Year-end 2025 Financial Highlights
Personal Lines production up 12.7% on the year
Commercial Lines were down 67% and continue to run off
Personal lines production comprised 100% of gross written premiums in Q4
Commercial Lines, zero premium production for the fourth quarter
While gross written premiums declined in the fourth quarter, as the Company continued its disciplined shift away from previously written commercial lines, on the other hand, personal lines premium was up 12.7% on the year, reflecting a concerted focus going forward. With the exit from commercial lines business on-going, the Company has meaningfully simplified its risk profile and reduced exposure to volatility associated with the old legacy business.
Management Comments
Brian Roney, CEO of Presurance, commented, "We are taking decisive steps to manage the lingering effects of the legacy commercial lines run-off. Continued adverse development, largely from our previously written commercial lines business under prior management, has significantly impacted our financial results for the quarter and the year. Going forward, the Company continues to focus on select personal lines homeowners' business, a segment that aligns with our underwriting goals and offers attractive opportunities."
2025 Fourth Quarter Financial Results Overview
At and for theThree Months Ended December 31,
At and for the Year Ended December 31,
2025
2024
% Change
2025
2024
% Change
(dollars in thousands, except share and per share amounts)
Gross written premiums
$
7,946
$
13,683
-41.9%
$
59,840
$
72,053
-17.0%
Net written premiums
3,698
9,526
-61.2%
21,348
49,338
-56.7%
Net earned premiums
5,687
12,708
-55.2%
32,387
60,862
-46.8%
Net investment income
1,149
1,352
-15.0%
5,037
5,763
-12.6%
Net realized investment gains (losses)
(695
)
-
**
(716
)
(125
)
**
Change in fair value of equity investments
478
(21
)
**
234
(203
)
**
Net income (loss) allocable to common shareholders
(17,041
)
(25,382
)
**
(18,438
)
23,530
**
Net income (loss) allocable to common shareholders per share, diluted
$
(1.39
)
$
(2.08
)
**
$
(1.51
)
$
1.93
**
Adjusted operating income (loss)*
(15,216
)
(25,821
)
**
(25,634
)
(34,558
)
**
Adjusted operating income (loss) per share, diluted*
$
(1.24
)
$
(2.11
)
$
(2.10
)
$
(2.83
)
Book value per common share outstanding
$
0.73
$
1.76
$
0.73
$
1.76
Weighted average shares outstanding, basic and diluted
12,222,881
12,222,881
12,222,881
12,222,881
Underwriting ratios:
Loss ratio (1)
286.9
%
254.6
%
119.0
%
120.2
%
Expense ratio (2)
46.6
%
38.3
%
49.8
%
35.8
%
Combined ratio (3)
333.5
%
292.9
%
168.8
%
156.0
%
* The "Definitions of Non-GAAP Measures" section of this release defines and reconciles data that are not based on generally accepted accounting principles.
** Percentage is not meaningful
(1) The loss ratio is the ratio, expressed as a percentage, of net losses and loss adjustment expenses to net earned premiums and other income from underwriting operations.
(2) The expense ratio is the ratio, expressed as a percentage, of policy acquisition costs and other underwriting expenses to net earned premiums and other income from underwriting operations.
(3) The combined ratio is the sum of the loss ratio and the expense ratio. A combined ratio under 100% indicates an underwriting profit. A combined ratio over 100% indicates an underwriting loss.
2025 Fourth Quarter Gross Written Premium
Gross written premiums decreased year over year in the fourth quarter of 2025 to $7.9 million, compared to $13.7 million in the prior year period. This reduction reflects a deliberate recalibration, as we streamline our book of business to emphasize personal lines that deliver better risk-adjusted returns and further aligns within our long-term strategy.
Commercial Lines Financial and Operational Review
Commercial Lines Financial Review
Three Months Ended December 31,
Year Ended December 31,
2025
2024
% Change
2025
2024
% Change
(dollars in thousands)
Gross written premiums
$
(8
)
$
3,124
-100.3
%
$
8,712
$
26,686
-67.4
%
Net written premiums
(88
)
488
118.0
%
(1,629
)
14,541
-111.2
%
Net earned premiums
(17
)
4,254
-100.4
%
2,553
28,160
-90.9
%
Underwriting ratios:
Loss ratio
*
650.8
%
624.7
%
184.8
%
Expense ratio
*
33.8
%
51.6
%
29.8
%
Combined ratio
*
684.6
%
676.3
%
214.6
%
Contribution to combined ratio from net
(favorable) adverse prior year development
*
550.9
%
439.9
%
118.5
%
Accident year combined ratio (1)
*
133.7
%
236.4
%
96.1
%
(1) The accident year combined ratio is the sum of the loss ratio and the expense ratio, less changes in net ultimate loss estimates from prior accident year loss reserves. The accident year combined ratio provides management with an assessment of the specific policy year's profitability and assists management in their evaluation of product pricing levels and quality of business written.
* Percentage not meaningful
The Company's commercial lines of business represented 0% of total gross written premium in the fourth quarter of 2025. As reflected above, Commercial Lines premiums have decreased year over year, largely as a result of the commercial lines run-off and the decision to move away from the underperforming legacy commercial lines.
Personal Lines Financial and Operational Review
Personal Lines Financial Review
Three Months Ended December 31,
Year Ended December 31,
2025
2024
