Ategrity Specialty Insurance Co Holdings

Listed Company

ASICCIK 0002040491NYSENon-AcceleratedEmerging GrowthFire, Marine & Casualty InsuranceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$424.34M

Net Income

$74.00M

Total Assets

$1.47B

Equity

$614.31M

Shares Out

48.07M

Op. Cash Flow

$147.19M

Business

Ategrity Specialty Insurance Co Holdings is a publicly listed company in Fire, Marine & Casualty Insurance, incorporated in Delaware. Common stock trades on NYSE under the ticker ASIC.

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Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31
Gross written premiums	582	437
Ceded written premiums	−157	−138
Net written	425	299
Change in unearned premiums	−63	−9
Net earned	362	291
Fee income	7	918,000
Net investment income	42	24
Net realized and unrealized gains (losses) on investments	13	28
Other income	1	95,000
Total revenues	424	344
Losses and loss adjustment expenses	212	175
Underwriting, acquisition and insurance expenses	113	99
Interest expense	1	2
Other expenses	2	2
Total expenses	328	278
Income before income taxes	96	66
Income tax expense	20	12
Net income	76	54
Less: Net income (loss) attributable to non-controlling interest - General Partner	2	7
Net income attributable to stockholders	74	47
Unrealized gains (losses), net of taxes	6	7
Total comprehensive income attributable to stockholders	80	55
Basic (in dollars per share)	1.64	1.28
Diluted (in dollars per share)	1.58	1.28
Basic (in shares)	45	37
Diluted (in shares)	46	37

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Fixed-maturity securities available-for-sale, at fair value (amortized cost: $546,755 in 2025 and $434,965 in 2024)	558	439	—
Utility & Infrastructure Investments, at fair value (cost of $15,135 in 2025 and $21,168 in 2024)	190	270	—
Short-term investments	220	53	—
Loans to affiliates	107	14	—
Other invested assets	280,000	280,000	—
Total invested assets	1,075	775	—
Cash and cash equivalents	30	27	—
Investment income due and accrued	10	6	—
Premiums receivable, net of allowance for credit losses of $8,754 in 2025 and $5,907 in 2024	75	54	—
Deferred policy acquisition costs, net of ceding commissions	30	22	23
Prepaid reinsurance premiums	3	4	—
Deferred income tax asset, net	13	10	—
Reinsurance recoverable, net of allowance for credit losses of $0 in 2025 and 2024	150	134	—
Ceded unearned premiums	74	68	—
Other assets	13	25	—
Total assets	1,474	1,123	—
Reserves for unpaid losses and loss adjustment expenses	502	404	321
Unearned premiums	282	213	—
Securities sold, not yet purchased, at fair value (cost of $0 in 2025 and $932 in 2024)	0	930,000	—
Payable to reinsurers	31	27	—
Due to broker	0	9	—
Due to affiliates	32	38	—
Funds held under reinsurance treaties	2	2	—
Income tax payable	8	26	—
Other liabilities	3	4	—
Total liabilities	859	725	—
Preferred stock, $0.001 par value,100,000,000 shares authorized and none issued or outstanding.	0	0	—
Common stock, $0.001 par value, 500,000,000 shares authorized, 48,066,674 and 38,386,433 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively.	48,000	38,000	—
Additional paid-in capital	496	361	—
Retained earnings	109	35	—
Accumulated other comprehensive income	9	3	—
Total stockholders' equity	614	398	—
Non-controlling interest - General Partner	550,000	500,000	—
Total stockholders' equity and non-controlling interest	615	399	322
Total liabilities, stockholders' equity and non-controlling interest	1,474	1,123	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31
Amortization of premium/discount on fixed-maturity securities, available-for-sale	−6	−4
Net realized and unrealized gains (losses) on investments	−13	−28
Net investment income	−8	−3
Depreciation and amortization	593,000	699,000
Share-based compensation	1	2
Deferred income taxes	−5	−4
Investment income due and accrued	−5	−5
Premiums receivable, net	−22	−4
Deferred policy acquisition costs, net of ceding commissions	−9	2
Prepaid reinsurance premiums	977,000	−4
Reinsurance recoverable	−17	−8
Ceded unearned premiums	−6	−30
Other assets	6	−19
Reserves for unpaid losses and loss adjustment expenses	99	83
Unearned premiums	69	39
Payable to reinsurers	4	11
Accounts payable and accrued expenses	−6	30
Funds held under reinsurance treaties	−545,000	−2
Income tax payable	−10	18
Other liabilities	−2	−2
Net cash provided by operating activities	147	126
Purchase of fixed-maturity securities, available-for-sale	−338	−389
Proceeds from sale of fixed-maturity securities, available-for-sale	291	99
Proceeds from maturities and redemptions of fixed-maturity securities, available-for-sale	9	18
Purchases of Utility & Infrastructure Investments	−10	0
Proceeds from redemptions of Utility & Infrastructure Investments	106	414,000
Loans to affiliates	−93	0
Purchase of property and equipment	−6	−164,000
Change in Treasury bills, net	−64	−39
Change in short-term investments, net	−168	−53
Proceeds from sale of securities sold, not yet purchased	0	−348,000
Purchases to cover securities sold, not yet purchased	0	1
Proceeds from sale of other invested assets	0	415,000
Net cash used in investing activities	−274	−363
Proceeds from Issuance of Common Stock	122	0
Payments of initial public offering costs	−5	0
Capital contributions	23	0
Payments for share repurchases	−3	0
Capital distribution	−7	−414,000
Net cash provided by (used in) financing activities	130	−414,000
Net change in cash and cash equivalents	3	−238
Cash paid for interest	2	2
Cash paid (received) for taxes	35	−907,000
Common stock issued in exchange for U.S. Treasury bills	0	20

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