Ascendant Financial Results for Year End 2023

Ascendant Commercial Insurance Reports Strong Financial Results & Record Highs in 2023

Ascendant Commercial Insurance, Inc. (“Ascendant”) achieved several significant milestones during the year ending December 31, 2023, a testament to its detailed approach to risk management and conservative capital management.

Despite uncertainty in the insurance marketplace with several competitors continuing to report substantial losses, Ascendant continued to grow its market share throughout Florida while reporting the following financial results:

• Surpassed $1.0 Billion in Direct Written Premium since its inception in September 2009.
• Direct Written Premium of $141.5 million as compared to $129.1 million in 2022, an increase of $12.5 million (nearly 10%), another record high.
• Over 25,000 policies written during 2023 the largest in the Company’s history.
• Net Admitted Assets of $149.8 million as compared to $126.3 million in 2022, an increase of $23.5 million (nearly 19%), and another record high.
• Continued strong liquidity with Cash and invested assets of $68.0 million, another record high, representing 45% of the Company’s total admitted assets.
• Ending Policyholders’ Surplus of $19.6 million, an increase of $1.2 million (approximately 6%) from year end 2022, yet another record high.
• 12th Consecutive Year of Profitability and Surplus Accretion, a testament to the company’s underwriting discipline, and claims integrity and practices.

Ascendant is pleased to report that our financial position remains very strong and 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 the 12th largest Hispanic-owned company in South Florida, and one of the Top 100 Private Companies in South Florida, each as determined by the South Florida Business Journal. Ascendant is also ranked 105th largest Hispanic-owned company in the nation by Latino Leaders magazine.

On behalf of the Ascendant family, we are grateful for the opportunity to have served more than 250,000 policyholders since our inception nearly 15 years ago. We have achieved remarkable success over the course of our history and have built a healthy, family-based organization supporting the cornerstone of Florida’s robust economy – its small to medium sized businesses and entrepreneurial spirit. Ascendant stands today more confident than ever that with our continued collaboration and partnership with our agency partners, we will achieve even greater heights in the many years to come.