Ategrity Specialty Insurance Company has filed an S-1 registration statement for an initial public offering and has applied to list its common stock on the New York Stock Exchange under the symbol ASIC.
For those unaware, Ategrity provides excess and surplus insurance to small and medium-sized businesses.
The firm reported $344 million in revenue for the 12 months ended December 31, 2024, wrote $437 million in gross written premiums, and holds an “A-” (Excellent) financial strength rating from A.M. Best.
Before this planned offering, there was no public market for the firm’s common stock.
Ategrity stated that upon completion of the offering, Zimmer Financial Services Group LLC will retain a majority of the voting power in its common stock eligible to vote in director elections.
“As a result, we will be a “controlled company” as defined under the corporate governance rules of NYSE and will be exempt from certain corporate governance requirements of such rules,” Ategrity explained.
The firm also noted that the proposed public sale is expected to commence as soon as practicable after the registration statement becomes effective.
While we cannot confirm, some reports have suggested that Ategrity’s filing with the SEC seeks to raise up to $100 million.
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