A further round of insurance distribution and underwriting groups have published first-quarter 2026 results, with the picture mixed across the sector.
Several reported double-digit premium and revenue growth, while at least one regional carrier saw profitability swing on elevated catastrophe activity.
The Woodlands Financial Group (TWFG) posted total revenues of $72.8 million for Q1 2026, up 35.3% from $53.8 million a year earlier, while commission income rose 37.4% to $67.1 million. Net income climbed to $13.1 million from $6.9 million, producing a net income margin of 18.0%.
Total written premium increased 23.5% to $458.2 million, lifted by corporate branch deals, the acquisition of Asset Protection Insurance Associates and continued expansion across its Agency in a Box, corporate stores and TWFG MGA platforms. MGA premium volume rose 77.3% year over year, primarily on the addition of TWFG MGA FL.
Adjusted net income advanced 75.2% to $16.2 million, and adjusted EBITDA was up 73.9% at $21.2 million, with the adjusted EBITDA margin widening 650 basis points to 29.1%. The organic revenue growth rate came in at 10.1%, and excluding TWFG MGA FL, written premium retention would have been around 87%.
Management said industry conditions improved during the quarter as carriers re-entered key property markets and pricing trends moderated, with strategy centered on productivity, carrier partnerships and platform capabilities.
Heritage Insurance reported first-quarter net income of $36.5 million, up 19.7% from $30.5 million, equivalent to $1.19 per diluted share versus $0.99 a year earlier. Gross and net premiums earned were broadly flat year over year.
The net loss ratio improved 3.8 points to 45.9%, and the net combined ratio strengthened 3.5 points to 81.0%. Return on average equity reached 28.5%, with average equity up 65.5% from the prior-year quarter.
Book value per share rose 4.6% from year-end 2025 and 61.5% from Q1 2025, while cash flow from operations was $24.9 million. Heritage repurchased 446,884 shares for $12.0 million year to date and said it remains on track to begin writing surplus lines business in Texas, having rolled out four new products in Q1 with six more planned for the second half of 2026.
Kingstone Companies swung to a net loss of $5.8 million, or $0.40 per diluted share, from net income of $3.9 million, or $0.27 per share, a year earlier. Net premiums earned grew 28.4% to $55.9 million and direct premiums written rose 19.6% to $69.6 million.
The net combined ratio deteriorated 18.3 points to 112.0% as the catastrophe loss ratio jumped to 26.0% from 1.7%, while the underlying combined ratio improved 5.1 points to 88.3%. Annualized return on equity was negative 19.6%, compared with 20.8% a year ago.
Kingstone reiterated its 2026 guidance, projecting direct premiums written growth of 16% to 20%, a net combined ratio of 81% to 86%, diluted EPS of $2.20 to $2.90 and return on equity of 24% to 30%.
Assured Guaranty reported Q1 2026 net income attributable to AGL of $88 million, or $1.91 per diluted share, down from $176 million, or $3.44, a year earlier. Adjusted operating income was $115 million, or $2.50 per share, versus $162 million previously.
Gross written premiums totaled $70 million and the present value of new business production was $73 million. By segment, Financial Guaranty contributed $102 million of adjusted operating income and Asset Management $44 million, against a $15 million corporate drag.
Shareholders' equity per share was $124.28 at March 31, 2026, with adjusted operating shareholders' equity per share at $128.61 and adjusted book value per share at $188.74.
The company returned $93 million to shareholders during the quarter, comprising $75 million of buybacks and $18 million in dividends.
