Ategrity Specialty Insurance Co HoldingsASIC

Ategrity Specialty Insurance Co Holdings Segments Disclosure

10-KFiled Mar 6, 20262 min read
Segment Reporting
The Company operates as one operating segment with excess and surplus lines insurance business at its core. The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer (“CEO”), who uses consolidated net income to make decisions about allocating resources and assessing performance for the entire Company. The measure of segment assets is reported in the consolidated balance sheets as total assets.
The following table presents the Company’s operating results as evaluated by the CODM.
Year Ended December 31,
20252024
(in thousands)
Revenues
Net earned premiums $361,695 $290,635 
Fee income6,582 918 
Net investment income42,376 24,046 
Net realized and unrealized gains (losses) on investments12,651 28,140 
Other income1,035 95 
Total revenues424,339 343,834 
Expenses
Losses and loss adjustment expenses212,147 175,234 
Policy acquisition costs65,343 60,692 
Operating expenses47,966 37,875 
Interest expense1,358 2,042 
Other expenses1,611 1,727 
Total expenses328,425 277,570 
Income before income taxes95,914 66,264 
Income tax expense 19,785 12,316 
Net income76,129 53,948 
Less: Net income (loss) attributable to non-controlling interest - General Partner2,127 6,858 
Segment net income$74,002 $47,090 
Reconciliation of profit or loss:
Adjustments and reconciling items— — 
Consolidated net income attributable to stockholders$74,002 $47,090 
The table below presents gross written premium (“GWP”) by product group for the years ended December 31, 2025 and 2024:
Year Ended December 31,
20252024
($ in thousands)
Product GroupAmount% of GWPAmount% of GWP
Casualty$390,565 67.2 %$263,328 60.3%
Property190,965 32.8 %173,708 39.7%
Total Gross Written Premium$581,530 100.0 %$437,036 100.0%
All long-term assets of the Company are based in the United States and similarly, all of the Company’s revenues are derived from customers based in the United States.
For the year ended December 31, 2025, the Company had three distribution partners that generated $270.4 million of direct written premiums, representing 46.5% of total direct written premiums, which constituted more than 10% of the Company’s total revenues. For the year ended December 31, 2024, the Company had one distribution partner that generated $105.3 million of direct written premiums, representing 24.1% of total direct written premiums, which constituted more than 10% of the Company’s total revenues. No other distribution partner generated 10% or more of the Company’s total revenues for the years ended December 31, 2025 and 2024.
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About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

Income TaxesEarnings Per ShareFair ValuePP&ELeasesCommitmentsStock CompensationNew StandardsNEO Compensation Adjustments