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Ategrity Specialty Holdings LLC

ASIC

Ategrity Specialty Holdings LLC • NYSE
$19.03 ▲ 0.26% (+0.05)
Market Cap $914.71 M
52w High $25.30
52w Low $16.35
Dividend Yield 0%
P/E 13.22
Volume 29.20K
Outstanding Shares 48.07M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $116.1M ▲ $-343.647M ▼ $22.664M ▲ 19.521% ▲ $0.47 ▲ $30.126M ▲
Q2-2025 $101.78M ▲ $12.95M ▲ $17.622M ▲ 17.314% ▲ $0.42 ▲ $22.777M ▲
Q1-2025 $83.122M ▲ $10.972M ▲ $8.461M ▲ 10.179% ▲ $0.17 ▲ $11.137M ▲
Q2-2024 $75.732M ▼ $9.586M ▲ $4.944M ▼ 6.528% ▼ $0.11 ▼ $5.867M ▼
Q1-2024 $76.068M $9.032M $7.756M 10.196% $0.16 $11.578M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $549.218M ▲ $1.03B ▼ $856.431M ▲ $588.56M ▲
Q2-2025 $295.779M ▼ $1.363B ▲ $802.979M ▲ $559.689M ▲
Q1-2025 $549.494M ▲ $1.148B ▲ $720.736M ▲ $426.817M ▲
Q1-2024 $0 $0 $-322.197M $322.197M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $22.664M ▲ $0 ▼ $0 ▲ $0 ▼ $10.79M ▲ $0 ▼
Q2-2025 $17.622M ▲ $29.841M ▲ $-164.14M ▼ $118.904M ▲ $-15.395M ▼ $29.841M ▲
Q1-2025 $8.45M ▲ $20.955M ▼ $-21.747M ▲ $13.143M ▲ $12.351M ▲ $20.955M ▼
Q2-2024 $4.944M ▼ $29.794M ▼ $-81.978M ▲ $0 ▲ $-52.184M ▲ $29.794M ▼
Q1-2024 $8.958M $34.931M $-149.852M $-414K $-115.335M $34.931M

Five-Year Company Overview

Income Statement

Income Statement Ategrity’s income statement shows a young insurer scaling up quickly. Revenue has grown solidly year over year, and profits are moving up faster than sales, which suggests the business is gaining operating leverage as it grows. Margins have improved as underwriting and operating efficiency kick in, turning the company from a small profit base into a more meaningful earner in a short time. That said, the company is still relatively small, and insurance results can swing with loss experience and pricing cycles, so recent profitability should be viewed as promising but not yet time‑tested across a full insurance cycle.

Balance Sheet

Balance Sheet The balance sheet reflects a growing specialty insurer that is expanding its footprint while keeping leverage low. Total assets have increased, and shareholder equity has also risen, which indicates retained earnings and growth in the underlying business. The company carries effectively no financial debt, which reduces balance‑sheet risk and interest burden. Cash balances have moved down as the company deploys funds into the business, but overall capitalization looks stronger than in the prior year. As with any insurer, the real quality test lies in the adequacy of reserves and the risk profile of the investment portfolio, which are not detailed here.

Cash Flow

Cash Flow Cash generation looks healthy for a young, growing company. Operating cash flow is positive and has improved, which aligns with better profitability and expanding premium volumes. Free cash flow closely tracks operating cash flow, suggesting the business does not require heavy capital spending to grow, likely because much of the core platform is technology-based rather than asset-heavy. However, insurance cash flows can be lumpy due to claim payments and the timing of premium receipts, so investors should expect some variability over time even if the underlying trend is favorable.

Competitive Edge

Competitive Edge Ategrity competes in the specialty property and casualty space, focusing on excess and surplus coverage for smaller businesses. Its edge comes from a technology‑driven underwriting platform that emphasizes speed, automation, and consistency, allowing quotes to be issued far faster than many traditional competitors. Concentration in specific niches such as real estate, hospitality, construction, and retail, combined with strong relationships with wholesale agents and brokers, gives it a focused and scalable distribution network. The flip side is that it competes against much larger, well‑capitalized incumbents and must continually prove that its fast, automated approach can maintain underwriting discipline through both benign and stressed market conditions.

Innovation and R&D

Innovation and R&D Innovation is central to Ategrity’s story. The company has built its own underwriting platform around data analytics and automation, what it calls “productionized underwriting,” aiming to remove friction from quoting and binding policies. The Ategrity Select initiative showcases this by delivering tailored products for narrow segments, like religious organizations, at scale and with rapid turnaround. Management also signals an interest in next‑generation tools such as artificial intelligence to refine risk selection and claims handling over time. This tech‑heavy approach can be a strong differentiator if executed well, but it requires ongoing investment, talent, and careful risk controls to avoid over‑reliance on models and to stay ahead of competitors that may copy similar tools.

Summary

Overall, Ategrity looks like an early‑stage, tech‑enabled specialty insurer that is growing quickly, improving profitability, and doing so with a relatively conservative balance sheet. Its core strengths are speed, automation, and focus on specific niches where tailored products and fast service are highly valued. The business benefits from positive cash generation and light capital needs, which supports reinvestment into technology and product expansion. Key uncertainties include the usual insurance risks—catastrophe exposure, reserve adequacy, and pricing cycles—combined with execution risk in scaling a data‑driven platform against larger incumbents. The company’s future trajectory will likely hinge on whether it can maintain underwriting discipline and continue innovating while it grows from a small but promising base.

NEWS

November 6, 2025 · 2:54 PM UTC

Ategrity Expands Suite of Pre-Priced Solutions with Launch of Religious Organizations Offering

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October 22, 2025 · 4:07 PM UTC

Ategrity Specialty Insurance Company Holdings Reports Third Quarter 2025 Results

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October 9, 2025 · 5:16 PM UTC

Ategrity Specialty Insurance Company Holdings to Announce Third Quarter 2025 Earnings on October 22, 2025

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