Ategrity Specialty Insurance Aims to Raise $100 Million in IPO

Ategrity Specialty Insurance, a New York-based insurance company, has announced its initial public offering (IPO) with a price range of $14 to $16 per share. The company plans to issue 6.7 million shares, aiming to raise approximately $100 million. The midpoint of the proposed price range suggests that Ategrity Specialty Insurance's fully diluted market capitalization would be around $670 million.

Ategrity Specialty Insurance is a professional insurance company dedicated to providing commercial excess and surplus insurance to small and medium-sized enterprises in the United States. As of March 31, 2025, the company has a network of 512 distribution partners. Ategrity offers property insurance, which accounted for 40% of its gross written premiums in 2024, and casualty insurance, which accounted for 60%. The company currently focuses on vertical sectors such as real estate, hotels, construction, and retail. In 2024, Ategrity's gross written premiums amounted to $437 million, with a combined ratio of 93.9%.

Ategrity Specialty Insurance was established in 2018 and generated $351 million in revenue for the 12 months ending March 31, 2025. The company plans to list on the New York Stock Exchange under the ticker symbol "ASIC." JPMorgan, Barclays, Citigroup, TD Securities, and Wells Fargo Securities are serving as the joint bookrunners for the transaction. Ategrity expects to price the offering during the week of June 9, 2025.

The IPO represents a significant milestone for Ategrity Specialty Insurance, as it seeks to expand its market presence and financial capabilities. The funds raised from the IPO will likely be used to support the company's growth initiatives, including product development, market expansion, and strategic acquisitions. This move aligns with the company's long-term strategy to enhance its competitive position in the insurance industry.

The pricing of the IPO at $14 to $16 per share indicates a cautious approach, reflecting the current market conditions and the company's valuation. Investors will be closely watching the performance of Ategrity Specialty Insurance post-IPO, as it navigates the competitive landscape and seeks to deliver value to its shareholders. The successful completion of the IPO will not only provide the company with the necessary capital but also increase its visibility and credibility in the market.