New York-based Ategrity Specialty Insurance Co., a national specialty property/casualty insurer focused on the excess and surplus (E&S) lines market, has filed with the Securities and Exchange Commission (SEC) for an (IPO).
The company seeks to 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 LLC, 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 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.
According to the SEC filing, the principal purposes of the IPO are to increase capitalization and financial flexibility and to create a public market for the firm’s common stock. It intends to use the net proceeds as capital to grow its business and for other general corporate purposes.
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.
Topics Carriers Excess Surplus
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