Ategrity Specialty Insurance Company (ASIC) Registration Filing summary

Company overview and business model

• Profitable, growing specialty insurer focused on excess and surplus (E&S) products for SMBs in the U.S., leveraging proprietary, technology-driven underwriting and data analytics to deliver rapid, low-touch service.

• Targets verticals including Retail, Real Estate, Hospitality, and Construction, with a focus on micro-segmentation and tailored products.

• Operates on a surplus lines basis in 48 states and D.C., with a diversified distribution network of 512 partners as of March 31, 2025.

• Maintains a conservatively capitalized balance sheet with zero financial leverage and an A- (Excellent) rating from A.M. Best.

Financial performance and metrics

• Gross written premiums for the year ended Dec 31, 2024: $437.0M, up 23.9% from 2023; CAGR of 28.4% over two years.

• Combined ratio improved to 93.9% in 2024 from 97.5% in 2023; 90.9% for Q1 2025.

• Return on members' equity for the twelve months ended March 31, 2025: 12.6%.

• Net income attributable to members for 2024: $47.1M, up from $10.0M in 2023.

• Investments, cash, and equivalents as of March 31, 2025: $739.3M; fixed income portfolio yield: 5.7%.

Use of proceeds and capital allocation

• Net proceeds from IPO (estimated $86.2M at $15/share) will be used to increase capitalization, financial flexibility, and support business growth.

• Initial investment of proceeds in fixed income securities; no current commitments for material acquisitions.