Presurance Holdings (Nasdaq: PRHI) swings to stronger Q1 2026 profit
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.
Positive
- None.
Negative
- None.
Insights
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
Key Figures
Key Terms
combined ratio financial
loss ratio financial
adjusted operating income financial
accident year combined ratio financial
contingent considerations financial
Earnings Snapshot
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event Reported):
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(Commission File Number) |
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (
(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) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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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 |
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Trading Symbol(s) |
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Name of each exchange on which registered |
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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.
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Presurance Holdings, Inc. |
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Date: May 14, 2026 |
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By: |
/s/ BRIAN J. RONEY |
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Brian J. Roney |
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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
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
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At and for the |
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2026 |
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2025 |
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% |
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(dollars in thousands, except share and per share amounts) |
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Gross written premiums |
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$ |
11,469 |
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$ |
16,173 |
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-29.1 |
% |
Net written premiums |
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6,075 |
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10,840 |
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-44.0 |
% |
Net earned premiums |
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5,925 |
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10,315 |
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-42.6 |
% |
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Net investment income |
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1,110 |
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1,289 |
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-13.9 |
% |
Net realized investment |
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(14 |
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3 |
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** |
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Change in fair value of equity securities |
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30 |
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(192 |
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** |
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Net income (loss) |
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2,622 |
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522 |
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** |
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Earnings (loss) per common share, basic and diluted |
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$ |
0.15 |
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$ |
0.04 |
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** |
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Adjusted operating income |
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(2,830 |
) |
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(3,684 |
) |
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** |
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Adjusted operating income (loss) per share, |
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$ |
(0.16 |
) |
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$ |
(0.30 |
) |
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** |
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Book value per common |
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$ |
0.96 |
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$ |
2.09 |
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Weighted average shares outstanding, basic and |
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17,200,659 |
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12,222,881 |
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Underwriting ratios: |
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Loss ratio (1) |
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56.2 |
% |
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89.7 |
% |
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Expense ratio (2) |
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49.5 |
% |
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50.8 |
% |
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Combined ratio (3) |
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105.7 |
% |
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140.5 |
% |
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* The "Definitions of Non-GAAP Measures" section of this release defines and reconciles data that are not based on generally accepted accounting principles. |
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** Percentage is not meaningful |
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(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. |
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(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. |
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(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. |
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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
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Personal Lines Financial Review |
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Three Months Ended March 31, |
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2026 |
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2025 |
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% Change |
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(dollars in thousands) |
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Gross written premiums |
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$ |
11,487 |
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$ |
14,126 |
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-18.7 |
% |
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Net written premiums |
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6,091 |
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12,444 |
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-51.1 |
% |
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Net earned premiums |
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5,792 |
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8,984 |
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-35.5 |
% |
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Underwriting ratios: |
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Loss ratio |
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62.2 |
% |
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86.3 |
% |
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Expense ratio |
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35.7 |
% |
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54.6 |
% |
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Combined ratio |
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97.9 |
% |
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140.9 |
% |
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Contribution to combined |
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2.1 |
% |
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8.6 |
% |
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Accident year combined |
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95.8 |
% |
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132.3 |
% |
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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
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Commercial Lines Financial Review |
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Three Months Ended March 31, |
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2026 |
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2025 |
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% Change |
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(dollars in thousands) |
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Gross written premiums |
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$ |
(18 |
) |
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$ |
2,047 |
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* |
Net written premiums |
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(16 |
) |
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(1,604 |
) |
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* |
Net earned premiums |
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133 |
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1,331 |
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* |
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Underwriting ratios: |
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Loss ratio |
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* |
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113.1 |
% |
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Expense ratio |
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* |
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25.3 |
% |
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Combined ratio |
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* |
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138.4 |
% |
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Contribution to combined |
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* |
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(46.6 |
)% |
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Accident year combined |
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* |
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185.0 |
% |
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(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. |
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* Percentage not meaningful |
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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
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Three Months Ended |
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2026 |
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2025 |
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Underwriting ratios: |
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Loss ratio |
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56.2 |
% |
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89.7 |
% |
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Expense ratio |
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49.5 |
% |
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50.8 |
% |
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Combined ratio |
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105.7 |
% |
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140.5 |
% |
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Contribution to combined ratio from net (favorable) |
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adverse prior year development |
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(3.0 |
)% |
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1.4 |
% |
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Accident year combined ratio |
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108.7 |
% |
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139.1 |
% |
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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:
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Three Months Ended |
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2026 |
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2025 |
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(dollar in thousands, except share and per share amounts) |
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Net income (loss) |
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$ |
2,622 |
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$ |
522 |
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Less: |
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Net realized investment gains (losses) |
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(14 |
) |
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3 |
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Change in fair value of equity securities |
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30 |
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(192 |
) |
Change in fair value of contingent considerations |
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4,490 |
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4,395 |
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Additional accretion of Warrants from Series B Preferred Stock payoff |
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946 |
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- |
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Impact of fincome tax expense (benefit) from adjustments * |
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- |
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- |
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Adjusted operating income (loss) |
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$ |
(2,830 |
) |
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$ |
(3,684 |
) |
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Weighted average common shares, diluted |
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17,200,659 |
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12,222,881 |
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Diluted income (loss) per common share: |
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Net income (loss) |
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$ |
0.15 |
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$ |
0.04 |
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Less: |
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Net realized investment gains (losses) |
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- |
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- |
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Change in fair value of equity securities |
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- |
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(0.02 |
) |
Change in fair value of contingent considerations |
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0.26 |
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0.36 |
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Additional accretion of Warrants from Series B Preferred Stock payoff |
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0.05 |
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- |
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Impact of income tax expense (benefit) from adjustments * |
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- |
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- |
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Adjusted operating income (loss), per share |
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$ |
(0.16 |
) |
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$ |
(0.30 |
) |
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* 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 |
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Condensed Consolidated Balance Sheets |
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(dollars in thousands) |
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March 31, |
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December 31, |
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2026 |
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2025 |
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Assets |
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(Unaudited) |
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Investment securities: |
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Debt securities, at fair value (amortized cost of $88,838 and $96,669, |
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$ |
80,314 |
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$ |
88,305 |
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Equity securities, at fair value (cost of $1,257 and $1,276, respectively) |
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1,288 |
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1,277 |
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Short-term investments, at fair value |
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32,464 |
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24,725 |
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Total investments |
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114,066 |
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114,307 |
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Cash and cash equivalents |
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25,469 |
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27,362 |
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Premiums and agents' balances receivable, net |
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6,540 |
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5,521 |
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Reinsurance recoverables on unpaid losses |
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62,014 |
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63,909 |
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Reinsurance recoverables on paid losses |
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3,617 |
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5,929 |
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Prepaid reinsurance premiums |
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9,629 |
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12,024 |
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Deferred policy acquisition costs |
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2,825 |
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2,696 |
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Receivable from contingent considerations at fair value |
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8,780 |
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4,290 |
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Other assets |
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3,670 |
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3,245 |
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Total assets |
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$ |
236,610 |
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$ |
239,283 |
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Liabilities and Shareholders' Equity |
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Liabilities: |
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Unpaid losses and loss adjustment expenses |
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$ |
137,501 |
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$ |
146,262 |
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Unearned premiums |
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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 |
|
|
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 |
|
|