Ascendant Financial Results for the First Half of 2024

Ascendant Reports Record Premium and Policyholders’ Surplus for the First Half of 2024

Ascendant Commercial Insurance is pleased to report the following financial highlights from its recently filed financial statement for the year-to-date period ended June 30, 2024:

• Direct Written Premium of $85.9 million as compared to $65.2 million during the 1st half of 2023, an increase of $20.7 million (+31%), principally due to strong growth in the number of policyholders as well as in the average premium per policy in the Company’s Commercial Auto, General Liability and Garage Liability lines of business.
• Net Admitted Assets of $161.9 million as compared to $149.8 million as of year-end 2023, an increase of $12.1 million (+8%) and another record high.
• Continued Strong Liquidity with Cash and invested assets of $75.7 million, an increase of $7.7 million (+11%) since year-end 2023 and another record high, representing nearly 47% of the company’s total admitted assets.
• Ending Policyholders’ Surplus of $22.1 million, an increase of $2.5 million (+13%) from year-end 2023 and another record high.
• Net Income after Taxes of $1.4 million, a year over year increase of approximately $800,000 (+137%) from the 1st half of 2023.

Ascendant’s strong financial position is further supported by our highly rated reinsurance partners, led by General Reinsurance Corporation (“Gen Re”), a Berkshire Hathaway company, Hannover Re, and Navigators Re (a unit of The Hartford). Gen Re is rated “A++” by A.M. Best, while Hannover Re and Navigators Re are each rated “A+.”

As a minority-owned business, Ascendant is proud to be recognized as the 12th largest Hispanic-owned company in South Florida and one of the Top 100 Private Companies in South Florida, as determined by the South Florida Business Journal. Ascendant is also the 2nd largest Commercial Auto and 4th largest Workers' Compensation carrier based in Florida. Additionally, the company is ranked as the 105th largest Hispanic-owned company in the nation by Latino Leaders magazine.

Ascendant will celebrate its 15th anniversary in September, stronger and more resilient than at any time in its history. We are proud of being one of the few minority-owned insurance carriers based in Florida, and especially of our Hispanic heritage, each of which has been a key driver of our success. As we near $200 million in annual written premium, culture and family remain central to our core operating philosophy. In an era of increasing consolidation and fewer independent insurance companies, especially in Florida, Ascendant remains uniquely positioned to continue to grow and achieve market share gains in one of the nation’s fastest-growing and most attractive markets for small to medium-sized businesses.

Ascendant's success is attributed to the hard work and unwavering dedication of our team, as well as the trust placed in us by our agency partners. We are grateful for their support and are committed to continuing to provide comprehensive insurance solutions to our agency producers and policyholders.