Ategrity Specialty Insurance coverage reported a record-low mixed ratio of 84.7% for the third quarter of 2026, as underwriting revenue rose 83.7% to $19.5 million. Internet revenue attributable to stockholders fell to $14.6 million from $22.7 million a 12 months earlier, the distinction defined virtually totally by a $17.2 million mark-to-market loss on the funding portfolio, in contrast with a $9.2 million acquire in Q3 2025.
The underwriting and funding outcomes are value studying individually. The previous displays a enterprise that’s enhancing on almost each working metric. The latter displays the volatility that comes with an funding e book that features a $219 million utility and infrastructure portfolio carried at honest worth. That asset class introduces quarterly volatility that’s largely disconnected from Ategrity’s underwriting efficiency.
The place the expansion is coming from
Gross written premiums grew 14.7% to $165 million within the quarter. Property premium elevated 25%, outpacing the casualty e book’s 10% development. The beneficial properties have been pushed by Venture Heartland within the Midwest and a New England initiative, each focusing on lower-hazard geographies the place the corporate has constructed particular underwriting playbooks quite than competing on value alone. Each methods have now contributed development throughout two consecutive quarters, with Q2 2026 additionally displaying accelerating property momentum in the identical geographies.
That 25% property development stands out in a market the place capability has been broadly softening. Wholesale brokers inserting E&S property within the Midwest and New England now have a service including quantity in these areas quite than pulling again, and at a mixed ratio that implies the pricing is holding.
Submissions grew 30%, based on Cohen, versus gross written premium development of 14.7%. That hole displays energetic choice quite than write-everything development. The casualty enterprise, the place loss price traits are working forward of price in a number of traces industry-wide, noticed Ategrity implement “significant price will increase on new enterprise to offer expanded protection and keep price adequacy forward of loss price traits,” based on president and chief underwriting officer Chris Schenk. The loss ratio for the quarter improved to 57.5% from 60% a 12 months in the past, and the expense ratio fell to 27.2% from 28.7%.
4 new merchandise in 4 weeks
Alongside the quarterly outcomes, Ategrity confirmed it launched 4 new specialty merchandise within the interval, utilizing its next-generation underwriting platform. These are vitality, environmental legal responsibility, life sciences, and sports activities and leisure. The corporate, which filed for its NYSE itemizing in March 2025 and IPO’d in June 2025 at $17 per share, started operations in 2018 with a deliberate concentrate on the SMB section of the E&S market, the place it makes use of automated workflows and micro-segmentation to deal with excessive volumes of smaller-premium accounts at pace.
Every new product line opens a brand new submission class for the wholesale brokers who distribute Ategrity’s protection. A dealer serving a life sciences firm, an vitality contractor, or a sports activities group beforehand exterior Ategrity’s urge for food now has a named house for that submission. Schenk mentioned the 4 merchandise went from technique to launch in 4 weeks, which is the tempo that technology-built underwriting platforms are alleged to allow however not often ship.
CEO Justin Cohen known as submissions development of 30% a sign of “rising worth of our productionized platform.” The nine-month mixed ratio is 85.9%, and the full-year trajectory suggests Ategrity is on observe to enhance meaningfully on its 88.2% mixed ratio for the complete 12 months 2025.
