 357.14% | - |
| EPS (Basic) | - | 1.66 | 1.00 | 0.21 |
| Diluted Shares Outstanding | 49.77M | 46.23M | 48.46M | 48.46M |
Reserve development and social inflation
According to the latest quarterly data, Ategrity achieved a 55.2% year-over-year revenue growth in 2026Q1, signaling a rapid expansion in market share as the company leverages the current hard market environment to capture high-margin, specialized risks within the wholesale-only excess and surplus lines segment.
The acceleration in top-line growth suggests that Ategrity is successfully capitalizing on the retreat of standard carriers from complex SMB risks. Investors should monitor whether this rapid scaling reflects disciplined underwriting selectivity or a potential loosening of risk appetite to maintain momentum in a competitive wholesale landscape.
As reported in the 2026Q1 financial statements, the company maintained a combined ratio of 73.5%, demonstrating significant underwriting profitability that has improved substantially from the 87.1% ratio observed in 2025Q1, largely driven by a more favorable loss ratio environment and disciplined expense management.
The compression of the combined ratio below 80% indicates that Ategrity is generating substantial underwriting profit, which is a hallmark of a high-performing E&S carrier. This margin expansion appears to be a direct result of the company's ability to price risk effectively while maintaining a lean operating structure relative to its peers.
Based on the provided quarterly figures, the loss ratio fluctuated significantly from 73.9% in 2025Q1 to 22.7% in 2025Q4, suggesting that the company's earnings may be sensitive to periodic reserve adjustments or shifts in the underlying severity of claims within its casualty portfolio.
The sharp volatility in the loss ratio implies that the company's net income is highly dependent on the accuracy of its actuarial estimates. Analysts should investigate whether these fluctuations represent genuine changes in loss trends or if they are being influenced by prior-year reserve releases that could mask underlying underwriting performance.
While current margins appear robust, the potential for social inflation to outpace premium increases remains a critical risk, as evidenced by the historical sensitivity of E&S carriers to rising litigation costs that may not be fully captured in current loss picks for long-tail casualty lines.
The company's reliance on specialized casualty lines exposes it to legal environments where settlement costs are increasingly unpredictable. If litigation trends continue to escalate, the current underwriting profit margins may face downward pressure, necessitating a re-evaluation of the adequacy of existing loss reserves.
Quick answers to the most common questions about buying ASIC stock.
For fiscal year 2025, Ategrity Specialty Holdings LLC (ASIC) reported total revenue of $424.3M. This represents a 75.8% increase compared to $241.3M in 2023.
Ategrity Specialty Holdings LLC (ASIC) is profitable, generating $74.0M in net income for the fiscal year ending 2025 with a net profit margin of 17.4%.
Ategrity Specialty Holdings LLC (ASIC) reported an operating income of $95.9M, resulting in an operating profit margin of 22.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Ategrity Specialty Holdings LLC (ASIC) generated $212.2M in gross profit for the year, representing a gross profit margin of 50.0%. This demonstrates the company's core pricing power and production efficiency.