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- **Revenue Growth**: 30% YoY gross written premium driven by Midwest expansion and digital brokerage.
- **Margin Strength**: 90% combined ratio maintained with 2.7pt expense ratio improvement.
- **Strategic Wins**: 730 new mid-sized accounts in underserved regions; 70% YoY property submissions.
- **Regulatory Tailwind**: New building codes driving ordinance & law coverage demand.

**【CEO Summary Section】**
- Q3 revenue grew 30% YoY, driven by 70% submission growth in property and casualty lines.
- Gross margin improved to 88.7% due to operating leverage and expense control.
- Midwest strategy contributed 50% of growth, with 730 new mid-sized accounts in previously underserved regions.

**【CFO Financial Commentary】**
- Adjusted net income: $22.8M (up 78% YoY), with $11M in net investment income.
- Combined ratio of 90% reflects disciplined underwriting and expense management.
- Digital brokerage channel achieved 30% YoY growth with streamlined quoting processes.

**【Q&A Key Highlights】**
- **Growth Strategy**: 70% YoY submission growth in property, driven by digital brokerage and Midwest expansion.
- **Market Positioning**: 90% combined ratio maintained through conservative underwriting and fee income growth.
- **Regulatory Impact**: New national electrical codes driving ordinance & law coverage demand, supporting property growth.
- **Expense Control**: Operating expenses as % of net earned premium down 2.7pts YoY to 10.8%.
- **Reinsurance**: No incremental cat risk exposure; growth within existing reinsurance limits.
- **Broker Engagement**: 70% increase in broker quotes for midsized policies with clear coverage terms.

Ategrity Specialty Insurance Company Holdings (ASIC) Q3 2025 Earnings Call Transcript

Revenue

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Selling, General and Administrative Expenses

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Loss on Impairment of Other Assets

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