Fundamentals snapshot
ASIC · NYQ · Financial Services · Insurance - Property & Casualty
Current price
$23.36
52-week range
$16.73 - $29.00
Market cap
$1.12B
One-glance verdict
We don't put a cash-flow fair value on banks and insurers. For these companies the reported 'cash flow' is really just money moving between loans, deposits and trades — not the leftover profit the owners could actually pocket — so the usual method would print a misleading number.
Balance sheet
Net cash $217.95M. Interest coverage shows how many times profit covers the interest bill.
What stands out
What this company does
Ategrity Specialty Insurance Company Holdings provides specialized insurance for businesses that face risks not typically covered by standard policies. Their main income comes from selling these insurance policies, which is important because it means they help businesses manage unexpected problems and keep operating smoothly.
Ategrity Specialty Insurance Company Holdings, or ASIC, was founded in 2018 as Ategrity Specialty Holdings LLC. [7, 11] It began operations in 2018 and was primarily funded by Stuart Zimmer, the founder of Zimmer Partners, an investment advisory firm. [9, 11] The company officially changed its name to Ategrity Specialty Insurance Company Holdings in June 2025, coinciding with its initial public offering (IPO) on the New York Stock Exchange. [7, 13] ASIC operates as a holding company, with its main business conducted through its subsidiaries that offer specialized insurance products. [8] The company's strategy has focused on leveraging technology and data analytics to streamline the underwriting process for small and medium-sized businesses. [11, 14]
ASIC is a specialty insurance company that provides excess and surplus (E&S) lines insurance and reinsurance products. [7, 14] Think of E&S insurance as coverage for risks that standard insurance policies might not cover, often for businesses with unique or complex needs. [7] ASIC focuses on small to medium-sized businesses (SMBs) across the United States, offering property and casualty insurance solutions. [7, 14] They work through brokers and small business channels, using a technology-driven approach to make the insurance process faster and more efficient. [6, 11]
This is one of ASIC's core offerings, providing insurance that protects businesses from claims of bodily injury or property damage that occur as a result of their operations. [2] It's particularly tailored for industries like construction, real estate, hospitality, and retail. [2, 6] This coverage is crucial for businesses to shield themselves from the financial impact of accidents or incidents that could lead to lawsuits.
This segment provides insurance for a business's physical assets, such as buildings and equipment, as well as coverage for business income if operations are interrupted due to a covered event. [2] ASIC focuses on risks that are not considered major catastrophes, meaning they are less likely to be affected by large-scale natural disasters like hurricanes or earthquakes. [2]
This type of insurance protects a company's directors and officers (D&O) from claims related to their management decisions. [2] It also covers employment practices liability (EPLI), which protects against claims from employees regarding wrongful termination, discrimination, or harassment, and fiduciary liability, which relates to managing employee benefit plans. [2] This is particularly important for private companies and non-profit organizations.
This category, often referred to as Professional Liability or Errors & Omissions (E&O) insurance, provides coverage for professionals across various fields. [2] It protects them from claims of negligence or mistakes made while providing their professional services. ASIC offers this for a wide range of professions, including architects and engineers who need protection for their design and technical work. [2]
ASIC offers specialized insurance for businesses within the healthcare sector. [2] This includes coverage for traditional healthcare providers as well as emerging health service companies, addressing the unique risks and liabilities they face in their practice.
This is a newer area for ASIC, offering specialized casualty insurance solutions for companies involved in the development and manufacturing of medical devices, pharmaceuticals, and biotechnology products. [3, 5] It also covers clinical research organizations, laboratories, and healthcare technology providers, addressing the complex risks inherent in this innovative industry.
ASIC provides insurance for businesses operating across the entire energy value chain. [3, 5] This includes traditional oil and gas companies, as well as those involved in renewable and alternative energy sources. Coverage extends to operators, contractors, pipeline businesses, power generators, and mining companies, among others.
This segment offers insurance for businesses in the leisure, recreation, sports, and entertainment industries. [3, 5] It builds upon Ategrity's existing offerings and includes coverage for fitness facilities, amusement venues, and special events, as well as considering businesses like golf clubs and performing arts venues.
This division provides insurance for businesses that may have environmental exposures due to their operations, products, or transportation activities. [3, 5] It covers pollution risks and is designed for companies such as remediation contractors, waste management operations, and environmental consultants.
ASIC's management is focused on expanding its product offerings into new specialty niches, as demonstrated by the recent launch of products in Life Sciences, Energy, Sports & Entertainment, and Environmental Liability. [3, 4] They are leveraging their proprietary underwriting platform, which combines data analytics with automated processes, to efficiently serve clients and deliver value. [13, 14] The company is also investing in technology, including automation and artificial intelligence, to further streamline operations, improve margins, and maintain a competitive edge. [15, 16] This strategy aims to drive profitable growth by identifying and serving unique specialty risks across various industries. [3, 4]
Price history
Earnings history
Click any quarter to read the call summary and what the numbers say.
Is it cheap or expensive?
For a bank or insurer, the "free cash flow" shown on its statements is mostly money flowing through loans, deposits and trades — not the leftover profit the owners could actually keep, which is what this kind of valuation needs. Running that through the usual method would spit out a meaningless number, so we leave the cash-flow fair value out here rather than show you something misleading.
Is it drowning in debt?
Net cash $218.0M - more cash than debt. Interest coverage 71.6x.
Ategrity Specialty Insurance Co's profit covers its interest bill about 71.6 times over. which is stronger than most peers shown here.
Total debt $3.20M Interest coverage 71.63x This is the baseline the peer rows are being compared against.
Total debt $437.20M Interest coverage 28.33x -60% vs ASIC Carries about 2.5x less debt cushion than ASIC.
Total debt $329.86M Interest coverage 3.15x -96% vs ASIC Carries about 22.8x less debt cushion than ASIC.
Total debt $317.62M Interest coverage 95.43x +33% vs ASIC Carries about 1.3x more debt cushion than ASIC.
Total debt $224.60M Interest coverage 60.58x -15% vs ASIC Carries about 1.2x less debt cushion than ASIC.
What you should know
The numbers
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Valuation
Profitability
Health
Growth
Cash flow
Dividend
Metric explainer
Debt comparison
What you should know