Ategrity Sets Q4 Premium Growth Target 15 to 20 Points Above E&S Market

Ategrity Specialty Insurance Company Holdings set fourth-quarter targets for premium growth and underwriting performance at its Wednesday, Oct. 21, earnings call at 5 p.m. ET (21:00 UTC), after gross written premiums rose 14.7% in the third quarter.

For Q4, Ategrity set the gap between its premium growth rate and the E&S market’s at 15 to 20 percentage points and set a combined ratio ceiling below 87%. The premium-growth target is relative to the market; the company did not provide an absolute growth forecast for its premiums.

Gross written premiums for the quarter ended Sept. 30 totaled $165.0 million, up from $143.858 million in the year-earlier quarter. The combined ratio was 84.7%, compared with 88.7%. Ategrity’s loss ratio was 57.5%, and its expense ratio was 27.2%.

Underwriting income increased 83.7% to $19.5 million. Net income attributable to stockholders, however, fell to $14.6 million from $22.7 million. Net realized and unrealized investment results were a $17.2 million loss, compared with a $9.2 million gain a year earlier.

The insurer serves small and midsize businesses nationwide with E&S coverage.