Ascendant Financial Results for Third Quarter 2023

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Celebrating 14 Years of Financial Stability and Growth

During the 3rd quarter ending September 30, 2023, Ascendant Commercial Insurance, Inc. (“Ascendant”) celebrated its 14th anniversary, protecting business owners throughout the state of Florida and providing peace of mind in ever-challenging times. We are proud to announce continued growth and financial stability for the quarter ending September 30, 2023, which includes the following highlights.

  • Direct Written Premium of $38.0 million during the quarter, another record high for Ascendant. Year-to-date, the Direct Written Premium was $103.2 million.
  • Direct Written Premium in Business Auto of $23.2 million for the quarter, an increase of 43.6%, another record high for Ascendant. Year to date, Business Auto Direct Written Premium was $58.3 million.
  • Wrote over 6,600 policies in the quarter, the largest in the Company’s history.
  • Net Admitted Assets of $140.9 million, the highest in the Company’s history and an increase of $14.6 million (11.6%) since year end 2022.
  • Cash and Invested Assets of $63.7 million, another record high for the Company, representing 45% of the Company’s $140.9 million net admitted assets.
  • Policyholders’ Surplus of $19.1 million, another record high for Ascendant.

Ascendant’s financial position continues to be protected by highly rated reinsurance partners, all of which are rated A+ or better by A.M Best and led by General Reinsurance Corporation (“Gen Re”), a Berkhshire Hathaway company. Gen Re reported $53.5 billion in total assets and $17.2 billion in shareholders’ equity as of December 31, 2022, and currently holds financial strength ratings of “A++” (Superior) by A.M. Best, “Aa1” by Moody’s and “AA+” by Standard & Poor’s. Ascendant is also reinsured by two A.M. Best “A+” rated reinsurers in Hanover Re and Navigators Re (a unit of The Hartford).

Ascendant is proud to be recognized as the 12th largest Hispanic-owned Company in South Florida and as one of the Top 100 Private Companies in South Florida (#53), each as determined by the South Florida Business Journal. Ascendant is also the 2nd largest Commercial Auto insurance company based in Florida and the 4th largest Workers’ Compensation insurance company based in Florida.

Lastly, Ascendant is also proud to have exceeded over $1 billion in direct written premiums since inception, a significant milestone in our evolution from a start-up insurance company in 2009 to one of the largest commercial lines insurers based in Florida.

Our success is a testament to the unwavering trust placed in us by our esteemed agency partners, and our dedicated Ascendant Team, whose relentless commitment remains pivotal in driving our shared success forward.

We look forward to continuing to deliver comprehensive insurance solutions to our agency partners and policyholders for many more years to come.

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