Ategrity Specialty Seeks $113.3 Million in IPO

Ategrity Specialty Insurance Company Holdings announced today the pricing of its expected initial public offering (IPO)of 6,666,667 shares of common stock at a public offering price of $17.00 per share.

The aggregate gross proceeds to the company from the offering are expected to be $113.3 million before deducting underwriting discounts and commissions and estimated offering expenses.

Its shares will begin trading on the New York Stock Exchange on Wednesday under the symbol ASIC.

New York-based Ategrity Specialty Insurance Co. is a national specialty property/casualty insurer focused on the excess and surplus (E&S) lines market.

The company will list its common stock on the New York Stock Exchange (NYSE) under the ticker symbol ASIC.

Upon completion of the offering, Zimmer Financial Services Group, which has invested $335 million in the insurer since its launch in 2018, will continue to own more than a majority of the voting power of its shares.

The offering is expected to close on Thursday, June 12, 2025, subject to the satisfaction of customary closing conditions.

The company said the offering is intended to increase its capitalization and financial flexibility and to create a public market for its common stock. The firm intends to use the net proceeds to grow its business and for other general corporate purposes.

J.P. Morgan and Barclays are acting as joint lead bookrunning managers of the offering and as representatives of the underwriters. Citigroup, TD Securities, and Wells Fargo Securities are acting as joint bookrunning managers.

The company describes itself as a “profitable and growing specialty insurance company dedicated to providing excess and surplus products to small to medium-sized businesses.” It has built a proprietary underwriting platform that combines data analytics with automated and streamlined processes.

For the year ended December 31, 2024, the company wrote $437 million in gross written premiums, representing a compound annual growth rate of 28.4% over the last two years. Its combined ratio for the year was 93.9%, a decrease of 3.6% from 2023. Its members’ equity at December 31, 2024, was $398.3 million, an increase of $76.6 million (23.8%) from December 31, 2023.

Ategrity operates on a surplus lines basis in 48 states and the District of Columbia. Four states have 5.0% or more of its gross written premiums: California (21.0%), Florida (16.2%), Texas (12.8%), and New York (6.4%).

Its offerings include general liability, commercial property, management liability, healthcare and architects and engineers.

Mike Miller, the long-time president and chief operating officer of excess and surplus lines giant Scottsdale Insurance Co., was among the founders of Ategrity in 2018. Justin Cohen succeeded Miller as chief executive officer in 2023 as part of a planned succession.

The Ategrity action follows two other recent noteworthy insurance IPOs. On June 9, insurance tech company Slide said it was aiming for a valuation of up to $2.12 billion in its IPO. Last month, Bermuda-based specialty insurer Aspen Insurance raised $397.5 million in its IPO.