Ategrity Specialty Insurance Company Holdings said it expects record second-quarter gross written premiums of more than $205 million, growth exceeding 22% year-over-year, at a point when the wider excess and surplus lines (E&S) market is expanding at less than half that pace.
The Arizona-based carrier released preliminary figures on Friday for the quarter ended June 30. It said results exceeded both its previous outlook and analyst consensus, attributing the premium figure to accelerated market share gains relative to E&S stamping office benchmarks.
Ategrity also expects a combined ratio below 87% and record diluted earnings per share above $0.60, against analyst consensus of $0.47. Net income attributable to stockholders is expected to grow more than 75%.
The figures remain subject to the company's quarter-end closing procedures and review.
S&P Global Market Intelligence found US E&S growth slowed to 7.8% in 2025—the first single-digit rate since 2017. AM Best reported that US E&S premium growth was 9.7% through the third quarter of 2025, down from 13.5% in the same period a year earlier. In November 2025, it revised its outlook for the segment to stable from positive.
"Although favorable market conditions for E&S writers persist, early rate softening in select classes such as commercial property, slowing premium growth and more-selective capacity deployment are dynamics that now warrant a stable outlook," said Edin Imsirovic, director of AM Best.
Chief executive officer Justin Cohen addressed the contrast directly.
"We are pleased to have delivered another quarter of record production, underwriting profitability and earnings during a quarter in which industry growth remained challenged," Cohen said. "Our results reflect the strength of our differentiated underwriting platform, the scalability of our operating model and our ability to take market share while expanding profitability."
On the fourth-quarter 2025 call, Cohen guided to a growth rate 20 percentage points above E&S market growth, citing mid- to high-single-digit market growth as a reasonable benchmark.
Chris Schenk, president and chief underwriting officer, tied the growth to placement conditions rather than rate alone.
"Growth was broad-based, with greater than 20% growth in both property and casualty lines," Schenk said. "We also benefited from an intensified market focus on terms and conditions, particularly in the middle-market segment. As insureds demonstrate a renewed willingness to pay for coverage certainty, we are profitably taking market share."
The property figure marks a shift. In the first quarter, then-chief financial officer Neelam Patel reported casualty premiums up 27% and property up 13%. Property growth rose to above 20%, an increase of at least seven percentage points from the prior quarter.
That comes as property pricing falls. Risk Placement Services reported catastrophe-exposed property rates declined 15% to 20% in 2025, with most syndicates budgeting a further 10% reduction and planning to write less business. RPS said managing general agent entry and automated capacity have left brokers with more capacity than most deals require.
Schenk said in April that more than half of first-quarter growth came from strategies unique to the company, and that rate change remained positive. The company has not published a rate-versus-exposure breakdown for the second quarter.
Ategrity appointed Neil Adler chief financial officer, effective July 9.
Adler is chief financial officer of Zimmer Financial Services and Zimmer Partners LP. Zimmer Financial Services is Ategrity's majority shareholder. He will continue in both Zimmer roles while serving as Ategrity's CFO, according to the company's SEC filing.
