Ategrity profit jumps 76% on underwriting gains
Ategrity Specialty Insurance Company Holdings earned 22.7 million dollars in the three months that ended September 30, after investment gains lifted results above the 12.9 million dollars recorded one year earlier. The New York-listed carrier collected 143.9 million dollars in gross premiums, with casualty business jumping 41.4 percent to 98.9 million dollars. Property lines generated 45 million dollars as rates climbed across both segments.
The combined ratio improved to 88.7 percent from 95.3 percent, while underwriting profit reached 10.6 million dollars. Book value per share rose 18 percent since December to 12.24 dollars as the company maintained strict pricing discipline. Ategrity went public in June and raised 113.3 million dollars by selling 6.67 million shares at 17 dollars each through bankers at JPMorgan and Barclays.
