Ategrity Specialty Insurance, which provides excess and surplus insurance to small and medium-sized businesses, raised $113 million by offering 6.7 million shares at $17, above the range of $14 to $16. At pricing, the company has a market value of $822 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 plans to list on the NYSE under the symbol ASIC. J.P. Morgan, Barclays, Citi, TD Securities, and Wells Fargo Securities acted as joint bookrunners on the deal.
