Ategrity Specialty reports first earnings as a public company

Ategrity Specialty (NYSE: ASIC) has released its first quarterly results since going public in June 2025, following its March IPO filing and application to list on the NYSE under the ticker ASIC.

Founded in 2017, the excess and surplus lines insurer serves small to medium-sized businesses across the US, combining technical underwriting with a technology-driven operating platform. Backed by Zimmer Financial Services Group — which invested $300 million and retains majority voting power — Ategrity wrote $437 million in gross written premiums in 2024, reflecting a two-year compound annual growth rate of 28.4% and a 2024 combined ratio of 93.9%, down 3.6 points from 2023.

For Q2 2025, gross written premiums rose 32% year-over-year to $167.5 million. Net income attributable to stockholders increased to $17.6 million, or $0.39 per diluted share, compared to $4.9 million, or $0.14 per share, in Q2 2024. The combined ratio improved to 88.9%, driven by lower attritional losses and favorable catastrophe experience. Casualty premiums grew 56.7% while property premiums rose 3.7% due to reduced catastrophe exposure. Underwriting income more than doubled to $9.6 million, and the expense ratio fell to 31% from 33.2%.

Ategrity raised $130.3 million in gross proceeds through its IPO, issuing 7.67 million shares. CEO Justin Cohen highlighted the company’s “productionized underwriting model,” combining analytics, segmentation, and automation to deliver profitable growth. “This was a strong quarter for Ategrity,” said Justin Cohen, Chief Executive Officer. “We executed with focus and discipline, expanding distribution relationships, delivering solid underwriting results, and driving operational efficiencies. Our productionized underwriting model, which combines technical underwriting with technology-enabled processes, is gaining traction in the marketplace, delivering value to our partners, and driving profitability for our shareholders. Looking ahead, we believe our investments in automation and analytics will accelerate our opportunity to redefine how E&S insurance for small and medium-sized businesses is underwritten and delivered.”