TROY, Mich., March 27, 2026 (GLOBE NEWSWIRE) -- Presurance Holdings, Inc. (Nasdaq: PRHI) ("Presurance" or the "Company") today announced results for the fourth quarter ended December 31, 2025.
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 the At and for the
Three Months Ended December 31, 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 % Change 2025 2024 % Change
----- ------ ---------- ------ ------ ----------
(dollars in thousands)
Gross written
premiums $7,954 $10,559 -24.7% $51,128 $45,367 12.7%
Net written
premiums 3,786 9,038 -58.1% 22,977 34,797 -34.0%
Net earned
premiums 5,704 8,454 -32.5% 29,834 32,702 -8.8%
Underwriting
ratios:
Loss ratio 107.3% 55.2% 75.7% 64.6%
Expense
ratio 43.6% 40.6% 49.7% 41.1%
----- ------ ------ ------
Combined
ratio 150.9% 95.8% 125.4% 105.7%
===== ====== ====== ======
Contribution to
combined ratio
from net
(favorable)
adverse
prior year
development 17.9% 0.9% 8.3% 0.8%
----- ------ ------ ------
Accident year
combined
ratio 133.0% 94.9% 117.1% 104.9%
===== ====== ====== ======
Personal lines premium represented 100% of total gross written premium for the fourth quarter of 2025. Net written premiums were impacted by an in-force quota share reinsurance treaty to support the business. Personal lines production was largely driven by Texas premium and supplemented by continuing business in select Midwestern states.
(MORE TO FOLLOW) Dow Jones Newswires
March 27, 2026 16:01 ET (20:01 GMT)