Presurance Holdings posts stronger Q1 2026 results

Presurance Holdings reported much stronger results for the first quarter of 2026 as it continues to refocus on personal lines.

Rhea-AI Filing Summary

Presurance Holdings reported much stronger results for the first quarter of 2026 as it continues to refocus on personal lines. Net income rose to $2.6 million, or $0.15 per share, from $522,000, or $0.04 per share, helped by better underwriting and favorable fair value adjustments.

Gross written premiums fell 29.1% to $11.5 million as the company exited commercial lines, but underwriting quality improved. The overall combined ratio improved to 105.7% from 140.5%, while personal lines achieved a profitable combined ratio of 97.9%. Despite the GAAP profit, Presurance still posted an adjusted operating loss of $2.8 million, or $(0.16) per share, highlighting that core operations are not yet consistently profitable.

Insights

Insurance sector analyst

Underwriting quality improves sharply, but core operations remain in loss.

Presurance shows meaningful progress in de-risking its book. Net income for Q1 2026 reached $2.6 million, supported by a much lower loss ratio of 56.2% versus 89.7% a year earlier as the company pivots away from weaker commercial lines.

However, growth has been sacrificed. Gross written premiums declined 29.1% to $11.5 million as management exited commercial business and concentrated on personal homeowners. Personal lines now represent 100% of gross written premium, with a combined ratio of 97.9%, indicating modest underwriting profitability in that core segment.

On an underlying basis, the company still reported adjusted operating loss of $2.8 million, or $(0.16) per share, even as total shareholders’ equity increased to $25.2 million as of March 31, 2026. Future filings may show whether improved underwriting can translate into sustained positive adjusted operating income while maintaining the streamlined risk profile.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Net income Q1 2026: $2.6M EPS Q1 2026: $0.15 per share Adjusted operating income: $(2.8)M +5 more

8 metrics

Net income Q1 2026 $2.6M Three months ended March 31, 2026; vs $0.5M in 2025

EPS Q1 2026 $0.15 per share Basic and diluted earnings per common share

Adjusted operating income $(2.8)M Adjusted operating loss for Q1 2026; $(0.16) per share

Gross written premiums $11.5M Q1 2026 gross written premiums; down 29.1% year over year

Overall combined ratio 105.7% Three months ended March 31, 2026; improved from 140.5%

Personal lines combined ratio 97.9% Q1 2026 personal lines underwriting performance

Total revenue and other income $11.5M Q1 2026 total revenue and other income of $11.547M

Shareholders’ equity $25.2M Total shareholders’ equity as of March 31, 2026

Key Terms

combined ratio, loss ratio, adjusted operating income, accident year combined ratio, +1 more

5 terms

combined ratio financial

"A combined ratio under 100% indicates an underwriting profit."

The combined ratio is a way insurance companies measure how well they are doing by adding up all their costs and claims and comparing them to the money they earn from premiums. If the ratio is below 100%, it means the company is making a profit; if it's above 100%, they are losing money. It helps see if an insurance company is financially healthy or not.

loss ratio financial

"The loss ratio is the ratio, expressed as a percentage, of net losses and loss adjustment expenses to net earned premiums"

Loss ratio is the percentage of an insurer’s collected premiums that is paid out to cover claims and related costs, showing how much of customer payments are used to settle losses. Investors treat it like a fuel-efficiency gauge for an insurance business—lower loss ratios suggest pricing and risk selection leave more room for profit, while consistently high ratios signal weak pricing, rising claims, or not enough money set aside, which can hurt returns.

adjusted operating income financial

"We define adjusted operating income (loss), a non-GAAP measure, as net income (loss) excluding"

Adjusted operating income is a company's profit from its main activities, excluding certain one-time or unusual costs and gains. It helps investors see how well the business is performing in its normal operations, without distractions from rare events or expenses. This way, they get a clearer picture of the company’s true profitability.

accident year combined ratio financial

"The accident year combined ratio provides management with an assessment of the specific policy year's profitability"

A measure of an insurer’s underwriting profitability for losses that occurred in a single policy year, calculated by comparing the claims and underwriting expenses tied to that year with the premiums earned for the same year. Think of it like checking the cost of ingredients and labor for meals made in one day versus the money taken in that day — it shows whether the insurance business for that year is running at a profit or loss and helps investors judge pricing, reserve adequacy and future earnings stability.

contingent considerations financial

"Change in fair value of contingent considerations"

A contingent consideration is part of the price in a merger or acquisition that will only be paid if specified future events or performance targets occur, such as achieving revenue, profit milestones, regulatory approvals, or retention of key customers. It matters to investors because it shifts some transaction value into future, uncertain outcomes — like a promised bonus that depends on results — which affects how much risk and potential upside the buyer and seller have recorded today and can change reported earnings and balance-sheet measurements later.

Earnings Snapshot

Total revenue and other income: $11.547M

Q1 2026

Total revenue and other income $11.547M

Net income $2.622M

Earnings per share $0.15

Gross written premiums $11.469M

Overall combined ratio 105.7%

FAQ

How did Presurance Holdings (PRHI) perform financially in Q1 2026?

Presurance reported net income of $2.6 million, or $0.15 per share, for Q1 2026, up from $522,000, or $0.04 per share, a year earlier. The improvement was driven by better underwriting results and favorable changes in fair value of contingent considerations.

What happened to Presurance Holdings’ underwriting ratios in Q1 2026?

Presurance’s overall combined ratio improved to 105.7% in Q1 2026 from 140.5% in Q1 2025. The loss ratio declined to 56.2% from 89.7%, while the expense ratio was relatively stable at 49.5%, reflecting significantly better loss experience despite lower premium volume.

How did Presurance Holdings’ personal lines business perform in Q1 2026?

Personal lines achieved a combined ratio of 97.9% in Q1 2026, improving from 140.9% a year earlier. Gross written premiums in personal lines were $11.5 million, with profitability reflecting the strategic focus on select homeowners’ business and more attractive risk-adjusted returns.

What was Presurance Holdings’ adjusted operating income in Q1 2026?

Presurance reported an adjusted operating loss of $2.8 million, or $(0.16) per diluted share, for Q1 2026. This metric excludes realized investment gains or losses, changes in fair value of equity securities, contingent considerations, and additional accretion of warrants from the Series B preferred stock payoff.

How did Presurance Holdings’ premiums change in Q1 2026 versus Q1 2025?

Total gross written premiums declined 29.1% to $11.5 million in Q1 2026 from $16.2 million a year earlier. The reduction reflects the company’s deliberate exit from legacy commercial lines, concentrating its underwriting portfolio on personal lines homeowners’ business.

What is Presurance Holdings’ balance sheet position as of March 31, 2026?

As of March 31, 2026, Presurance reported total assets of $236.6 million and shareholders’ equity of $25.2 million. Common stock outstanding increased to 26,222,881 shares, and book value per common share was $0.96, compared with $2.09 a year earlier.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event Reported): May 13, 2026

Presurance Holdings, Inc.

(Exact Name of Registrant as Specified in Charter)

Michigan	001-37536	27-1298795
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

3001 West Big Beaver, Suite 319

Troy, MI 48084

(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code: (248) 509-9202

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, no par value		PRHI		The Nasdaq Stock Market LLC
9.75% Senior Notes due 2028		PRHIZ		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On May 13, 2026, Presurance Holdings, Inc. (the "Company") publicly announced results for the first quarter of 2026. A copy of the Company's news release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The information in this Item 2.02 and the attached exhibit shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act except as shall be expressly stated by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

Exhibit 99.1	Press Release dated May 13, 2026
Exhibit 104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		Presurance Holdings, Inc.
Date: May 14, 2026		By:	/s/ BRIAN J. RONEY
			Brian J. Roney
			Chief Executive Officer

News Release

For Further Information:

Jessica Gulis, 248.509.9202

ir@prehld.com

Presurance Holdings Reports 2026 First Quarter Financial Results

Troy, MI, May 13, 2026 – Presurance Holdings, Inc. (Nasdaq: PRHI) (“Presurance” or the “Company”) today announced results for the first quarter ended March 31, 2026.

First Quarter 2026 Financial Highlights

•Net income of $2.6 million, or $0.15 per share, compared to net income of $522,000, or $0.04 per share, in the prior year period

•Personal lines profitable: Combined ratio in the first quarter of 2026 improved to 97.9%, compared to 140.9% in the first quarter of 2025

•Overall loss ratio improved significantly to 56.2%, compared to 89.7% in the prior year period

Results for the quarter reflected meaningful improvement in underwriting performance and continued progress in the Company’s strategic repositioning toward areas that have shown a strong track record of performance.

Management Comments

Brian Roney, CEO of Presurance, commented, "Our first quarter results demonstrate the meaningful progress we are making as we continue repositioning the Company around a more focused and disciplined underwriting strategy. While gross written premiums declined as expected due to our exit from commercial lines business, the quality and profitability of our remaining portfolio improved significantly. Our focus remains on building a profitable operating platform capable of generating sustainable long-term results.”

Presurance Holdings, Inc. Page 2

May 13, 2026

2026 First Quarter Financial Results Overview

		At and for the Three Months Ended March 31,
		2026				2025				% Change
		(dollars in thousands, except share and per share amounts)
Gross written premiums		$	11,469			$	16,173				-29.1	%
Net written premiums			6,075				10,840				-44.0	%
Net earned premiums			5,925				10,315				-42.6	%
Net investment income			1,110				1,289				-13.9	%
Net realized investment gains (losses)			(14	)			3			**
Change in fair value of equity securities			30				(192	)		**
Net income (loss)			2,622				522			**
Earnings (loss) per common share, basic and diluted		$	0.15			$	0.04			**
Adjusted operating income (loss)*			(2,830	)			(3,684	)		**
Adjusted operating income (loss) per share, diluted*		$	(0.16	)		$	(0.30	)		**
Book value per common share outstanding		$	0.96			$	2.09
Weighted average shares outstanding, basic and diluted			17,200,659				12,222,881
Underwriting ratios:
Loss ratio (1)			56.2	%			89.7	%
Expense ratio (2)			49.5	%			50.8	%
Combined ratio (3)			105.7	%			140.5	%
* 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.

2026 First Quarter Gross Written Premium

Gross written premiums decreased 29.1% year over year, reflecting the Company’s continued exit from legacy commercial lines business. The Company’s underwriting portfolio is now concentrated on select personal lines homeowners’ business that aligns with its long-term underwriting objectives and risk appetite.

Presurance Holdings, Inc. Page 3

May 13, 2026

Personal Lines Financial and Operational Review

Personal Lines Financial Review
		Three Months Ended March 31,
		2026				2025				% Change
		(dollars in thousands)
Gross written premiums		$	11,487			$	14,126				-18.7	%
Net written premiums			6,091				12,444				-51.1	%
Net earned premiums			5,792				8,984				-35.5	%
Underwriting ratios:
Loss ratio			62.2	%			86.3	%
Expense ratio			35.7	%			54.6	%
Combined ratio			97.9	%			140.9	%
Contribution to combined    ratio from net (favorable)    adverse prior year    development			2.1	%			8.6	%
Accident year combined    ratio			95.8	%			132.3	%

Profitability in personal lines for the first quarter of 2026 reflects the Company’s strategic decision to prioritize quality of earnings over scale—focusing on business that offers more attractive risk-adjusted returns and greater consistency over time. Personal lines premium represented 100% of total gross written premium for the first quarter of 2026, largely driven by Texas homeowners premium and supplemented by continuing business in select Midwestern states.

Presurance Holdings, Inc. Page 4

May 13, 2026

Commercial Lines Financial and Operational Review

Commercial Lines Financial Review
		Three Months Ended March 31,
		2026				2025				% Change
		(dollars in thousands)
Gross written premiums		$	(18	)		$	2,047			*
Net written premiums			(16	)			(1,604	)		*
Net earned premiums			133				1,331			*
Underwriting ratios:
Loss ratio		*					113.1	%
Expense ratio		*					25.3	%
Combined ratio		*					138.4	%
Contribution to combined    ratio from net (favorable)    adverse prior year    development		*					(46.6	)%
Accident year combined    ratio (1)		*					185.0	%
(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 first quarter of 2026, as the runoff of legacy commercial lines exposures remains ongoing; however, the strategic reduction of these exposures has continued to streamline the Company’s risk profile and reduce earnings volatility associated with prior business concentrations.

Presurance Holdings, Inc. Page 5

May 13, 2026

Combined Ratio Analysis

		Three Months Ended March 31,
		2026				2025
Underwriting ratios:
Loss ratio			56.2	%			89.7	%
Expense ratio			49.5	%			50.8	%
Combined ratio			105.7	%			140.5	%
Contribution to combined ratio from net (favorable)
adverse prior year development			(3.0	)%			1.4	%
Accident year combined ratio			108.7	%			139.1	%

The Company reported a significantly improved overall loss ratio of 56.2% for the first quarter of 2026, compared to 89.7% in the prior year period. This improvement bears out the Company’s decision to meaningfully streamline its risk profile.

Net Investment Income

Net investment income was $1.1 million for the quarter ended March 31, 2026, compared to

$1.3 million in the prior year period.

Change in Fair Value of Equity Securities

During the quarter, the Company reported a gain of $30,000 from the change in fair value of equity securities, compared to a loss of $192,000 in the prior year period.

Net Income (Loss) allocable to common shareholders

The Company reported net income allocable to common shareholders of $2.6 million, or $0.15 per share, for the first quarter of 2026.

Adjusted Operating Income (Loss)

The Company reported an adjusted operating loss of $2.8 million, or $0.16 per share, for the quarter ended March 31, 2026. See Definitions of Non-GAAP Measures.

About Presurance Holdings

Presurance Holdings, Inc. is a Michigan-based property and casualty holding company. Through its subsidiaries, the Company provides specialty insurance coverage with a focus on disciplined growth and long-term value creation. The Company trades on the Nasdaq Capital Market under the symbol PRHI. Additional information can be found on the Company’s website at IR.PREHLD.com.

Presurance Holdings, Inc. Page 6

May 13, 2026

Definitions of Non-GAAP Measures

Presurance prepares its public financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). Statutory data is prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners' (NAIC) Accounting Practices and Procedures Manual and therefore is not reconciled to GAAP data.

We believe that investors’ understanding of the Company’s performance is enhanced by our disclosure of adjusted operating income. Our method of calculating this measure may differ from that used by other companies and therefore comparability may be limited. We define adjusted operating income (loss), a non-GAAP measure, as net income (loss) excluding: 1) net realized investment gains (losses), 2) change in fair value of equity securities, 3) Change in fair value of contingent considerations and 4) Additional accretion of Warrants from Series B Preferred Stock payoff. We use adjusted operating income as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into the results of our operations and underlying business performance.

Forward-Looking Statement

This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events or our future financial or operating performance, and include the Company’s expectations regarding premiums, earnings, its capital position, expansion, and growth strategies. The forward-looking statements contained in this press release are based on management’s good-faith belief and reasonable judgment based on current information. The forward-looking statements are qualified by important factors, risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from those in the forward-looking statements, including those described in our form 10-K (“Item 1A Risk Factors”) filed with the SEC on March 27, 2026, and subsequent reports filed with or furnished to the SEC. Any forward-looking statement made by us in this report speaks only as of the date hereof or as of the date specified herein. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable laws or regulations.

Presurance Holdings, Inc. Page 7

May 13, 2026

Reconciliations of adjusted operating income (loss) and adjusted operating income (loss) per share:

		Three Months Ended March 31,
		2026				2025
		(dollar in thousands, except share and per share amounts)
Net income (loss)		$	2,622			$	522
Less:
Net realized investment gains (losses)			(14	)			3
Change in fair value of equity securities			30				(192	)
Change in fair value of contingent considerations			4,490				4,395
Additional accretion of Warrants from Series B Preferred Stock payoff			946				-
Impact of fincome tax expense (benefit) from adjustments *			-				-
Adjusted operating income (loss)		$	(2,830	)		$	(3,684	)
Weighted average common shares, diluted			17,200,659				12,222,881
Diluted income (loss) per common share:
Net income (loss)		$	0.15			$	0.04
Less:
Net realized investment gains (losses)			-				-
Change in fair value of equity securities			-				(0.02	)
Change in fair value of contingent considerations			0.26				0.36
Additional accretion of Warrants from Series B Preferred Stock payoff			0.05				-
Impact of income tax expense (benefit) from adjustments *			-				-
Adjusted operating income (loss), per share		$	(0.16	)		$	(0.30	)

* The Company has recorded a full valuation allowance against its deferred tax assets as of March 31, 2026 and March 31, 2025, respectively. As a result, there were no taxable impacts to adjusted operating income (loss) from the adjustments to net income (loss) in the table above after taking into account the use of net operating losses and the change in the valuation allowance.

Presurance Holdings, Inc. Page 8

May 13, 2026

Presurance Holdings, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(dollars in thousands)
		March 31,				December 31,
		2026				2025
Assets		(Unaudited)
Investment securities:
Debt securities, at fair value (amortized cost of $88,838 and $96,669,    respectively)		$	80,314			$	88,305
Equity securities, at fair value (cost of $1,257 and $1,276, respectively)			1,288				1,277
Short-term investments, at fair value			32,464				24,725
Total investments			114,066				114,307
Cash and cash equivalents			25,469				27,362
Premiums and agents' balances receivable, net			6,540				5,521
Reinsurance recoverables on unpaid losses			62,014				63,909
Reinsurance recoverables on paid losses			3,617				5,929
Prepaid reinsurance premiums			9,629				12,024
Deferred policy acquisition costs			2,825				2,696
Receivable from contingent considerations at fair value			8,780				4,290
Other assets			3,670				3,245
Total assets		$	236,610			$	239,283
Liabilities and Shareholders' Equity
Liabilities:
Unpaid losses and loss adjustment expenses		$	137,501			$	146,262
Unearned premiums			23,457				25,703
Reinsurance premiums payable			4,547				2,501
Debt			12,250				12,187
Mandatorily redeemable preferred stock			8,000				14,380
Funds held under reinsurance agreements			20,549				24,233
Accounts payable and other liabilities			5,116				5,051
Total liabilities			211,420				230,317
Commitments and contingencies
Shareholders' equity:
Common stock, no par value (100,000,000 shares authorized; 26,222,881 and 12,222,881 issued and outstanding, respectively)			113,919				100,158
Accumulated deficit			(78,969	)			(81,591	)
Accumulated other comprehensive income (loss)			(9,760	)			(9,601	)
Total shareholders' equity			25,190				8,966
Total liabilities and shareholders' equity		$	236,610			$	239,283

Presurance Holdings, Inc. Page 9

May 13, 2026

Presurance Holdings, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(dollars in thousands, except share and per share data)
			Three Months Ended
			March 31,
			2026				2025
	Revenue and Other Income
	Premiums
	Gross earned premiums		$	13,714			$	16,118
	Ceded earned premiums			(7,789	)			(5,803	)
	Net earned premiums			5,925				10,315
	Net investment income			1,110				1,289
	Net realized investment gains (losses)			(14	)			3
	Change in fair value of equity securities			30				(192	)
	Other income			6				65
	Change in fair value of contingent considerations			4,490				4,395
	Total revenue and other income			11,547				15,875
	Expenses
	Losses and loss adjustment expenses, net			3,329				9,274
	Policy acquisition costs			1,558				2,677
	Operating and other expenses			2,100				2,861
	Interest expense			1,976				541
	Total expenses			8,963				15,353
	Income (loss) before income taxes			2,584				522
	Income tax expense (benefit)			(38	)			-
	Net income (loss)		$	2,622			$	522
	Earnings (loss) per common share, basic and diluted		$	0.15			$	0.04
	Weighted average common shares outstanding, basic and diluted			17,200,659				12,222,881

Filing Exhibits & Attachments

2 documents

Press Releases

• EX-99.1 EX-99.1 687.6 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT 52.8 KB