Ategrity Specialty Insurance Company (ASIC) Registration Filing summary

Company overview and business model

• Profitable specialty insurer focused on excess and surplus (E&S) products for small to medium-sized businesses (SMBs) in the U.S., leveraging proprietary, technology-driven underwriting and data analytics.

• Emphasizes productionized underwriting, automating and standardizing processes for speed and efficiency, targeting digital-savvy distribution partners.

• Operates in 48 states and D.C., with concentration in CA (21%), FL (16.2%), TX (12.8%), and NY (6.4%).

• Offers property, casualty, and management liability products, focusing on short- and medium-tail risks to reduce volatility.

• Maintains a diversified network of 460 distribution partners, with a unified contract for access to all channels.

Financial performance and metrics

• Gross written premiums grew 23.9% to $437.0M in 2024; compound annual growth rate of 28.4% over two years.

• Combined ratio improved to 93.9% in 2024 from 97.5% in 2023; loss ratio decreased to 60.3%.

• Net income attributable to members rose to $47.1M in 2024 from $10.0M in 2023.

• Members' equity increased 23.8% to $398.3M at year-end 2024.

• Net investment income more than doubled to $24.0M, with $28.1M in net realized and unrealized gains.

Use of proceeds and capital allocation

• IPO proceeds will be used to increase capitalization, financial flexibility, and support business growth; initially invested in fixed income securities.

• No current plans for material acquisitions or investments; management retains broad discretion over use of proceeds.