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 small to medium-sized businesses (SMBs) in the U.S., leveraging proprietary, technology-driven underwriting (“productionized underwriting”).

• 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, targeting verticals such as real estate, hospitality, construction, and retail.

• Distribution through 460 diversified partners, with a unified contract for both brokerage and small business channels.

• Claims management and risk analytics are fully integrated, with a focus on short- and medium-tail risks and limited catastrophe exposure.

Financial performance and metrics

• Gross written premiums for 2024: $437.0 million, up 23.9% from 2023; compound annual growth rate of 28.4% over two years.

• Combined ratio for 2024: 93.9% (down from 97.5% in 2023); loss ratio 60.3%, expense ratio 33.6%.

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

• Members’ equity at year-end 2024: $398.3 million, up 23.8% from 2023.

• Net investment income: $24.0 million in 2024, with $28.1 million in net realized and unrealized investment gains.

• Adjusted return on members’ equity: 13.4% for 2024.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used to increase capitalization, support business growth, and for general corporate purposes.

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

• No anticipated dividends in the foreseeable future; future dividends subject to board discretion and regulatory limits.