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Ategrity Specialty Holdings LLC (ASIC)
NYSE:ASIC
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Ategrity Specialty Holdings LLC
(NYSE:ASIC)
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Rating:83Outperform
Price Target:
$23.50
▲(27.58% Upside)
The score is driven primarily by strong financial performance (profitability and cash flow improvement with minimal leverage) and a positive earnings call highlighting premium growth and a better combined ratio. Valuation appears reasonable on P/E, while technicals are neutral-to-modestly constructive rather than strongly bullish.
Ategrity Specialty Holdings LLC (ASIC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$888.27M
Dividend YieldN/A
Average Volume (3M)218.36K
Price to Earnings (P/E)12.4
Beta (1Y)0.93
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees175
SectorFinancial
Sector Strength70
IndustryInsurance - Property & Casualty
Share Statistics
EPS (TTM)0.46
Shares Outstanding48,066,673
10 Day Avg. Volume191,695
30 Day Avg. Volume218,356
Financial Highlights & Ratios
PEG Ratio0.07
Price to Book (P/B)2.91
Price to Sales (P/S)3.37
P/FCF Ratio9.23
Enterprise Value/Market Cap1.06
Enterprise Value/Revenue3.13
Enterprise Value/Gross ProfitN/A
Enterprise Value/Ebitda14.69
Forecast
1Y Price Target
$25.50Price Target Upside38.44% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Ategrity Specialty Holdings LLC Business Overview & Revenue Model
Company DescriptionAtegrity Specialty Holdings LLC, through its subsidiaries, provides insurance and reinsurance products to small to medium-sized businesses in the United States. It offers property and casualty insurance. The company was incorporated in 2017 and is based in New York, New York. Ategrity Specialty Holdings LLC is a subsidiary of Zimmer Financial Services Group LLC.
How the Company Makes Money
Ategrity Specialty Holdings LLC Earnings Call Summary
Earnings Call Date:Oct 22, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Aug 17, 2026
Earnings Call Sentiment Positive
Ategrity delivered a strong performance this quarter with significant growth in premiums, improved operating margins, and successful implementation of strategic initiatives. Despite increased competition in the E&S market and a conservative property loss ratio approach, the company's innovative strategies and technological advancements have bolstered its position and financial results.Q3-2025 Updates
Positive Updates
Record-Breaking Gross Written Premiums Growth
Gross written premiums grew 30% year-over-year, with property lines accelerating and submission growth at 70%.
Improved Combined Ratio
Combined ratio improved to 88.7% from 95.3% last year, driven by a 2.1-point decline in loss ratio to 60% and a 4.5-point decline in expense ratio to 28.7%.
Strong Financial Performance
Adjusted net income rose 78% year-over-year to $22.8 million, with net investment income increasing to $11 million from $6.8 million.
Successful Growth Initiatives
Retail trade vertical, professional liability lines, and Project Heartland in the Midwest contributed significantly, accounting for about half of the company's growth.
Technology and Innovation
Launch of digital brokerage channel and specialty offerings for real estate vertical, improving policy acquisition economics and maintaining competitive positioning.
Negative Updates
Increased Competitive Intensity in E&S Market
Headwinds in the E&S market with increased competition, though conditions remain rational in small- and medium-sized segments.
Conservatism in Property Loss Ratio
Despite a lower frequency of claims, a conservative approach in property loss ratio was maintained, potentially impacting future earnings adjustments.
Company Guidance
During Ategrity's Third Quarter Fiscal Year 2025 earnings call, CEO Justin Cohen reported a 30% year-over-year growth in gross written premiums, with property lines experiencing accelerated growth. The company achieved an 88.7% combined ratio, showcasing improved operating leverage. Adjusted net income reached $22.8 million, marking a 78% increase from the previous year. This was supported by a 70% rise in submissions and a 2.7 percentage point improvement in the operating expense ratio. The policy acquisition ratio also improved by 1.8 percentage points due to a favorable shift toward lower-cost brokerage channels. CFO Neelam Patel noted a 41% increase in casualty premiums and an 11% rise in property premiums, contributing to a 42% growth in net written premiums. The loss ratio improved by 2.1 percentage points to 60%, partly due to reduced catastrophe losses, while the expense ratio declined by 4.5 points to 28.7%. The company's net investment income increased to $11 million, supported by higher yields and assets. The effective tax rate was 20.6%, with a book value per share ending at $12.24. Looking forward, Ategrity aims to maintain a 90% combined ratio in Q4 and continue achieving growth 20 percentage points above the E&S market.Ategrity Specialty Holdings LLC Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
90
Very Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 |
|---|---|---|---|
Income Statement | |||
| Total Revenue | 301.00M | 343.83M | 241.32M |
| Gross Profit | 0.00 | 107.91M | 41.01M |
| EBITDA | 64.04M | 69.00M | 15.09M |
| Net Income | 48.75M | 47.09M | 10.05M |
Balance Sheet | |||
| Total Assets | 1.03B | 1.12B | 882.04M |
| Cash, Cash Equivalents and Short-Term Investments | 549.22M | 517.94M | 362.85M |
| Total Debt | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 856.43M | 724.63M | 559.85M |
| Stockholders Equity | 588.56M | 398.31M | 321.70M |
Cash Flow | |||
| Free Cash Flow | 50.80M | 125.61M | 85.71M |
| Operating Cash Flow | 50.80M | 125.61M | 85.71M |
| Investing Cash Flow | -185.89M | -363.27M | 14.51M |
| Financing Cash Flow | 132.05M | -414.00K | 32.27M |
Ategrity Specialty Holdings LLC Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | $888.27M | 12.36 | ― | ― | ― | ― | |
77 Outperform | $83.67M | 11.71 | 8.22% | 4.16% | 24.17% | 739.42% | |
76 Outperform | $136.05M | 10.21 | 10.12% | 2.69% | 10.78% | 21.72% | |
71 Outperform | $80.51M | 15.06 | 5.50% | 2.08% | 1.03% | -35.72% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
54 Neutral | $32.87M | 38.59 | 1.82% | 3.73% | 115.35% | -48.45% |
* Financial Sector Average
ASIC
Ategrity Specialty Holdings LLC
18.48
-5.52
-23.00%
AUBN
Auburn National Bancorporation
23.95
2.95
14.05%
SBFG
SB Financial Group
21.60
1.98
10.09%
GROW
US Global Investors
2.57
0.25
10.82%
FUSB
First US Bancshares
13.96
1.43
11.41%
Ategrity Specialty Holdings LLC Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
Ategrity Specialty Posts Investor Presentation Under Regulation FD
Neutral
Dec 18, 2025
On December 18, 2025, Ategrity Specialty Insurance Company Holdings posted an investor presentation on its website, making the materials available through its investor relations section for use in meetings with investors, analysts, and other stakeholders. The company clarified that the information in this presentation is furnished rather than filed under U.S. securities laws, limiting its exposure to certain liabilities and regulatory requirements while still providing transparency to the market.
The most recent analyst rating on (ASIC) stock is a Buy with a $27.00 price target. To see the full list of analyst forecasts on Ategrity Specialty Holdings LLC stock, see the ASIC Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.