Ategrity Specialty Insurance Company has filed an S-1 registration statement with the US Securities and Exchange Commission (SEC) for an initial public offering (IPO).
The company seeks to list its common stock on the New York Stock Exchange (NYSE) under the ticker symbol ASIC.
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Ategrity provides excess and surplus insurance products to small and medium-sized businesses throughout the US.
Following the IPO, Zimmer Financial Services Group is expected to maintain the majority of voting power for Ategrity’s common stock in director elections.
The company noted: “As a result, we will be a ‘controlled company’ as defined under the corporate governance rules of the NYSE and will be exempt from certain corporate governance requirements of such rules.”
The company has reported a consolidated net income attributable to members of $47.1m for 2024, a 78% increase from $10m in 2023.
Total revenues reached $343.8m in 2024, up from $241m in 2023.
Gross written premiums for the year ending 31 December 2024 were approximately $437m, marking a compound annual growth rate of 28.4% over the past two years.
The company’s combined ratio improved to 93.9% in 2024, down by 3.6% from 97.5% in 2023.
J.P. Morgan Securities and Barclays Capital are the joint book-running managers for the IPO and representatives of the underwriters.
Legal aspects of the offering will be reviewed by Latham & Watkins and Brownstein Hyatt Farber Schreck for Ategrity Specialty.
Skadden, Arps, Slate, Meagher & Flom will handle legal matters for the underwriters.
Domiciled in Delaware, Ategrity is authorised to conduct certain lines of property and casualty insurance in the state and in 48 states and the District of Columbia on a surplus lines basis.
