Ategrity Specialty Insurance Co Holdings (ASIC)

Price$27.99Cached quoteAs of 2026-09-15 10:25 UTC

AI: Fair-priced

Price checkThe shares look fairly priced after allowing for unusually strong investment gains.

With 47.9 million shares outstanding, the market value is about $1.32 billion. Trailing diluted earnings of $2.14 a share imply roughly 13 times reported earnings, while June book value of $13.86 implies about 2.0 times book. Yet trailing results contained about $43.9 million of realized and unrealized investment gains. Removing those on a rough after-tax basis lifts the earnings multiple toward 19 times. That is fair, but it requires underwriting growth to continue and leaves little room for investment gains to reverse.

Big pictureProfit and premium growth are strong, but reported cash is not all freely spendable.

Revenue rose from $241.3 million in 2023 to $424.3 million in 2025, while net income climbed from $10.0 million to $74.0 million. The last four reported quarters produced $106.8 million of profit and about $177.3 million of operating cash. Cash generation appears durable because premiums arrive before many claims, but that timing also overstates spendable cash: an insurer must retain funds for future losses and invest assets backing those promises. First-half 2026 investment gains of $28.1 million further make reported profit less repeatable.

Business strengthLow debt, growing capital, and profitable underwriting provide meaningful protection against ordinary setbacks.

June stockholders’ equity reached $664.4 million, up from $398.3 million at the end of 2024. Debt was only $1.8 million, while cash, cash equivalents, and short-term investments totaled $262.2 million. The second-quarter combined ratio was 85.9%; below 100% means premiums exceeded claims and insurance expenses. The 2025 offering added $114.8 million after costs, though total shares rose about 25% during 2025. Management later repurchased 142,686 shares, but roughly 1.45 million warrants could still add close to 3% more shares if exercised.

What could change the storyEfficient expansion creates upside, while claim surprises or investment losses could erase today’s support.

The bull case is 31.4% first-half net premium growth, an expense ratio falling to 27.5%, and four new product lines using existing infrastructure. The bear case is greater retained casualty risk as reinsurance declined relative to premiums; casualty claims can emerge slowly. Reinsurance recoverables reached $188.1 million, while five reinsurers represented 64.6% of the year-end net balance. The valuation works if profitable growth persists. Repeated combined ratios above 90%, adverse reserve revisions, or reversal of fund gains would weaken it.

AI: News

Record second-quarter resultsRecord premiums and lower costs nearly doubled quarterly profit, reinforcing confidence in scalable growth.

On July 29, Ategrity reported gross written premiums of $206.8 million, up 23.4%, and net income of $33.5 million, up 89.8%. Underwriting income rose 66.9%, while the expense ratio fell to 27.5% from 31.0%. The combined ratio improved to 85.9%, meaning claims and insurance expenses consumed less than premiums earned. Shares closed 3.7% lower that day, but the figures had largely been pre-announced, so the move cannot confidently be attributed to weaker business expectations.

Finance chief changedA new finance chief arrived during rapid expansion, making related-party oversight more important.

On July 10, Ategrity disclosed that Neelam Patel stopped serving as finance chief on July 6 and Neil Adler took over on July 9. Adler has more than a decade in finance and remains finance chief of Zimmer Financial Services Group and Zimmer Partners. Because Ategrity holds sizeable related-party funds and loans involving Zimmer affiliates, the overlapping roles make independent oversight especially important. This is a governance consideration, not evidence of a reporting problem.

Four new markets openedFour new insurance lines broaden growth options but add fresh claims histories to judge.

On August 18, Ategrity launched life sciences, energy, sports and entertainment, and environmental liability products for smaller and midsized businesses. The products use its existing underwriting and broker infrastructure, creating potential growth without duplicating the entire cost base. However, the announcement provided no premium targets or expected launch costs. The opportunity matters only if these new lines preserve recent underwriting discipline; their premium growth and claims results will provide the evidence, so the valuation benefit remains an inference.

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Revenue

2023

2024

2025

Net income

2023

2024

2025

Free cash flow

2024

2025

Total cash / debt

CashTotal debt

2023

2024

2025

Financial statements

	2025	2024	2023
Revenue	$424.3M	$343.8M	$241.3M
Net income	$74.0M	$47.1M	$10.0M
Net profit margin	17.44%	13.70%	4.16%
Basic EPSper basic share	$1.64	$1.28	$0.21
Diluted EPSper diluted share	$1.58	$1.28	$0.21

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈80.94%of listed shares

Zimmer Financial Services Group LLC / Zimmer Stuart J.38.79M shares · Sep 30, 2025

View holders

Top 20 reported holders of ASIC
Holder	% owned
Zimmer Financial Services Group LLC / Zimmer Stuart J.	≈80.94%38.79M shares
Nuveen, LLC	1.51%724.48K shares
BlackRock, Inc.	1.28%614.79K shares
T. Rowe Price Investment Management, Inc.	1.20%573.2K shares
CANNELL CAPITAL LLC	1.02%490.48K shares
VANGUARD CAPITAL MANAGEMENT LLC	0.82%391.46K shares
PRICE T ROWE ASSOCIATES INC /MD/	0.78%375.68K shares
GEODE CAPITAL MANAGEMENT, LLC	0.42%202.15K shares
STATE STREET CORP	0.32%153.27K shares
MARSHALL WACE, LLP	0.29%137.04K shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	0.27%131.79K shares
STATE OF WISCONSIN INVESTMENT BOARD	0.27%129.27K shares
TWO SIGMA INVESTMENTS, LP	0.27%128.74K shares
Pressman Mitchell Brad	≈0.20%96.29K shares
PRUDENTIAL FINANCIAL INC	0.19%89.18K shares
NORTHERN TRUST CORP	0.18%87.2K shares
JPMORGAN CHASE & CO	0.17%79.12K shares
VANGUARD PORTFOLIO MANAGEMENT LLC	0.16%74.58K shares
MORGAN STANLEY	0.16%74.3K shares
Alyeska Investment Group, L.P.	0.15%71.9K shares

Percentages use 47.93M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys12$2.46M disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 4, 2026Form 4	Schenk ChrisSee Remarks	BuyCommon Stock	2.5K	$19.99	$50.0K	2.5K
Oct 27, 2025Form 4	Cohen Justin GChief Executive Officer	BuyCommon Stock	5.2K	$19.41	$100.9K	5.2K
Sep 30, 2025Form 4	Zimmer Financial Services Group LLC +1TenPercentOwner	BuyCommon Stock · indirect	5.0K	$19.47	$97.3K	38.54M
Sep 29, 2025Form 4	Zimmer Financial Services Group LLC +1TenPercentOwner	BuyCommon Stock · indirect	6.1K	$19.37	$118.7K	38.53M
Sep 26, 2025Form 4	Zimmer Stuart J. +1Director,TenPercentOwner	BuyCommon Stock · indirect	5.7K	$19.44	$111.6K	38.53M

Review ownership filings at SEC.gov ↗

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Ategrity Specialty Insurance Co Holdings (ASIC)

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