Ategrity Specialty Insurance, which provides excess and surplus insurance to small and medium-sized businesses, announced terms for its IPO on Tuesday.
The New York, NY-based company plans to raise $100 million by offering 6.7 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Ategrity Specialty Insurance would command a fully diluted market value of $706 million.
Ategrity is a specialty insurance company dedicated to providing excess and surplus products to small to medium-sized businesses (SMBs) across the US. As of March 31, 2025, the company had a network of 512 distribution partners, providing increased transaction opportunities and diversified sources of business. It offers insurance solutions for property (40% of gross written premiums in 2024) and casualty (60%), and it currently focuses on the real estate, hospitality, construction, and retail verticals. In 2024, Ategrity wrote $437 million in gross written premiums and had a combined ratio of 93.9%. It had total assets of $1.1 billion and equity of $398 million at year end.
Ategrity Specialty Insurance was founded in 2018 and booked $351 million in sales for the 12 months ended March 31, 2025. It plans to list on the NYSE under the symbol ASIC. J.P. Morgan, Barclays, Citi, TD Securities, and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of June 9, 2025.
