ASIC Q4 2025 Earnings Transcript

Motley Fool Transcribing, The Motley Fool

Tue, April 21, 2026 astatine 11:25 AM CDT 19 min read

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Thursday, February 19, 2026 astatine 5 p.m. ET

• Chief Executive Officer — Justin Cohen

• President and Chief Underwriting Officer — Chris Schenk

• Chief Financial Officer — Neelam Patel

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Justin Cohen: Good evening, and convey you each for joining Ategrity's 4th fourth net call. This is Justin Cohen, and I'm joined present contiguous by Chris Schenk, our President and Chief Underwriting Officer; and Neelam Patel, our CFO. Ategrity erstwhile again delivered grounds results successful Q4, demonstrating spot connected some the apical and bottommost line. Gross written premiums grew 30% year-over-year, exceeding our guidance of outperforming E&S manufacture maturation by 20 percent points. Our 84.9% combined ratio successful the 4th is simply a caller grounds for the company. We proceed to profitably turn our marketplace stock successful the tiny and midsized E&S abstraction due to the fact that of the 3 cardinal factors.

First, successful our halfway specialty verticals, we person identified marketplace gaps and built targeted products astir them, producing structural maturation portion maintaining strict method discipline. Second, we person grown our organisation web of astir 600 partners. Through choky alignment of merchandise and execution, we person driven beardown submission volume, including astir 90% year-over-year maturation this quarter. Third, we person engineered our workflows and automation to present velocity with precision, responding rapidly to brokers portion maintaining rigorous standards astatine scale. Together, these factors person driven some maturation and borderline enlargement successful a moderating E&S market. Turning to further dynamics from the quarter.

In property, we grew 18% year-over-year with beardown sequential acceleration successful stark opposition to the wide spot market, which contracted arsenic a whole. By focusing connected small- and medium-sized attritional risks wherever we person an underwriting advantage, we positioned ourselves distant from the much cyclical ample relationship catastrophe-exposed market. Our 84.9% combined ratio reflects favorable nonaccomplishment experience, concern premix and operating leverage. Net earned premiums grew 25 percent points faster than operating expenses nett of fees, driving a 6.1 percent constituent betterment successful our wide disbursal ratio adjacent arsenic we proceed to put successful maturation initiatives and technology. On technology, successful caller weeks, the superior markets person focused connected the risks of AI to the specialty security industry.

At Ategrity, implicit 2 years ago, we developed a wide roadworthy representation for integrating AI and made captious investments successful that direction. Those investments person present been operationalized, and we volition supply immoderate further discourse aboriginal successful the call. Finally, stepping backmost to broader E&S marketplace dynamics, portion manufacture maturation has decelerated, it is little the lawsuit successful our tiny and midsized segment. Competitive strength accrued marginally again this quarter, but we proceed to basal retired done our concern exemplary and execution, driving maturation successful our marketplace share. With that, I volition crook it implicit to Neelam to sermon the fiscal results.