Ategrity Specialty Insurance Company Holdings (ASIC)
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symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
The business model visibly works: an expense ratio falling from 33.6 to 27.5 percent since 2024 is not a lucky streak but scaling — and a debt-free balance sheet with $664.4 million of equity, an "A-" rating and catastrophe exposure of 2 percent of equity leaves no room for a substance finding. A red light would require things that simply are not there: no going-concern issue, no breached covenant, no negative cash flow, no listing risk. A green light lacks two proofs. First the reserves: in casualty — two thirds of the book — 3.2 percent of claims are paid after one year, so the 85.9 percent combined ratio is a well-founded estimate until 2031, not a result. Second the closeness to the owner: 80.7 percent held by ZFSG, no compensation or nominating committees, $106.5 million lent to ZFSG subsidiaries, $227.3 million in a fund run by the affiliated manager, and a chief financial officer who is simultaneously chief financial officer of the majority owner. Add distribution concentration of 46.5 percent across three brokers. At 1.8 times book you are already paying for the scaling — it only becomes verifiable with the 2027 to 2031 accident years. The decision is yours.
symbol.quality_note
Four letters, three meanings: "ASIC" is a chip-industry term, the abbreviation of the Australian securities regulator — and, on the New York Stock Exchange, a young U.S. specialty insurer writing policies for roofers, restaurant owners and small landlords. This insurer's numbers are unusually good and keep getting better: the combined ratio, the industry's core measure, fell from 97.5 percent in 2023 to 85.9 percent in the second quarter of 2026, while premiums in that same quarter rose 23.4 percent to $206.8 million. But the company has only been public since June 2025, just 3.2 percent of its casualty claims are paid after the first year, and $106.5 million of its investment portfolio sits as a loan with subsidiaries of the majority owner, who holds 80.7 percent of the stock. We read the filings to see what is earnings and what is still a promise.
Read the analysis
Stock Watch
This analysis is as of July 30, 2026. Stock Watch will tell you what's changed at ASIC since then.
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Appears in These Scanners
This stock currently matches 9 of our scanner strategies — each hit links to the scanner.
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Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 24.00 $ — 83% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
Uses AIAtegrity setzt KI-gestützte Analytik und Automatisierung im eigenen Betrieb ein — eigene Governance-Prozesse für neue KI-Anwendungsfälle, automatisierte Eignungsprüfung und Bepreisung im Kleingeschäfts-Kanal sowie KI-gestützte Zeichnungs- und Schadenentscheidungen unter menschlicher Aufsicht (Geschäftsbericht 10-K für 2025, Item 1 „Technology“ und Item 1A „Risk Factors“). KI ist dabei keine Umsatzquelle: Die Erlöse stammen ausschließlich aus Prämien des Excess-and-Surplus-Lines-Geschäfts.
View the full file — quotes, sources, reviewed filings
„We have implemented governance processes designed to oversee the development, deployment and monitoring of AI-enabled tools and data analytics used in our operations. These processes include protocols for new AI use cases, human review and oversight of underwriting and claims decisions informed by automated tools, model validation procedures, and periodic performance monitoring."
Wir haben Governance-Prozesse eingeführt, die die Entwicklung, den Einsatz und die Überwachung von KI-gestützten Werkzeugen und Datenanalysen in unserem Betrieb beaufsichtigen sollen. Zu diesen Prozessen gehören Vorgaben für neue KI-Anwendungsfälle, menschliche Prüfung und Aufsicht über Zeichnungs- und Schadenentscheidungen, die auf automatisierten Werkzeugen beruhen, Verfahren zur Modellvalidierung und eine regelmäßige Leistungsüberwachung.
„Our increasing use of AI-enabled analytics and automated decision-support tools may introduce additional complexity and uncertainty into our modeling framework."
Unser zunehmender Einsatz von KI-gestützter Analytik und automatisierten Werkzeugen zur Entscheidungsunterstützung kann zusätzliche Komplexität und Unsicherheit in unser Modellierungsrahmenwerk hineintragen.
„In our Small Business channel, our cloud-based engine enables automated eligibility screening, pricing and documentation generation for standardized risks."
In unserem Kleingeschäfts-Kanal ermöglicht unsere cloudbasierte Engine eine automatisierte Eignungsprüfung, Bepreisung und Dokumentenerstellung für standardisierte Risiken.
Filings Reviewed: 10-K 2026-03-06 · 10-Q 2026-05-07 · 8-K 2026-07-29 · 10-Q 2025-11-12 · 10-Q 2025-08-14 · 424B4 2025-06-11
Rated on July 30, 2026 · How the Rating Is Built
Analysts & Price Target
The price target sits 18.8% above the current price.
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 2.13 | 1.96 – 2.29 | 576 | 32.3% | 5 |
| 12/31/2027 | 2.49 | 2.40 – 2.55 | 686 | 16.8% | 5 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2025: Q1 | 0.02 | – | 83 | 9.30 | 10.20 | 21 | 21 |
| 2025: Q2 | 0.39 | – | 102 | 34.40 | 17.30 | 30 | 30 |
| 2025: Q3 | 0.45 | – | 116 | 28.60 | 19.50 | 41 | 40 |
| 2025: Q4 | 0.51 | – | 123 | 22.80 | 20.50 | 55 | 49 |
| 2026: Q1 | 0.51 | 2,450.00 | 129 | 55.20 | 19.70 | 42 | 42 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2023 | 241 | 13 | 10 | 0.21 | 126 | 322 | 882 |
| 2024 | 344 | 66 | 47 | 0.97 | 126 | 398 | 1,123 |
| 2025 | 424 | 96 | 74 | 1.60 | 147 | 614 | 1,474 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
The combined ratio fell without interruption from 97.5 percent (2023) through 93.9 (2024) and 88.2 (2025) to 85.9 percent in the second quarter of 2026 — through 2024 driven by the loss ratio (66.6 down to 60.3 percent), since then by an expense ratio that dropped from 33.6 percent (2024) to 27.5 percent. Underwriting income rose 66.9 percent to $16.0 million in the second quarter of 2026 and gross written premiums 23.4 percent to $206.8 million. That is real scaling with 203 employees.
As of June 30, 2026 the books show $664.4 million of stockholders' equity and $1,175.8 million of invested assets with no financial debt whatsoever; the two $35 million letter-of-credit facilities were terminated in 2025 without replacement. Book value per share rose 8.5 percent in six months to $13.86, the estimated net probable maximum loss for a 1-in-250-year event is 2.0 percent of equity, and the A.M. Best rating is "A-" (Excellent) with a positive outlook.
The annual report shows no prior-year development for 2025, but $5.4 million for 2024. None of this can be properly tested yet: only 3.2 percent of casualty claims are paid after the first year, and a 7.5 percent deviation in net reserves would move pre-tax income by $27.2 million — 28 percent of 2025 pre-tax income. An in-house reserve committee, the statutory annual actuarial opinion and an independent actuarial firm engaged "periodically" back up the estimates, but the company has only been public since June 12, 2025.
Three wholesale brokers accounted for $270.4 million, or 46.5 percent, of gross written premiums in 2025; a year earlier it was one partner at $105.3 million, or 24.1 percent. The dependency almost doubled during the growth phase, and Ategrity sells exclusively through such intermediaries. That is industry practice — it is not protection.
Zimmer Financial Services Group holds 80.7 percent (10-K 2025); as a "controlled company" Ategrity maintains neither a compensation nor a nominating committee. $106.5 million of invested assets sits as a loan with ZFSG subsidiaries ($94.0 million at 5.5 percent through 2032) and $227.3 million in a Cayman fund run by the affiliated manager. The CEO sits on three payrolls inside the owner's orbit, and the chief financial officer appointed on July 9, 2026 is simultaneously chief financial officer of the majority owner.
Of second-quarter 2026 pre-tax income of $46.4 million, only $16.0 million came from underwriting; $12.7 million was recurring investment income and $18.6 million realized and unrealized investment gains — a line that stood at negative $4.6 million in the first quarter of 2025. Extrapolate $0.67 of quarterly earnings per share and 40 percent of what you are extrapolating is market movement.
Ategrity Specialty is the ticker trap with a pleasant surprise: behind the chip-sounding ASIC sits a U.S. specialty insurer whose combined ratio has fallen for three years (97.5 to 85.9 percent) and whose premiums grew 23.4 percent to $206.8 million in the second quarter of 2026 — on a debt-free balance sheet with $664.4 million of equity and catastrophe exposure of only 2 percent of equity. Three things stand against that in the filings: only 3.2 percent of casualty claims are paid after the first year, three brokers bring in 46.5 percent of premiums, and $106.5 million of the assets sits as a loan with subsidiaries of the majority owner, who holds 80.7 percent. In the second quarter of 2026 just $16.0 million of $46.4 million in pre-tax income came from insurance itself. Not investment advice.
- Ticker confusion warning: "ASIC" is a semiconductor term (application-specific integrated circuit) and also the abbreviation of the Australian Securities and Investments Commission. This stock is neither — it is Ategrity Specialty Insurance Company Holdings, a U.S. excess and surplus lines insurer (NYSE, CIK 0002040491).
- Ategrity reached our research list through Reddit mentions as of July 30, 2026 — not through one of our momentum or valuation scanners. The company has only been in our data set for a few weeks; our scanner lists are recalculated nightly and showed no hit at the time of this analysis. Classic screening metrics such as price-to-sales or gross margin carry no meaning at an insurer anyway; the load-bearing anchors are the combined ratio, book value per share and return on equity.
- Data basis and as-of dates: annual and quarterly figures come from the Form 10-K for 2025 (filed 03/06/2026), the Form 10-Q as of 03/31/2026 and the Form 8-K dated 07/29/2026 (Exhibit 99.1, second quarter 2026 results); the 2023 figures come from the 424B4 IPO prospectus dated 06/11/2025. Price, market capitalization and share count carry a data date of July 30, 2026; the only share price documented in a filing is the closing price of $21.01 on 12/31/2025. Because of the LLC-to-corporation conversion and the 1-for-10.66 reverse split, all per-share figures before June 2025 are restated.
About the Company
Ategrity Specialty Insurance Company Holdings, through its subsidiaries, provides excess and surplus lines insurance and reinsurance products to small and medium-sized businesses in the United States. The company offers property and casualty insurance solutions, including general liability, commercial property, management liability, miscellaneous PL, allied healthcare, and architects and engineers insurance products to the retail, real estate, hospitality, and construction sectors. It markets and distributes its products through brokerage and small business channels. The company was formerly known as Ategrity Specialty Holdings LLC and changed its name to Ategrity Specialty Insurance Company Holdings in June 2025. Ategrity Specialty Insurance Company Holdings was incorporated in 2017 and is based in New York, New York. Ategrity Specialty Insurance Company Holdings operates as a subsidiary of Zimmer Financial Services Group LLC.
| Employees | 203 |
|---|---|
| Headquarters | New York, NY |
| Address | 9 West 57th Street, 10019 New York, United States |
| Phone | 212 509 1699 |
| Website | ategrity.com |
| IPO Date | 11. Jun 2025 |
| ISIN | US04681Y1038 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Justin G. Cohen | CEO & Director | 1975 |
| Chris Schenk | President & Chief Underwriting Officer | 1982 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.