Ategrity Specialty Holdings, a technology-forward specialty insurance company, is set to go public on the New York Stock Exchange on Thursday, June 12, 2025, under the ticker symbol ASIC. The company is offering 6,666,667 shares of common stock at a price range of $14.00 to $16.00 per share, aiming to raise approximately $100 million at the midpoint of the range. Upon completion of the offering, Zimmer Financial Services Group LLC (ZFSG) will remain the controlling shareholder, classifying Ategrity as a “controlled company” under NYSE corporate governance standards.
Ategrity’s Market Edge: Tech-Driven Underwriting
Founded in 2018, Ategrity operates in the excess and surplus (E&S) lines segment of the U.S. commercial property and casualty insurance market. The company targets small-to-medium-sized businesses (SMBs) with tailored products in verticals such as Retail, Real Estate, Hospitality, and Construction. What sets Ategrity apart is its proprietary “productionized underwriting” model—a streamlined, automated, and data-driven underwriting platform built to reduce inefficiencies in the traditional E&S market.
The company’s technology-first approach allows it to efficiently process high volumes of submissions while maintaining pricing discipline and underwriting consistency. Ategrity also boasts a robust digital platform, AtegrityOne, which supports rapid pricing and policy issuance for its distribution partners. As of Q1 2025, Ategrity works with over 512 distribution partners, up from 180 in 2021.
Use of Proceeds and Offering Structure
This is a traditional IPO, with Ategrity planning to use proceeds primarily to increase capital reserves for its insurance subsidiaries and to support continued business growth. A portion of the shares in the offering will be sold by existing shareholders. Public investors should note that while the company will receive most of the IPO proceeds, the sale by insiders does introduce a degree of dilution.
Strong Recent Growth with Expanding Margins
Ategrity has shown significant revenue and profitability growth, particularly in 2024, when gross written premiums reached $437 million. The company has maintained a strong capital position, no financial leverage, and received an “A-” rating from A.M. Best. Below is a detailed look at its recent financial performance:
Strategic Vision and Future Growth
Post-IPO, Ategrity intends to continue investing in underwriting technology and expanding its footprint in new product verticals and geographies. Its strategy revolves around maintaining underwriting discipline, leveraging data analytics for pricing precision, and broadening its network of tech-savvy brokers and agents. Notably, the company aims to enter new E&S verticals using a bottom-up approach—starting with small businesses and gradually expanding to mid-sized risks.
Risks and Considerations
While Ategrity’s growth trajectory and digital differentiation are compelling, investors should consider risks including:
Additionally, its investment portfolio includes exposure to affiliated funds and a related-party loan, which could raise concerns about transparency and governance in a public market setting.
Final Thoughts
Ategrity’s IPO comes at a time when the E&S market is seeing strong tailwinds, and its data-driven underwriting approach is well-positioned to scale. With revenue nearly tripling in two years and profitability improving sharply, the offering could attract investors looking for growth in the specialty insurance space. If Ategrity can execute its post-IPO roadmap while maintaining disciplined underwriting and operational efficiency, it could carve out a leadership position in the next generation of specialty insurers.