Ategrity posts 84.7% combined ratio but $17.2m investment loss cuts net income

Ategrity Specialty Insurance posted a record-low 84.7% combined ratio for the third quarter of 2026. A $17.2 million mark-to-market loss on its investment portfolio cut net income attributable to stockholders to $14.6 million from $22.7 million a year earlier.

Ategrity's $17.2 million investment loss compares with a $9.2 million investment gain in the third quarter of 2025, a $26.4 million swing. Ategrity carries a $219 million utility and infrastructure portfolio at fair value, an allocation the company says brings quarterly volatility largely disconnected from underwriting. Underwriting income rose 83.7% to $19.5 million.

Ategrity's gross written premiums grew 14.7% to $165 million, with property up 25% and casualty up 10%. The loss ratio improved to 57.5% from 60%, and the expense ratio fell to 27.2% from 28.7%. Submissions rose 30%, according to Cohen, well ahead of premium growth. Ategrity frames that gap as selection rather than volume-chasing, and President and Chief Underwriting Officer Chris Schenk said the company applied "meaningful rate increases on new business" to stay ahead of loss cost trends in casualty.