Ategrity Specialty Insurance Company Holdings announced on June 11 that its initial public offering (IPO) was priced at $17.00 per share, with plans to issue 6.6667 million ordinary shares and an expected total revenue of $113.3 million (before deducting expenses). The company’s stocks will be listed on the New York Stock Exchange on June 12th, with the symbol ASIC. Ategrity was established in 2018 and is a professional property insurance company specializing in the excess and residual insurance (E&S) market, mainly serving small and medium-sized enterprises. Its major shareholder, Zimmer Financial Services Group (which has invested 335 million US dollars), will continue to maintain the majority voting rights.
Ategrity, with its data-driven underwriting platform, achieved a total underwriting premium of 437 million US dollars in 2024, with a compound annual growth rate of 28.4% over the two years and a combined cost rate of 93.9%. As of the end of 2024, its members’ equity increased by 23.8% to 398.3 million US dollars. The company’s business covers 48 states in the United States, and its main revenue comes from places such as California and Florida. This IPO aims to enhance capital flexibility and public market liquidity, and the funds will be used for business expansion and general corporate purposes. Institutions such as jpmorgan Chase and Barclays served as underwriters.
Ategrity’s IPO follows the recent boom in insurance industry listings. On June 9th, the insurtech company Slide aimed for an IPO with a valuation of 2.12 billion US dollars. In May, Bermuda’s professional insurer Aspen Insurance raised 397.5 million US dollars. Ategrity was co-founded by Mike Miller, a former insurance executive at Scottsdale. The current CEO, Justin Cohen, took over in 2023 to drive the company’s continuous expansion.
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