Surplus lines insurer launches IPO
- June 13, 2025
- Posted by: Web workers
- Category: Workers Comp
Excess and surplus lines insurer Ategrity Specialty Holdings LLC announced Tuesday that it is seeking to raise between $86 million and $100 million through an initial public offering.
New York-based Ategrity, formed in 2018, will offer approximately 6.7 million shares, with an underwriters’ option to purchase an additional 1 million shares, priced between $14 and $16.
The company will convert to a Nevada corporation named Ategrity Specialty Insurance Co. Holdings before the offering, Ategrity said in a statement. It will trade under the symbol ASIC on the New York Stock Exchange.
Stuart J. Zimmer, CEO of investment management firm Zimmer LP and chairman of Ategrity, and companies he controls own 99.5% of Ategrity’s stock and will own 85.4% after the IPO, according to an Ategrity filing with the Securities and Exchange Commission.
Ategrity reported $437 million in gross written premium and a combined ratio of 90.9% in 2024, and $116.1 million and 93.9% in the first quarter of 2025. It reported a profit of $47.1 million last year and $8.5 million in the first quarter.
Approximately 63% of its business is casualty insurance, and 37% is property insurance.
