Ategrity Specialty Holdings LLC

ASIC

$26.87

-1.79%

2026-09-04 10:35:10 EDT-$0.49

Financial Services

Insurance - Property & Casualty

NYSE

Active Trading

Ategrity Specialty Holdings LLC, along with its subsidiaries, offers insurance and reinsurance services specifically designed for small and medium-sized businesses across the ...

Price Action of ASIC

$26.87

-1.79%-$0.49

High—

Low—

52W High-2.6%

Rel. vol—

Interval

Range22m

Volume—SMA5SMA10

—

Ategrity Specialty Insurance Company Holdings is a U.S. specialty insurance organization headquartered at 9 West 57th Street in New York City. The company was incorporated in 2017 and formerly operated as Ategrity Specialty Holdings LLC. In connection with its initial public offering, the business was converted into a Nevada corporation ...Ategrity Specialty Insurance Company Holdings is a U.S. specialty insurance organization headquartered at 9 West 57th Street in New York City. The company was incorporated in 2017 and formerly operated as Ategrity Specialty Holdings LLC. In connection with its initial public offering, the business was converted into a Nevada corporation and began trading on the New York Stock Exchange under the ticker ASIC on June 11, 2025. Ategrity is focused on the excess and surplus, or E&S, insurance market, which serves risks that may be difficult to place through standard admitted insurance carriers. The company primarily provides property and casualty insurance and reinsurance solutions designed for small and medium-sized businesses across the United States. Its products are distributed largely through insurance agents and brokers, with an emphasis on speed, underwriting flexibility, specialized risk selection, and responsive service. E&S policies can address customized or higher-volatility exposures, including commercial property, casualty, and other specialty risks where standard policy forms or conventional underwriting capacity may not be appropriate. Ategrity’s stated business proposition is to make specialty insurance more efficient, intelligent, and accessible for brokers and their clients. Ategrity’s operating model is based on underwriting discipline, risk pricing, policy portfolio management, claims oversight, and the use of reinsurance to manage capital requirements and volatility. As with other insurers, its major economic inputs include employee and technology costs, commissions paid to distribution partners, claims and loss-adjustment expenses, reinsurance premiums, regulatory costs, and investment-management expenses. The company does not have a conventional manufacturing bill of materials; its main balance-sheet resources are underwriting capital, insurance reserves, reinsurance protections, cash, and investment assets. The supplied trailing-period data depicts a profitable business, with approximately $1.19 billion in market capitalization, a reported net profit margin of about 20.7%, return on equity of approximately 17.1%, and no material debt-to-equity ratio reported in the dataset. It reported roughly 203 full-time employees, placing it in the 201-500 employee category. The company’s CEO is Justin G. Cohen, who has served in that role since January 2023 and brings more than 25 years of industry experience. Other publicly highlighted leadership includes President and Chief Underwriting Officer Chris Schenk. Ategrity’s principal strategic objectives are to grow profitably, expand its specialty insurance capabilities, deepen broker relationships, maintain disciplined underwriting, and use technology and data to improve quote, bind, and servicing processes.ExpandCollapse

Founded

2017

Employees

203

CEO

Justin G. Cohen

Full Name

Ategrity Specialty Holdings LLC

Sector

Financial Services

Industry

Insurance - Property & Casualty

ROE

17.11%

Market Cap

$1.29B

Current Ratio

103.10

WACC

5.46%

ROIC

62.88%

Contact Information

https://ategrity.com

212 509 1600

9 West 57th Street, New York, NY 10019

Key Metrics of ASIC

Snapshot

Latest / TTM · 4 periods

Market Cap

$1.29B

ROCE

10.3%

EV / EBITDA

8.77x

-5.2% YoY

FCF Yield

6.7%

-8.3% YoY

Cash Conversion Cycle

78.8d

Current Ratio

103.10

Quick take

TTM —

Positive CCC

Financial Highlights of ASIC

Profitability trend

Latest / TTM · 4 periods

Gross Margin

58.9%

Net Margin

20.7%

P/E Ratio

12.09x

n/a

Debt / Equity

0.00

n/a

Current Ratio

103.10

Dividend Yield

0.0%

Understanding

TTM —

No major balance sheet stress in these headline ratios.

Calendar of ASIC

Upcoming

Sep 30, 2026In 26 days
Q3 FY2026 · Estimated results
Est. EPS $0.52 · Revenue $133.48M · 3 analysts
Dec 30, 2026
Q4 FY2026 · Estimated results
Est. EPS $0.60 · Revenue $144.39M · 3 analysts
Dec 31, 2026
FY2026 · Estimated annual results
Est. EPS $2.30 · Revenue $542.77M · 2 analysts
Mar 30, 2027
Q1 FY2027 · Estimated results
Est. EPS $0.57 · Revenue $163.10M · 1 analysts

Recent history

Aug 13, 2026
Q2 FY2026 · Results reported
EPS $0.67 · Revenue $148.48M
View filing
May 7, 2026
Q1 FY2026 · Results reported
EPS $0.51 · Revenue $128.96M
View filing
Mar 6, 2026
FY2025 · Annual results
EPS $1.60 · Revenue $424.34M
View filing
Nov 12, 2025
Q3 FY2025 · Results reported
EPS $0.45 · Revenue $116.10M
View filing
Aug 14, 2025
Q2 FY2025 · Results reported
EPS $0.40 · Revenue $101.78M
View filing
Jun 11, 2025
IPO

Financial Statements of ASIC

5Y Trend (Revenue, Earnings, FCF)

Metric	Latest	YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.	QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).	$424.3M	+23.4%	+15.1%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.	$74.0M	+57.2%	+31.3%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.	+50.0%	+59.3%	+6.1%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).	+22.6%	+17.3%	+17.8%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.	+17.4%	+27.3%	+14.1%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.	$140.7M	+12.0%	—
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.	+33.2%	-9.2%	—
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.	0.0%	—	—
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.	0.69x	-46.1%	+15217.1%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.	$1.5B	+31.2%	-8.0%

Actual vs Estimate

A Dec 31Q Sep 30

Metric	Annual (A vs E)	Annual Surprise	Quarter (A vs E)	Quarter Surprise
EPS Surprise	1.60 vs 1.44	+10.9%	0.67 vs 0.52	+30.0%
Revenue Surprise	$424.3M vs $415.3M	+2.2%	$148.5M vs $133.5M	+11.2%

Insider Transactions of ASIC

Acquisitions (A)

Since Mar 5, 2026

Disposals (D)

Since Mar 5, 2026

Monthly shares of acquisitions/disposals with close price trend (shared daily price source)

Insider Trading Snapshot

Date	Executive	Title	Security	Side	Shares	Price
Apr 2, 2030	Pressman Mitchell Brad	director	Stock Appreciation Right	—	46,893	$10.66
Jul 9, 2026	Adler Neil	officer: Chief Financial Officer	Common Stock	—	0	—
Jun 11, 2026	Sennott John Langton Jr.	director	Common Stock	A	980	—
Jun 11, 2026	Sennott John Langton Jr.	director	Restricted Stock Units	D	980	—
Jun 11, 2026	MERTON ROBERT C	director	Common Stock	A	980	—

Earnings Call Transcript of ASIC

1 transcript segments

Q1 2026

Unknown Speaker

Operator: Good afternoon, everyone, and thank you for joining us today for Ategrity's First Quarter Fiscal Year 2026 Earnings Results Conference Call. Speaking today are Justin Cohen, Chief Executive Officer; Chris Schenk, President and Chief Underwriting Officer; and Neelam Patel, Chief Financial Officer. After Justin, Chris and Neelam have made their formal remarks, we will open the call for questions. [Operator Instructions] Before we begin, I would like to mention that certain matters discussed in today's conference call are forward-looking statements relating to future events, management's plans and objectives for the business and the future financial performance of the company that are subject to risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements. The risk factors that may affect results are referred to in our press release issued today, our final prospectus and other filings filed with the SEC. We do not undertake any obligation to update the forward-looking statements made today. Finally, the speakers may refer to certain adjusted or non-GAAP financial measures on this call. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is also available in our press release issued today, a copy of which may be obtained by visiting the Investor Relations website at investors.ategrity.com. I will now turn the call over to Justin. Justin Cohen: Good evening, and thank you all for joining Ategrity's first quarter earnings call. This is Justin Cohen, and I'm joined today by Chris Schenk, our President and Chief Underwriting Officer; and Neelam Patel, our CFO. Ategrity delivered another quarter of record earnings, generating outstanding margins while gaining market share. We produced a combined ratio of 87.4% and grew gross written premiums by 23.1% in an industry that was relatively flat with both metrics better than guidance. We are winning by identifying underserved segments, building solutions that give our distribution partners an advantage and improving the quality and renewability of our portfolio. While competition is increasing, we are defining distinct markets where we can compete on our own terms. This quarter, we extended that momentum by launching several new strategic initiatives, including new regional strategies in Texas, Florida and New England while maintaining strict technical rigor in risk selection and pricing. We will discuss these initiatives in more detail later in the call. As our footprint expands, we are demonstrating operating leverage. Our expense ratio improved 2.5 percentage points year-over-year as earned premium growth outpaced expenses. We continue to optimize our business mix and leverage our centralized underwriting model to improve profitability and lower unit costs. At the same time, we are investing in the business, both to support our growth initiatives and to advance automation and AI across the …

Leadership Team of ASIC

4 executives

Name	Title	Compensation	Gender	Year Born	Status
Chris Schenk	President & Chief Underwriting Officer	USD 1,560,154	Male	1982	Active
Neelam Patel	Executive Officer	USD 1,007,598	Female	1978	Active
Justin G. Cohen	Chief Executive Officer & Director	USD 369,521	Male	1975	Active
Neil Adler	CFO & Principal Accounting Officer	—	Male	1985	Active

Recent News of ASIC

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Ategrity Launches Four New Products Powered by Its Productionized Underwriting Model

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Seeking Alpha8/15/2026Neutral

Ategrity Specialty Insurance: With A Longer Track Record, Possible Multiple Expansion

Ategrity Specialty Insurance Company Holdings has some appeal in that it trades at a meaningful P/B discount to possible comps. But it's a relatively new business, and there can be tail risks, so a greater track record may be needed for multiple expansion to be possible. There are also some related party considerations and possibly aggressive investments as far as the reserve portfolio is concerned, relating to the aforementioned concern.

GuruFocus8/14/2026Neutral

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MarketBeat7/29/2026Neutral

Ategrity Specialty Q2 Earnings Call Highlights

Ategrity Specialty NYSE: ASIC reported record quarterly written premiums, underwriting income and net income for its second quarter of fiscal 2026, as the specialty insurer grew premiums across its casualty and property businesses despite what management described as a contracting excess-and-surplus, or E&S, market.

Historical Employee Count of ASIC

Current

203

Minimum

203

Maximum

203

Recent Filings

Report Date	Employees	Form Type	Filing Date	SEC Filing
Dec 31, 2025	203	10-K	Mar 6, 2026	View

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Ategrity Specialty Holdings LLC