Back in August 2025, I wrote about Forge Insurance (OTCID: FIGP) - a tiny, overlooked commercial auto insurer located in the Washington D.C. area: A Nano-Cap Auto Insurer Trading for Less Than Its Real Estate.
At the time, Forge had posted a 50% increase in net premium growth and had just posted an underwriting profit after a few years of being unprofitable following their mutual-to-stock conversion in 2022. Forge’s stock price is up roughly 16% since my last article on the company in August.
In 2022, Forge emerged as a public company by completing a $20 million mutual-to-stock conversion stock offering.
In my previous article, I wrote “I don’t think it’s unrealistic to project that Forge’s normalized earning power per share could be something like $1.00 or more.”
Forge Insurance just exceeded my expectations. For 2025, Forge reported EPS of $2.04 per share.
Forge Group recently reported full-year 2025 results, and while the company remains a small, underfollowed P&C insurer, the latest numbers mark a meaningful turning point in the business.
For 2025, Forge generated $31.1 million in net premiums earned (up 41%) and $5.3 million in net income, with diluted EPS of $2.04 versus $0.28 the prior year. More importantly, the company reported underwriting income of $2.4 million, a sharp improvement from a loss in 2024.
In insurance, this is what matters. Not revenue growth, not headline earnings, but the ability to consistently generate underwriting profits.
And for the first time, Forge appears to have crossed that threshold.
Next, I’ll walk through the key threshold Forge just crossed, outline three EPS/IRR scenarios, and highlight the metrics that will matter most for Forge going forward.
