Several insurers and insurance platforms closed 2025 with a familiar split: premium and revenue growth on one side, underwriting volatility and capital actions on the other.
AMERISAFE expanded premiums but saw higher loss severity in the fourth quarter. Safety Insurance reported a combined ratio below 100% and stronger earnings as prior rate increases flowed through. TWFG recorded double-digit revenue growth backed by acquisitions and organic gains. Root pointed to rising premiums and net income as it scaled its auto platform. HCI Group’s earnings climbed sharply from a storm-affected 2024 comparison.
AMERISAFE said fourth-quarter gross premiums written rose 11.7% to $70.1 million, while net income fell 21.0% to $10.4 million ($0.55 per diluted share). The combined ratio increased to 93.6% from 86.1%, and underwriting profit declined to $4.7 million from $9.2 million.
For the full year, gross premiums written increased 6.7% to $313.9 million, while net income declined 15.0% to $47.1 million ($2.47 per diluted share). The full-year combined ratio was 91.3%.
CEO G. Janelle Frost said, "Countering the growth, higher-than-anticipated loss severity emerged in the fourth quarter; as such, we increased our current accident year loss ratio to 72.0% from 71.0% estimated through the first three quarters of 2025."
The board raised the quarterly dividend to $0.41 per share and reported $12.1 million in share repurchases for the year, with $16.9 million remaining under its authorization as of December 31, 2025.
Safety Insurance reported fourth-quarter net income of $20.1 million ($1.36 per diluted share), up from $8.1 million ($0.55) a year earlier. For the full year, net income rose to $99.3 million ($6.70 per diluted share) from $70.7 million ($4.78).
The combined ratio improved to 99.4% for the quarter, from 101.9%, and to 99.0% for the year, from 101.1%. Net earned premiums reached $293.2 million in the fourth quarter and $1.14 billion for the year.
The board approved a $0.92 per share quarterly dividend payable March 13, 2026.
TWFG reported fourth-quarter revenue of $68.8 million, up 33.0%, and net income of $14.4 million, compared with $8.2 million a year earlier. For the full year, revenue rose 21.3% to $247.1 million, and net income increased to $39.8 million from $28.6 million.
Total written premium increased 22.7% in the quarter to $443.4 million and 17.3% for the year to $1.7 billion.
“Total revenues increased 33.0% to $68.8 million, compared to $51.7 million in the same period in the prior year, driven by our acquisition of corporate stores and TWFG MGA FL, LLC along with double-digit organic growth,” CEO Gordy Bunch said.
The company ended 2025 with $155.9 million in unrestricted cash and no borrowings under its $50.0 million revolving credit facility. In the first quarter of 2026, its board authorized a share repurchase program of up to $50.0 million.
Root said 2025 revenue rose 29% and net income increased 30%, bringing annual revenue above $1.5 billion as it continued to scale in auto insurance. The company said claims data and technology remain central to its pricing and loss ratio management, growing policies in force the fastest in 2025 among auto carriers with more than $1 billion in premiums.
In the fourth quarter, gross premiums written increased 9% to $362 million and gross premiums earned rose 14% to $377 million. Net income was $5 million, with operating income of $11 million and adjusted EBITDA of $29 million, reflecting ongoing investment in partnerships and marketing.
For the full year, gross premiums written reached $1.5 billion, up 16%, while gross premiums earned increased 19%. Net income rose to $40 million, up $9 million year over year. Root ended 2025 with $312 million of unencumbered capital and said it remains well-capitalized to support continued growth.
HCI reported fourth-quarter pre-tax income of $144 million and net income of $108 million, compared with $6 million and $4 million, respectively, in the fourth quarter of 2024. Diluted earnings per share rose to $7.25 from $0.23.
For the full year, pre-tax income rose to $429 million from $173 million in 2024, and net income increased to $320 million from $128 million. Diluted earnings per share were $22.72, compared with $8.89 a year earlier.
