ASIC Overview

Rating Outlook Change: AM Best has revised the outlook for Ategrity Specialty Insurance Company and its affiliate to positive from stable, affirming their Financial Strength Rating of A- and Long-Term Issuer Credit Ratings of "a-" and "bbb-".

Balance Sheet Strength: Ategrity maintains a very strong balance sheet, with risk-adjusted capitalization at the strongest level, supported by capital contributions and a successful IPO in June 2025.

Improved Underwriting Performance: The company has successfully reduced business volatility and improved underwriting profitability over the past three years, aided by a favorable business mix and investment performance.

Strategic Enhancements: Ategrity has made significant improvements in its business profile and enterprise risk management, which are expected to contribute to continued stability and profitability in the future.

Surge in Insurance IPOs: Insurance companies have seen a significant increase in initial public offerings (IPOs) this year, reaching a 20-year high, as investors seek stability amid economic volatility caused by trade wars and inflation.

Strong Performance and Investor Interest: U.S.-listed insurance IPOs have collectively raised $2.64 billion, with companies like American Integrity and Aspen Insurance performing well post-debut, indicating strong investor interest in the sector.

Future Outlook for Insurance IPOs: Despite concerns over pricing pressures and claims, the insurance industry is expected to continue attracting investors, with a pipeline of companies ready to go public, particularly those backed by private equity firms.

Impact of Government Shutdown: The recent U.S. government shutdown has caused delays in the IPO process, which may affect the number of listings in 2025, pushing momentum into the first half of 2026.

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Third Quarter Profit: Ategrity Specialty Insurance Company Holdings reported a profit of $22.66 million, or $0.45 per share, for the third quarter, an increase from $12.86 million, or $0.36 per share, in the same period last year.

Adjusted Earnings: The company’s adjusted earnings were $22.83 million, or $0.46 per share, surpassing analysts' expectations of $0.34 per share.

Revenue Growth: Revenue for the quarter rose by 30.8% to $116.10 million, compared to $88.75 million in the previous year.

Earnings Summary: Key earnings figures include $22.66 million in earnings, $0.45 EPS, and $116.10 million in revenue, all showing significant year-over-year growth.