Ategrity Specialty Insurance delivered a combined ratio of 85.9% in Q2 2026, as gross written premiums rose 23.4% to $206.8 million. That combined ratio improvement was driven by a 350 basis-point contraction in the expense ratio to 27.5%, as operating leverage took hold across the company's centralized underwriting platform.
The combined ratio improved 300 basis points from 88.9% in Q2 2025. The loss ratio edged up 50 basis points to 58.5% on a shift in business mix toward the brokerage channel and lower catastrophe activity in the prior-year comparison period.
Underwriting income rose 66.9% to $16 million from $9.6 million a year earlier. Net earned premiums grew 30.9% to $113.8 million from $86.9 million, supported by net written premium growth of 30.8% to $153.4 million.
Casualty lines led premium growth, with gross written premiums rising 24.7% year-over-year to $133.4 million. Property gross written premiums increased 21.3% to $73.3 million, with the company citing growth in lower-risk geographies, including the Midwest and New England.
Net investment income rose 6.5% to $12.7 million from $11.9 million. Net realized and unrealized investment gains of $18.6 million, against $1.4 million in the prior-year quarter, lifted pre-tax income to $46.4 million from $22.3 million.
Net income attributable to stockholders was $33.5 million, or $0.67 per diluted share, against $17.6 million, or $0.39 per diluted share, in Q2 2025. Adjusted net income attributable to stockholders was also $33.5 million, or $0.67 per diluted share.
Adjusted return on stockholders' equity was 20.7% for the quarter, up from 14.5% a year earlier. Book value per share at quarter-end was $13.86, an increase of 8.5% from year-end 2025.
"These results demonstrate the strength of our productionized underwriting platform, and our ability to take market share while expanding profitability," said Justin Cohen, Ategrity's chief executive officer. “The scalability of our model was evident this quarter, as our expense ratio improved 350 basis points to 27.5%, contributing to a 66.9% increase in underwriting income. We continue to see opportunities to drive further efficiencies through automation and streamlined processes while executing our disciplined underwriting approach."
The operating expense ratio net of fee income fell 2.9 percentage points to 9.5% of net earned premiums, a result the company attributed to scale benefits from its centralized model. Fee income more than doubled to $3.4 million from $1.5 million a year earlier.
“Record new business growth was driven by the expansion of our distribution relationships and the execution of differentiated growth strategies, including initiatives such as Project Heartland and our New England strategy," said Chris Schenk, Ategrity's president and chief underwriting officer. "We also entered the quarter with a larger and more valuable renewal portfolio, reflecting the cumulative benefits of investments made over the past several years."
For the six months ending in June 30, gross written premiums were $349.7 million, up 23.3% from $283.6 million in the same period of 2025. Net income attributable to stockholders for the half was $58.9 million, or $1.18 per diluted share, compared with $26.1 million, or $0.60 per diluted share, a year earlier.
