Ategrity Specialty Insurance Company Holdings

Company and business model

• Specialty property and casualty insurance holding company focused exclusively on the excess & surplus (E&S) market for small- to medium-sized businesses (SMBs) in the United States.
• Underwriting is conducted through Ategrity Specialty Insurance Company, a Delaware-domiciled E&S insurer.
• Core approach: productionized underwriting — a technology-driven method to standardize, simplify, and, where appropriate, automate high-volume E&S transactions using micro-segmentation, centralized underwriting governance, and automated workflows.
• Market focus: SMB accounts across selected industry verticals (Retail, Real Estate, Hospitality, Construction).

Products and portfolio

• Lines: commercial property and casualty. All GWP in 2025 and 2024 were E&S products.
• 2025 portfolio mix: 67.2% casualty and 32.8% property (focused on lower-severity, shorter-tail risks; property with limited catastrophe exposure).
• Geography: operates in 48 states and the District of Columbia.

Distribution and customers

• Distribution through licensed surplus lines brokers and wholesale agents.
• Two primary channels:
  • Brokerage Channel: mid-sized commercial risks evaluated by the underwriting team.
  • Small Business Channel: smaller, standardized risks via a cloud-based submission and quoting process.
• Concentration with distribution partners: five states accounted for more than 5% of gross written premiums.
• GWP concentration with brokers: 46.5% of 2025 GWP was distributed through three brokers.

Key 2025 financial and operating metrics

• Gross written premiums (GWP) for the year ended December 31, 2025: $581.5 million.
• Combined ratio for 2025: 88.2%.
• Stockholders’ equity (as of 12/31/2025): $614.3 million.
• Employees: 203 total as of 12/31/2025; 169 employees as of 12/31/2024.
• Claims: average closed claim amount (Jan 1, 2022 – Dec 31, 2025) ≈ $48,000.
• Five states with 5%+ of GWP (2025): California 18.9%, Florida 16.1%, Texas 10.1%, New York 8.3%, Georgia 5.4%.

Reinsurance and risk transfer

• Reinsurance program: 80% of Ategrity Specialty’s net written premium ceded to Ategrity Limited (quota share).
• Reinsurance recoverables (as of 12/31/2025): $150.4 million net of allowance of $0.
• Estimated net probable maximum loss for a 1-in-250-year event: $12 million (about 2.0% of stockholders’ equity).
• Reinsurers are rated A- (Excellent) or better by A.M. Best or are fully collateralized.

Investments and capital management

• Total cash and invested assets ≈ $1.1 billion (as of 12/31/2025).
• Composition: primarily investment-grade fixed maturities, loans to affiliates, short-term investments, cash equivalents, and Utility & Infrastructure Investments.
• Investment portfolio metrics: weighted average duration ≈ 3.8 years; average credit rating ≈ A-.
• Oversight: Board of Directors reviews and oversees investment policies and performance.

Regulation and rating

• Domiciled in Delaware; regulated by the Delaware Department of Insurance and subject to risk-based capital and regulatory reporting.
• Bermuda-domiciled reinsurance affiliate (Ategrity Limited) regulated by the Bermuda Monetary Authority.
• Ratings: Ategrity Specialty and Ategrity Limited each hold an A- (Excellent) financial strength rating from A.M. Best with Outlook Positive.
• Dividend policy: as a holding company, does not intend to declare or pay cash dividends in the foreseeable future; dividends and distributions are subject to regulatory and holding company constraints.

Governance, technology, and risk management

• Technology: centralized, cloud-based platform supports submission intake, pricing, policy administration, exposure management, and reporting; AtegrityOne is the modular policy administration system.
• AI and data analytics governance: formal processes for AI use cases, human oversight of AI-informed underwriting and claims decisions, model validation, and performance monitoring.
• Data security and privacy: governance and controls in place; cybersecurity oversight integrated into enterprise risk management; multiple laws and regulations apply (Gramm-Leach-Bliley Act, NAIC model laws, state privacy laws such as CCPA/CPRA).
• Third-party technology risk: reliance on external vendors and open-source software with ongoing diligence and monitoring.

Growth, risks, and strategic considerations

• Commenced operations in 2018; 2025 GWP was $581.5 million.
• Operates in a competitive E&S market with competition from other insurers, MGAs, and potential new entrants, amid ongoing industry consolidation and capital inflows.
• Exposure to industry-specific regulatory risk, including customers in the cannabis industry whose regulatory status could affect revenues.
• Climate and catastrophe risk: exposure to severe weather and catastrophes with potential for increased losses over time; reinsurance and risk management are used to mitigate volatility.
• Growth-related risks: reliance on a limited group of brokers, potential for premium leakage, mispricing, renewal risk, and the challenges of scaling technology and controls with rapid growth.
• Liquidity and capital: as a holding company, dividends and internal cash flow depend on the insurance subsidiaries; substantial capital is required for growth.

One-line description

The company is a Delaware-domiciled holding company for a specialty E&S insurer that delivers high-volume, technology-enabled underwriting and management of small-to-medium commercial risks across the U.S., supported by a diversified investment portfolio, a quota-share reinsurance framework, regulatory compliance, and distribution through surplus lines brokers and wholesale agents.