Earnings release
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Ategrity Specialty Insurance Company Holdings Reports Third Quarter 2026 Results Record low combined ratio of 84.7% and underwriting income growth of 83.7% NEW YORK, NY – October 21, 2026 – Ategrity Specialty Insurance Company Holdings (NYSE: ASIC) today announced financial results for the quarter ended September 30, 2026. The Company reported net income attributable to stockholders of $14.6 million, or $0.29 per diluted share, compared to $22.7 million, or $0.45 per diluted share, in the prior-year period. Adjusted net income attributable to stockholders was $14.7 million, or $0.29 per diluted share . Third Quarter 2026 Highlights • Gross written premiums increased 14.7% to $165.0 million • Net income attributable to stockholders was $14.6 million, or $0.29 per diluted share • Adjusted net income attributable to stockholders was $14.7 million, or $0.29 per diluted share • Combined ratio was 84.7%, compared to 88.7% in Q3 2025 • Adjusted return on stockholders’ equity was 8.9% in Q3 2026 and 15.5% year to date • Book value per share at quarter-end was $13.72 per share, up 7.4% from year-end Chief Executive Officer Justin Cohen said, “Ategrity delivered an exceptional quarter of underwriting performance, achieving a record low combined ratio of 84.7% and underwriting income growth of 83.7%. Business momentum was strong, with submissions growing 30% and gross written premiums increasing approximately 15%, well ahead of industry estimates of E&S premium growth. “Our results reflect the strength of our differentiated underwriting model and the growing value of our productionized platform. With an expanding portfolio of specialty products, next-generation underwriting technology, and a broader distribution network, we are strengthening our competitive position and creating additional opportunities to capture market share and profitably compound growth.” Underwriting Results For the quarter ended September 30, 2026, gross written premiums increased 14.7% compared to the prior-year period, driven by execution of our growth initiatives and increased engagement across our expanding distribution network. Gross written premiums in property lines increased 25.0% year-over-year, supported by growth in lower- risk geographies, including the Midwest and New England. Gross written premiums for casualty lines increased 10.0% year-over-year, reflecting the Company’s strategic focus on broadening casualty-related products and verticals. Underwriting income was $19.5 million for the quarter, up 83.7% from $10.6 million in the prior-year period. The combined ratio for the quarter was 84.7%, a decrease from 88.7% in the prior-year period, driven by improvement in both the loss and expense ratios. The loss ratio decreased by 2.5 percentage points to 57.5%, reflecting continued strong loss experience across both property and casualty lines. The overall expense ratio was 27.2% for the quarter, compared to 28.7% in the prior-year period, driven by operating expense leverage and lower net policy acquisition costs. Operating expenses, net of fee income, decreased as a percentage of net earned premiums by 0.8 percentage points to 10.0%, reflecting emerging scale benefits of our centralized model. Policy acquisition costs also improved, decreasing by 0.7 percentage points to 17.2% of net earned premiums due to a favorable shift in our business mix. Chris Schenk, President and Chief Underwriting Officer, said, “We are a high-velocity, execution-oriented company that embraces AI and analytics while remaining grounded in underwriting fundamentals. This quarter’s results and accomplishments illustrate that combination. “We delivered the lowest combined ratio in the company’s history and continued to gain market share across both Property and Casualty. Property gross written premiums increased approximately 25%, countering broader market trends and reflecting the success of our regional strategies, including Project Heartland and New England. Our Casualty business was strong, with our core middle market business growing substantially, even as we implemented meaningful rate increases on new business to provide expanded coverage and maintain rate adequacy ahead of loss cost trends. (1) (1) (1) (1) (1) (1)
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“We also launched four new specialty products—Energy, Environmental Liability, Life Sciences, and Sports & Entertainment—in a record four weeks. Alongside these launches, we deployed our next-generation underwriting platform across our established Brokerage business, redesigned core product offerings, and launched our ‘We Cover What Matters’ campaign, bringing our guiding principles on coverage to life. These accomplishments demonstrate our ability to move quickly from strategy to execution, expanding our business while strengthening underwriting performance.” See the definitions and reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures in the section titled “Non-GAAP Financial Measures” below. (1)
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Summary of Operating Results The following table summarizes the Company’s results of operations for the three and nine months ended September 30, 2026 and 2025: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands, except percentages and pershare data) 2026 2025 2026 2025 Gross written premiums $ 165,021 $ 143,858 $ 514,710 $ 427,503 Ceded written premiums (29,781) (36,348) (107,326) (112,851) Net written premiums $ 135,240 $ 107,510 $ 407,384 $ 314,652 Net earned premiums $ 127,139 $ 93,710 $ 346,125 $ 258,939 Fee income 2,630 2,225 8,285 4,309 Losses and loss adjustment expenses 73,061 56,199 201,445 153,472 Underwriting, acquisition and insuranceexpenses 37,204 29,116 104,149 82,431 Underwriting income 19,504 10,620 48,816 27,345 Net investment income 13,051 10,961 37,755 30,747 Net realized and unrealized gains (losses) oninvestments (17,249) 9,179 10,807 5,990 Interest expense 3 392 11 1,286 Other income 24 25 72 1,017 Other expenses 718 659 2,162 1,059 Income before income taxes 14,609 29,734 95,277 62,754 Income tax expense 3,566 6,118 19,886 13,071 Net income $ 11,043 $ 23,616 $ 75,391 $ 49,683 Less: Net income (loss) attributable to non-controlling interest - General Partner (3,534) 952 1,897 936 Net income attributable to stockholders $ 14,577 $ 22,664 $ 73,494 $ 48,747 Key Metrics Adjusted net income attributable tostockholders $ 14,665 $ 22,828 $ 73,812 $ 49,228 Loss ratio 57.5 % 60.0 % 58.2 % 59.3 % Expense ratio 27.2 % 28.7 % 27.7 % 30.2 % Combined ratio 84.7 % 88.7 % 85.9 % 89.4 % Return on stockholders' equity 8.8 % 15.8 % 15.4 % 13.2 % Adjusted return on stockholders' equity 8.9 % 15.9 % 15.5 % 13.3 % Diluted earnings per share $ 0.29 $ 0.45 $ 1.47 $ 1.06 Adjusted diluted earnings per share $ 0.29 $ 0.46 $ 1.48 $ 1.09 Each of these metrics is a non-GAAP financial measure. See “Non-GAAP Financial Measures” for a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP measure. For the three and nine months ended September 30, 2026 and 2025, net income attributable to stockholders and adjusted net income attributable to stockholders are annualized to arrive at return on stockholders’ equity and adjusted return on stockholders’ equity. Ratios are calculated using unrounded figures. The sum of components may differ slightly from totals shown due to rounding. (1) (1) (3) (2) (1) (2) (1) (1) (2) (3)
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Gross Written Premiums The following table presents gross written premiums by product for the three and nine months ended September 30, 2026 and 2025: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands, exceptpercentages) 2026 2025 % Change 2026 2025 % Change Casualty $ 108,791 $ 98,863 10.0 % $ 346,868 $ 288,026 20.4 % Property 56,230 44,995 25.0 % 167,842 139,477 20.3 % Gross written premiums $ 165,021 $ 143,858 14.7 % $ 514,710 $ 427,503 20.4 % Expense Ratio The following tables summarize the components of our expense ratio for the three and nine months ended September 30, 2026 and 2025: Three Months Ended September 30, ($ in thousands, except percentages) 2026 2025 Expenses % of Net EarnedPremiums Expenses % of Net EarnedPremiums Policy acquisition costs $ 21,896 17.2 % $ 16,741 17.9 % Operating expenses, net of fee income 12,678 10.0 % 10,150 10.8 % Underwriting, acquisition and insurance expenses,net of fee income $ 34,574 27.2 % $ 26,891 28.7 % Nine Months Ended September 30, ($ in thousands, except percentages) 2026 2025 Expenses % of Net EarnedPremiums Expenses % of Net EarnedPremiums Policy acquisition costs $ 60,809 17.6 % $ 47,562 18.4 % Operating expenses, net of fee income 35,055 10.1 % 30,561 11.8 % Underwriting, acquisition and insurance expenses,net of fee income $ 95,864 27.7 % $ 78,123 30.2 % Net of fee income of $2.6 million and $8.3 million for the three and nine months ended September 30, 2026, and $2.2 million and $4.3 million for the three and nine months ended September 30, 2025, respectively. Investment Results The following table summarizes net investment income and net realized and unrealized gains and losses on investments for the three and nine months ended September 30, 2026 and 2025: (1) (1) (1) 3
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Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2026 2025 2026 2025 Investment income Fixed-maturity securities $ 9,924 $ 6,599 $ 27,125 $ 19,324 Short-term investments 1,650 2,361 5,216 4,085 Cash equivalents 373 433 1,079 1,344 Loans to affiliates 1,524 1,537 4,578 3,330 Total fixed income 13,471 10,930 37,998 28,083 Equity securities 55 — 55 — Utility & Infrastructure Investments (335) 64 117 2,995 Other expenses (140) (33) (415) (331) Net investment income $ 13,051 $ 10,961 $ 37,755 $ 30,747 Net realized and unrealized gains (losses) on investments $ (17,249) $ 9,179 $ 10,807 $ 5,990 Non-GAAP Financial Measures We report our financial results in accordance with GAAP. However, we believe that certain non-GAAP financial measures provide investors in our common stock with additional useful information in evaluating our performance. Management believes that excluding certain items that are not indicative of core performance assists in evaluating our ability to generate earnings and to more readily compare these metrics between past and future periods. These non-GAAP financial measures may be different than similarly titled measures used by other companies. These non-GAAP financial measures should not be considered in isolation from, or as substitutes for, financial information prepared in accordance with GAAP. There are limitations related to the use of these non-GAAP financial measures as compared to the most directly comparable GAAP financial measures. Underwriting Income We define underwriting income as income before income taxes excluding the impact of net investment income, net realized and unrealized gains (losses) on investments, other income, interest expense, and other expenses (which include expenses related to corporate activities and expenses recorded by us in connection with the Company’s initial public offering). Underwriting income is a measure of the pre-tax profitability of our underwriting operations and allows us to evaluate our underwriting performance without regard to net investment income among other things. We use this metric as we believe it gives our management and other users of our financial information useful insight into our underlying business performance. Underwriting income should not be viewed as a substitute for income before income taxes calculated in accordance with GAAP, and other companies may define underwriting income differently. 4
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Underwriting income for the three and nine months ended September 30, 2026 and 2025 reconciles to income before income taxes as follows: Three Months Ended September30, Nine Months Ended September 30, ($ in thousands) 2026 2025 2026 2025 Income before income taxes $ 14,609 $ 29,734 $ 95,277 $ 62,754 Less: Net investment income (13,051) (10,961) (37,755) (30,747) Net realized and unrealized (gains) losses oninvestments 17,249 (9,179) (10,807) (5,990) Other income (24) (25) (72) (1,017) Add: Interest expense 3 392 11 1,286 Other expenses 718 659 2,162 1,059 Underwriting income $ 19,504 $ 10,620 $ 48,816 $ 27,345 Adjusted net income attributable to stockholders We define adjusted net income attributable to stockholders as net income attributable to stockholders excluding certain other non-operating expenses, which include expenses recorded by us in connection with the Company’s initial public offering. We use adjusted net income attributable to stockholders as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted net income attributable to stockholders should not be viewed as a substitute for net income attributable to stockholders calculated in accordance with GAAP, and other companies may define adjusted net income differently. Adjusted net income attributable to stockholders for the three and nine months ended September 30, 2026 and 2025 reconciles to net income attributable to stockholders as follows: Three Months Ended September30, Nine Months Ended September 30, ($ in thousands) 2026 2025 2026 2025 Net income attributable to stockholders $ 14,577 $ 22,664 $ 73,494 $ 48,747 Adjustments: Other non-operating expenses 111 207 402 608 Tax impact (23) (43) (84) (127) Adjusted net income attributable tostockholders $ 14,665 $ 22,828 $ 73,812 $ 49,228 In the three and nine months ended September 30, 2026 and 2025, other non-operating expenses includes share-based compensation expenses recorded by us related to our initial public offering. Adjusted return on stockholders’ equity We define adjusted return on stockholders’ equity as adjusted net income attributable to stockholders, expressed as a percentage of average beginning and ending stockholders’ equity during the period. Adjusted net income attributable to stockholders excludes the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of (1) (1) 5
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tax impact. We use adjusted return on stockholders’ equity as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted return on stockholders’ equity should not be viewed as a substitute for return on stockholders’ equity calculated in accordance with GAAP, and other companies may define adjusted return on stockholders’ equity and adjusted net income attributable to stockholders differently. Adjusted return on stockholders’ equity for the three and nine months ended September 30, 2026 and 2025 reconciles to return on stockholders’ equity as follows: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands, except percentages) 2026 2025 2026 2025 Numerator: Adjusted net income attributableto stockholders, annualized $ 58,660 $ 91,312 $ 98,416 $ 65,637 Denominator: Average stockholders’ equity 661,021 574,125 635,978 493,434 Adjusted return on stockholders' equity 8.9 % 15.9 % 15.5 % 13.3 % For the three and nine months ended September 30, 2026 and 2025, net income and adjusted net income are annualized to arrive at return on stockholders’ equity and adjusted return on stockholders’ equity. Adjusted diluted earnings per share We define adjusted diluted earnings per share as adjusted net income attributable to stockholders, divided by weighted average common shares outstanding - diluted for the period. We use adjusted diluted earnings per share as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted diluted earnings per share should not be viewed as a substitute for diluted earnings per share calculated in accordance with GAAP, and other companies may define adjusted diluted earnings per share differently. Adjusted diluted earnings per share for the three and nine months ended September 30, 2026 and 2025 reconciles to diluted earnings per share as follows: Three Months Ended September30, Nine Months Ended September 30, ($ in thousands, except share and per sharedata) 2026 2025 2026 2025 Numerator: Adjusted net income attributable tostockholders $ 14,665 $ 22,828 $ 73,812 $ 49,228 Denominator: Weighted-average sharesoutstanding - diluted 50,246,439 49,972,530 49,974,188 45,046,434 Adjusted diluted earnings per share $ 0.29 $ 0.46 $ 1.48 $ 1.09 Conference Call Ategrity will hold a conference call to discuss this press release today, October 21, at 5:00 p.m. Eastern Time. Interested parties may access the conference call via a live webcast, which can be accessed at https://events.q4inc.com/attendee/664734151 or by visiting the Company’s Investor Relations website. Please join the webcast at least 10 minutes before the scheduled start time. A (1) (1) 6
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replay of the event webcast will be available on the Company’s Investor Relations website approximately two hours following the call, for a period of at least 30 days. __________________________________________________________________________________ About Ategrity Specialty Insurance Company Holdings Ategrity Specialty Insurance Company Holdings is a profitable and growing specialty insurance company dedicated to providing excess and surplus (“E&S”) products to small to medium-sized businesses across the United States. We have built a proprietary underwriting platform that combines sophisticated data analytics with automated and streamlined processes to efficiently serve our clients and deliver long-term value to our stockholders. The small to medium-sized business market is characterized by large volumes of small-sized policies, and we believe our competitive edge lies in our ability to offer consistent, high-speed, and low-touch interactions that our distribution partners value. This advantage stems from our technology-driven method of standardizing, simplifying, and automating our transaction process, which we call productionized underwriting. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. You can identify forward-looking statements in this press release by the use of words such as “anticipates,” “estimates,” “expects,” “intends,” “plans,” and “believes,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” These forward-looking statements include, among others, statements relating to our investments in automation and analytics and their expected impact and expected profitable growth. These forward-looking statements are based on management’s current expectations and assumptions about future events, which are inherently subject to uncertainties, risks, and changes in circumstances that are difficult to predict. Our actual results may differ materially from those expressed in, or implied by, the forward-looking statements included in this press release as a result of various factors, including, among others: the risks and uncertainties discussed under the caption “Risk Factors” in our 2025 Form 10-K filed with the Securities and Exchange Commission, (the “SEC”) on March 6, 2026. Accordingly, you should read this press release completely and with the understanding that our actual future results may be materially different from what we expect. Forward-looking statements speak only as of the date of this press release. Except as expressly required under federal securities laws and the rules and regulations of the SEC, we do not have any obligation, and do not undertake, to update any forward-looking statements to reflect events or circumstances arising after the date of this press release, whether as a result of new information, future events, or otherwise. You should not place undue reliance on the forward-looking statements included in this press release or that may be made elsewhere from time to time by us, or on our behalf. All forward-looking statements attributable to us are expressly qualified by these cautionary statements. Investor Relations Contact IR@ategrity.com 7
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Condensed Consolidated Balance Sheets (Unaudited) September 30,2026 December 31,2025 ($ in thousands) Assets: Fixed-maturity securities available-for-sale, at fair value $ 695,290 $ 558,428 Utility & Infrastructure Investments, at fair value 219,468 189,859 Short-term investments 207,542 220,241 Loans to affiliates 106,500 106,500 Other invested assets 153 280 Total invested assets 1,228,953 1,075,308 Cash and cash equivalents 13,614 29,721 Investment income due and accrued 13,835 10,186 Premiums receivable, net of allowance for credit losses 87,361 75,244 Deferred policy acquisition costs, net of ceding commissions 40,497 30,204 Income tax receivable 4,064 — Deferred income tax asset, net 18,072 13,289 Reinsurance recoverable, net of allowance for credit losses 187,798 150,386 Ceded unearned premiums 69,555 74,317 Other assets 12,616 15,658 Total assets $ 1,676,365 $ 1,474,313 Liabilities, stockholders' equity and non-controlling interest: Liabilities: Reserves for unpaid losses and loss adjustment expenses 619,405 502,248 Unearned premiums 338,361 281,864 Payable to reinsurers 24,209 31,064 Accounts payable and accrued expenses 30,911 31,684 Income tax payable 182 8,414 Other liabilities 3,203 4,180 Total liabilities 1,016,271 859,454 Stockholders' equity: Total stockholders' equity 657,647 614,309 Non-controlling interest - General Partner 2,447 550 Total stockholders' equity and non-controlling interest 660,094 614,859 Total liabilities, stockholders' equity and non-controlling interest $ 1,676,365 $ 1,474,313 8
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Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) Three Months Ended September30, Nine Months Ended September 30, 2026 2025 2026 2025 ($ in thousands, except share and per share data) Revenues Gross written premiums $ 165,021 $ 143,858 $ 514,710 $ 427,503 Ceded written premiums (29,781) (36,348) (107,326) (112,851) Net written premiums 135,240 107,510 407,384 314,652 Change in unearned premiums (8,101) (13,800) (61,259) (55,713) Net earned premiums 127,139 93,710 346,125 258,939 Fee income 2,630 2,225 8,285 4,309 Net investment income 13,051 10,961 37,755 30,747 Net realized and unrealized gains (losses) on investments (17,249) 9,179 10,807 5,990 Other income 24 25 72 1,017 Total revenues 125,595 116,100 403,044 301,002 Expenses Losses and loss adjustment expenses 73,061 56,199 201,445 153,472 Underwriting, acquisition and insurance expenses 37,204 29,116 104,149 82,431 Interest expense 3 392 11 1,286 Other expenses 718 659 2,162 1,059 Total expenses 110,986 86,366 307,767 238,248 Income before income taxes 14,609 29,734 95,277 62,754 Income tax expense 3,566 6,118 19,886 13,071 Net income 11,043 23,616 75,391 49,683 Less: Net income (loss) attributable to non- controlling interest - General Partner (3,534) 952 1,897 936 Net income attributable to stockholders 14,577 22,664 73,494 48,747 Other comprehensive income: Unrealized gains (losses), net of taxes (21,540) 5,939 (27,951) 5,976 Total comprehensive income attributable to stockholders $ (6,963) $ 28,603 $ 45,543 $ 54,723 Earnings per share: Basic $ 0.30 $ 0.47 $ 1.53 $ 1.10 Diluted $ 0.29 $ 0.45 $ 1.47 $ 1.06 Weighted-average shares outstanding: Basic 47,926,921 48,066,667 48,000,264 43,508,478 Diluted 50,246,439 49,972,530 49,974,188 45,046,434 9