Ategrity Specialty Insurance reported a record-low combined ratio of 84.7% for the third quarter of 2026, as underwriting income rose 83.7% to $19.5 million. Net income attributable to stockholders fell to $14.6 million from $22.7 million a year earlier, the difference explained almost entirely by a $17.2 million mark-to-market loss on the investment portfolio, compared with a $9.2 million gain in Q3 2025.
The underwriting and investment results are worth reading separately. The former reflects a business that is improving on nearly every operating metric. The latter reflects the volatility that comes with an investment book that includes a $219 million utility and infrastructure portfolio carried at fair value. That asset class introduces quarterly volatility that is largely disconnected from Ategrity’s underwriting performance.
Gross written premiums grew 14.7% to $165 million in the quarter. Property premium increased 25%, outpacing the casualty book’s 10% growth. The gains were driven by Project Heartland in the Midwest and a New England initiative, both targeting lower-hazard geographies where the company has built specific underwriting playbooks rather than competing on price alone. Both strategies have now contributed growth across two consecutive quarters, with Q2 2026 also showing accelerating property momentum in the same geographies.
That 25% property growth stands out in a market where capacity has been broadly softening. Wholesale brokers placing E&S property in the Midwest and New England now have a carrier adding volume in those regions rather than pulling back, and at a combined ratio that suggests the pricing is holding.
Submissions grew 30%, according to Cohen, versus gross written premium growth of 14.7%. That gap reflects active selection rather than write-everything growth. The casualty business, where loss cost trends are running ahead of rate in several lines industry-wide, saw Ategrity implement “meaningful rate increases on new business to provide expanded coverage and maintain rate adequacy ahead of loss cost trends,” according to president and chief underwriting officer Chris Schenk. The loss ratio for the quarter improved to 57.5% from 60% a year ago, and the expense ratio fell to 27.2% from 28.7%.
Alongside the quarterly results, Ategrity confirmed it launched four new specialty products in the period, using its next-generation underwriting platform. These are energy, environmental liability, life sciences, and sports and entertainment. The company, which filed for its NYSE listing in March 2025 and IPO’d in June 2025 at $17 per share, began operations in 2018 with a deliberate focus on the SMB segment of the E&S market, where it uses automated workflows and micro-segmentation to handle high volumes of smaller-premium accounts at speed.
Each new product line opens a new submission category for the wholesale brokers who distribute Ategrity’s coverage. A broker serving a life sciences company, an energy contractor, or a sports organization previously outside Ategrity’s appetite now has a named home for that submission. Schenk said the four products went from strategy to launch in four weeks, which is the pace that technology-built underwriting platforms are supposed to enable but rarely deliver.
CEO Justin Cohen called submissions growth of 30% a signal of “growing value of our productionized platform.” The nine-month combined ratio is 85.9%, and the full-year trajectory suggests Ategrity is on track to improve meaningfully on its 88.2% combined ratio for the full year 2025.
