10-Q · May 7, 2026
Ategrity Specialty Insurance Company Holdings (ASIC) delivered a strong performance in Q1 2026 with notable growth in revenue and earnings, considerably surpassing analyst expectations. The company reported net income…
Earnings analysis · 10-Q
ASIC earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
Ategrity delivered strong second-quarter growth, with revenue of $148.484 million and diluted EPS of $0.67, up materially from both the prior quarter and prior year. Liquidity increased to $262.2 million, and management…
Read full summary
Ategrity delivered strong second-quarter growth, with revenue of $148.484 million and diluted EPS of $0.67, up materially from both the prior quarter and prior year. Liquidity increased to $262.2 million, and management reported effective disclosure controls with no material internal-control changes. The main concerns are increased exposure to BB-rated securities and ongoing credit and equity-market risks; the filing provides no quantitative forward guidance.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.67
What stood out
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Revenue accelerated
Second-quarter revenue was $148.484 million, up from $129 million in Q1 2026 and $102 million in Q2 2025, representing sequential growth of approximately 15.1% and year-over-year growth of approximately 45.6%.
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EPS growth strengthened
Diluted EPS was $0.67, compared with $0.51 in Q1 2026 and $0.39 in Q2 2025, increases of approximately 31.4% sequentially and 71.8% year over year.
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Liquidity increased
Cash, cash equivalents and short-term investments totaled $262.2 million at June 30, 2026, versus $250.0 million at December 31, 2025, an increase of $12.2 million.
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Investment portfolio remains high quality
The fixed-maturity and short-term securities portfolio maintained an average rating of “A-” as of June 30, 2026, while 30% of securities were rated “A” or better by at least one nationally recognized rating organization.
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Controls remained effective
Management concluded that disclosure controls and procedures were effective at the reasonable assurance level as of June 30, 2026, and reported no changes in internal control that materially affected or were reasonably likely to materially affect the controls.
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Share repurchases continued
The company repurchased 142,686 shares during the quarter at an aggregate average price of approximately $19.77 per share, leaving $47.2 million available under the repurchase program at June 30, 2026.
What to watch
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Lower-rated credit exposure increased
Credit concentration increased in lower-rated securities: BB holdings rose to 13.7% at June 30, 2026 from 8.0% at December 31, 2025, while BBB holdings declined to 52.4% from 56.2%.
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Investment credit risk persists
The portfolio included 3.6% of securities rated below BB or unrated at June 30, 2026, compared with 3.8% at December 31, 2025, leaving exposure to potential issuer credit losses despite the portfolio's “A-” average rating.
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Market and equity risk remain
The company has indirect equity-market exposure through Utility & Infrastructure Investments. Cash, cash equivalents and short-term investments of $262.2 million were also exposed to interest-rate changes, although management stated that an immediate 100-basis-point rate change would not materially affect fair value.
Management's outlook
The 10-Q does not provide quantitative revenue or EPS guidance; no forward financial outlook was disclosed.
Earlier filings 4
10-K · March 6, 2026
Ategrity Specialty (ASIC) presents a technology-enabled "productionized underwriting" strategy focused on SMBs in the E&S market and delivered material underwriting scale in 2025: gross written premiums of $581.5…
10-Q · November 12, 2025
Ategrity Specialty (ASIC) delivered a strong quarter: total revenues of $116,100,000 and diluted EPS of $0.45 for the three months ended September 30, 2025, both up materially versus the year-ago quarter. Underwriting…
10-Q · August 14, 2025
Ategrity Specialty reported a strong quarter: total revenues of $101.78M and diluted EPS of $0.39 for the three months ended June 30, 2025, with operating profit expanding materially versus prior quarter and prior year.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.