Ategrity Specialty Holdings LLC (ASIC) AI Stock Analysis

• Market Cap: $1.06B
• Dividend Yield: N/A
• Average Volume (3M): 218.36K
• Price to Earnings (P/E): 14.3
• Beta (1Y): 1.19
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 175
• Sector: Financial
• Sector Strength: 70
• Industry: Insurance - Property & Casualty
• EPS (TTM): 0.51
• Shares Outstanding: 48,066,673
• 10 Day Avg. Volume: 191,695
• 30 Day Avg. Volume: 218,356
• PEG Ratio: 0.07
• Price to Book (P/B): 2.91
• Price to Sales (P/S): 3.37
• P/FCF Ratio: 9.23
• Enterprise Value/Market Cap: 0.97
• Enterprise Value/Revenue: 3.43
• Enterprise Value/Gross Profit: 8.85
• Enterprise Value/Ebitda: 16.14
• 1Y Price Target: $26.75
• Price Target Upside: 20.93% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): 1.89
• Revenue Forecast (FY): $569.35M

• Rating: 83 Outperform
• Price Target: $20.50 ▼(-7.32% Downside)
• Action: N/A Date: 01/04/26
• Date: Action: N/A 01/04/26

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.

Positive Factors

Premium / Top-line Growth

Sustained double-digit GWP growth driven by higher submissions indicates product-market fit and distribution traction. With targeted verticals and digital channels contributing, this supports durable revenue scalability and market share gains across small‑to‑mid commercial segments over the next several quarters.

Margin Improvement / Underwriting Discipline

A materially improved combined ratio driven by lower loss and expense ratios reflects better underwriting selection and operating leverage. If maintained, these structural margin gains strengthen earnings sustainability, boost free cash flow conversion, and improve capital returns in a capital‑intensive insurance model.

Conservative Balance Sheet & Cash Generation

Minimal leverage and rising operating/free cash flow provide financial flexibility for growth, reserve funding, and strategic investments without refinancing pressure. A stronger equity base and improving ROE enhance resilience to underwriting cycles and support disciplined capital deployment over time.

Negative Factors

Growth Volatility & Low‑Base Effects

A sharp step‑up in scale off a low base can overstate sustainable momentum; lumpy portfolio expansion raises predictability risk for premiums and earnings. This complicates medium‑term planning for capital, pricing, and reserving, and heightens execution risk if new channels underperform.

Rising Competitive Intensity in E&S Market

Structural increases in E&S competition can pressure premium rates, retention and broker economics, making it harder to sustain above‑market growth and margin improvements. Persistent competitive pressure reduces pricing power and could force higher acquisition spend or lower underwriting standards.

Limited Transparency on Underwriting/Liability Detail

Sparse disclosure on reserve composition, liability segmentation and coverage specifics hinders assessment of loss development and catastrophe exposure. For a P&C insurer, this opacity increases model risk and the chance that reserve adjustments or adverse loss emergence could meaningfully affect future capital and earnings.

Ategrity Specialty Holdings LLC Business Overview & Revenue Model

Company Description

Ategrity 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 Financial Statement Overview

Summary

Strong profitability and scale step-up (2024 revenue growth with meaningful margin expansion and net income improvement), supported by a conservative balance sheet (no reported debt) and rising operating/free cash flow. Key risk is visibility/consistency of the step-change and limited insurer liability/coverage detail in the provided data.

Income Statement

Annual results show a sharp step-up in scale and profitability: revenue rose from $241.3M (2023) to $343.8M (2024), with margins expanding meaningfully (net margin ~4.2% to ~13.7%; EBITDA margin ~6.3% to ~20.1%). Earnings growth is strong (net income $10.0M to $47.1M). The main watch-out is that growth appears lumpy/off a low base (very high reported growth rate in 2024), which can be less predictable going forward.

Balance Sheet

Balance sheet looks conservative with minimal leverage (total debt reported as $0 in both 2023 and 2024; debt-to-equity near zero) and a growing equity base ($321.7M to $398.3M). Profitability on equity improved materially (ROE ~3.1% to ~11.8%). A key limitation is that, with limited liability detail provided, the analysis can’t fully assess underwriting/liability structure typical for insurers, but on the available data leverage risk appears low.

Cash Flow

Cash generation is solid and improving: operating cash flow increased from $85.7M (2023) to $125.6M (2024), and free cash flow matches operating cash flow in both years (suggesting limited drag from capital spending in the provided figures). Free cash flow appears well-supported relative to net income (shown as 1.0 in both periods). The main weakness is missing/zeroed coverage information (operating cash flow coverage ratio reported as 0.0), which limits a fuller quality-of-cash assessment.

Breakdown	TTM	Dec 2024	Dec 2023
Income Statement
Total Revenue	301.00M	343.83M	241.32M
Gross Profit	116.84M	107.91M	41.01M
EBITDA	64.04M	69.00M	15.09M
Net Income	48.75M	47.09M	10.05M
Balance Sheet
Total Assets	1.21B	1.12B	882.04M
Cash, Cash Equivalents and Short-Term Investments	549.22M	517.94M	362.85M
Total Debt	4.55M	0.00	0.00
Total Liabilities	620.73M	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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ASIC	83 Outperform	$1.06B	14.32	―	―	―	―
SBFG	75 Outperform	$130.76M	9.48	10.12%	2.69%	10.78%	21.72%
FUSB	72 Outperform	$88.12M	15.28	5.50%	2.08%	1.03%	-35.72%
AUBN	69 Neutral	$84.20M	11.61	8.22%	4.16%	24.17%	739.42%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
GROW	62 Neutral	$41.80M	497.01	1.82%	3.73%	115.35%	-48.45%

Ategrity Specialty Holdings LLC Corporate Events

Ategrity Specialty Posts Investor Presentation Under Regulation FD

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.