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ASIC, Ategrity Specialty Insurance Company Holdings
Ategrity Specialty Insurance Company Holdings is a specialty property and casualty insurance holding company dedicated exclusively to the excess and surplus market for small to medium-sized businesses across the United States.
The SMB segment of the E&S market is characterized by a high volume of smaller-premium policies, where distribution partners expect speed, clarity, and consistency in the underwriting process.
Our operating model uses a technology-driven method to standardize, simplify, and where appropriate, automate these transactions, which we call productionized underwriting .
The business
What it sells, where the money comes from, the kind of company it is.
Next report By 11/13 · the 10-Q for the quarter ended late September · due within 45 days of period end · has filed ~44 days after · the wire records it on arrival
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Underwriting discipline and the float. What decides it: whether the combined ratio stays below 100% so the policies make money on their own, how large the float is against equity, and what that float earns once it is invested. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- It underwrites at a profit, about a 90% combined ratio (it keeps roughly 10% of premiums before investing the float). The float runs about 0.9× equity, the leverage that magnifies both the underwriting and the investing. Whether the discipline holds through a soft market, and how the float is invested, are what the 10-K decides.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
Revenue up 45.9% year over year; operating income up 87.5%
figures computed from the filing's XBRL
The year, in the company's words
the filing →Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.
- Net premiums earned+24.4%
“Net earned premiums were $361.7 million for the year ended December 31, 2025, compared to $290.6 million for the year ended December 31, 2024, an increase of approximately $71.1 million, or 24.4%. The increase was primarily due to growth in gross written premiums.”
✓ figure matches the filed record - Net premiums written+41.9%
“Net written premiums were $424.6 million for the year ended December 31, 2025, compared to $299.2 million for the year ended December 31, 2024, an increase of approximately $125.4 million, or 41.9%. The increase was primarily attributable to higher gross written premiums.”
✓ figure matches the filed record
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
Is it a good business?
- Combined ratio ≈ 91%Underwriting profitTotal benefits, losses and expenses $328M ÷ premiums earned $362MIndustry peers: median 90%
What this means
The heart of a property-casualty insurer: claims and costs as a share of premiums. Below 100% means it is paid to hold the float, the gold standard; above 100% means it loses money on the policies and must make it back on investments. Approximate here, taken from the filer's total benefits, losses and expenses over premiums, so it can sit a point or two off the company's headline figure; a number held below 100% across cycles is the mark of a disciplined underwriter, the rarest thing in the business.
- Return on equity 12%SolidNet income $74M ÷ equity $614MIndustry peers: median 4%
What this means
What it earns on shareholders' capital, the underwriting result plus what the float earns invested. Durably above the ~10% cost of equity is what compounds book value.
The float
- Float $536M0.9× equityNet reserves + unearned premiums − prepaid reinsurance − receivables − DAC = $536M
What this means
Money held against future claims and invested in the meantime. Buffett's insight was that good underwriting makes this float cost less than nothing, a pool of other people's money the owners earn on. The larger it is against equity, the more that leverage works, for better or worse.
- Investment income $42M7.9% on the floatNet investment income $42M, 7.9% on the float
What this means
What the float and capital earned this year. This is the second engine: an insurer that breaks even on underwriting still wins if the float is large and invested well.
The cost and the reserves
- Cost of float −7.0%Paid to hold the moneyUnderwriting profit $33M ÷ two-year average float $477M
What this means
Buffett's own yardstick: the underwriting result as the price of holding the float, divided the way his tables divide it — over the two-year average of float where the record carries both years, since the year's result was earned on money that arrived through the year. At or below zero, policyholders are paying the company to invest their money — the gold standard. A modest positive cost can still beat borrowing; a chronic high cost means the float is expensive leverage.
- Past reserves fell shortPrior-year development, FY2025: unfavorable (past years strengthened) · record: 0 favorable, 1 unfavorable of 2
What this means
Each year an insurer restates what its old accident years actually cost. Persistent favorable development means management reserved honestly and released the cushion; persistent unfavorable development means past profits were overstated by under-reserving — the industry's chronic sin, and the single most tell-tale line an owner can read. Signed as the company files it: negative favorable, positive unfavorable.
All figures as filed; the source filing is linked above.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid.
- Insider ownership84.7%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- Stock-based compensation$1M
The slice of the business handed to employees in shares in fiscal 2025, 0.2% of revenue, equal to 1.1% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Credit & receivables, Insurance reserves as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Insurance — Property & Casualty
The same industry, side by side on the underwriting lens. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.
| Company | Revenuelatest FY, USD | Combined ratiomedian over the record | Loss ratiomedian over the record | Yield on floatmedian over the record | ROTCEmedian over the record |
|---|---|---|---|---|---|
| BOWBowhead Specialty Holdings Inc. | $552M | 96% | 64% | 4.9% | 12% |
| HIPOHippo Holdings Inc. | $469M | 127%2y | — | 4.6% | -48% |
| GBLIGlobal Indemnity Group, LLC | $451M | — | 59% | 6.2% | 4% |
| ASICAtegrity Specialty Insurance Company Holdings | $424M | 93%2y | 59%2y | 6.8%2y | 12%2y |
| ACICAmerican Coastal Insurance Corporation | $335M | — | 62% | 4.7% | 2% |
| AMSFAMERISAFE Inc. | $317M | 84% | 57% | 4.5% | 18% |
| NODKNI Holdings Inc. | $285M | — | 69% | 8.5% | 3% |
| AIIAmerican Integrity Insurance Group Inc. | $276M | 75%2y | 45%2y | 11.9%2y | 27%2y |
| Group median | — | 93% | 59% | 5.6% | 8% |
The price
What a price has to assume.
What the price implies
reverse-DCFA bank / financial isn't read on an owner-earnings DCF; its economics live on the balance sheet (book value, the return earned on it, and the cash the assets throw off).
Manual order: ← ASH its page in the Manual ASIX →
Industry order: ← AMSF the Insurance — Property & Casualty chapter AXS →