$ASIC

Ategrity Specialty Insurance Co Holdings

CIK:0002040491|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Gross written premiums	$ 206,762	$ 167,502	$ 349,689	$ 283,645
Ceded written premiums	(53,325)	(50,231)	(77,545)	(76,503)
Net written	153,437	117,271	272,144	207,142
Change in unearned premiums	(39,662)	(30,343)	(53,158)	(41,913)
Net earned	113,775	86,928	218,986	165,229
Fee income	3,432	1,524	5,654	2,084
Net investment income	12,662	11,891	24,704	19,786
Net realized and unrealized gains (losses) on investments	18,591	1,409	28,056	(3,190)
Other income	24	28	48	993
Total revenues	148,484	101,780	277,448	184,902
Expenses
Losses and loss adjustment expenses	66,503	50,412	128,383	97,274
Underwriting, acquisition and insurance expenses	34,666	28,430	66,945	53,315
Interest expense	4	447	8	894
Other expenses	872	161	1,444	399
Total expenses	102,045	79,450	196,780	151,882
Income before income taxes	46,439	22,330	80,668	33,020
Income tax expense	9,267	4,713	16,320	6,953
Net income	37,172	17,617	64,348	26,067
Less: Net income (loss) attributable to non-controlling interest - General Partner	3,721	(5)	5,431	(16)
Net income attributable to stockholders	33,451	17,622	58,917	26,083
Other comprehensive income:
Unrealized gains (losses), net of taxes	2,559	152	(6,411)	38
Total comprehensive income attributable to stockholders	$ 36,010	$ 17,774	$ 52,506	$ 26,121
Earnings per share:
Basic (in dollars per share)	$ 0.70	$ 0.40	$ 1.23	$ 0.61
Diluted (in dollars per share)	$ 0.67	$ 0.39	$ 1.18	$ 0.60
Weighted-average shares outstanding:
Basic (in shares)	48,008,741	42,084,982	48,037,544	41,191,609
Diluted (in shares)	49,864,919	43,584,999	49,839,370	42,246,997

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES
Net income	$ 64,348	$ 26,067
Adjustments to reconcile net income to net cash provided by operating activities	16,592	24,729
Net cash provided by operating activities	80,940	50,796
INVESTING ACTIVITIES
Purchase of fixed-maturity securities, available-for-sale	(232,549)	(267,019)
Proceeds from sale of fixed-maturity securities, available-for-sale	161,858	290,208
Proceeds from maturities and redemptions of fixed-maturity securities, available-for-sale	10,626	576
Purchases of Utility & Infrastructure Investments	(10,000)	(10,000)
Proceeds from redemptions of Utility & Infrastructure Investments	2,077	106,196
Change in short-term investments, net	(5,122)	(197,577)
Loans to affiliates	0	(94,000)
Purchase of other invested assets	(1,561)	0
Change in due to/from broker	4,048	(10,057)
Purchase of property and equipment	(1,799)	(4,155)
Purchase of other assets	0	(59)
Net cash used in investing activities	(72,422)	(185,887)
FINANCING ACTIVITIES
Proceeds from issuance of common shares, net	0	121,710
Payments of initial public offering costs	0	(2,806)
Capital contributions	0	22,741
Payments for share repurchases	0	(2,741)
Treasury stock acquired - share repurchase program	(2,835)	0
Capital distribution	(2,077)	(6,857)
Net cash provided by (used in) financing activities	(4,912)	132,047
Net change in cash and cash equivalents	3,606	(3,044)
Cash and cash equivalents, at beginning of period	29,721	26,573
Cash and cash equivalents, at end of period	33,327	23,529
Supplementary cash flow information:
Cash paid for interest	8	889
Cash paid (received) for taxes	22,468	9,000
Supplementary non-cash investing and financing activities:
Common stock issued in exchange for U.S. Treasury bills	$ 0	$ 20,001

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets:
Fixed-maturity securities available-for-sale, at fair value (amortized cost: $607,737 in 2026 and $546,755 in 2025)	$ 611,314	$ 558,428
Utility & Infrastructure Investments, at fair value (cost of $182,753 in 2026 and $172,753 in 2025)	227,267	189,859
Short-term investments	228,919	220,241
Loans to affiliates	106,500	106,500
Other invested assets	1,766	280
Total invested assets	1,175,766	1,075,308
Cash and cash equivalents	33,327	29,721
Investment income due and accrued	10,497	10,186
Premiums receivable, net of allowance for credit losses of $10,860 in 2026 and $8,754 in 2025	111,638	75,244
Deferred policy acquisition costs, net of ceding commissions	39,004	30,204
Prepaid reinsurance premiums	3,397	2,928
Deferred income tax asset, net	13,996	13,289
Reinsurance recoverable, net of allowance for credit losses of $0 in 2026 and 2025	188,156	150,386
Ceded unearned premiums	76,555	74,317
Other assets	11,265	12,730
Total assets	1,663,601	1,474,313
Liabilities:
Reserves for unpaid losses and loss adjustment expenses	583,933	502,248
Unearned premiums	337,260	281,864
Payable to reinsurers	39,434	31,064
Accounts payable and accrued expenses	27,671	31,684
Funds held under reinsurance treaties	1,366	1,547
Income tax payable	1,406	8,414
Other liabilities	2,156	2,633
Total liabilities	993,226	859,454
Stockholders' equity:
Preferred stock, $0.001 par value, 100,000,000 shares authorized and none issued or outstanding.	0	0
Common stock, $0.001 par value, 500,000,000 shares authorized; 48,066,674 shares issued and 47,926,928 shares outstanding as of June 30, 2026; 48,066,674 shares issued and outstanding as of December 31, 2025.	48	48
Additional paid-in capital	496,861	496,470
Retained earnings	167,480	108,571
Accumulated other comprehensive income	2,809	9,220
Treasury stock, at cost (139,746 shares as of June 30, 2026 and 0 as of December 31, 2025)	(2,804)	0
Total stockholders' equity	664,394	614,309
Non-controlling interest - General Partner	5,981	550
Total stockholders' equity and non-controlling interest	670,375	614,859
Total liabilities, stockholders' equity and non-controlling interest	$ 1,663,601	$ 1,474,313