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Ategrity Specialty Holdings LLC
(NYSE:ASIC)
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Rating:83Outperform
Price Target:
$31.00
▲(17.74% Upside)
Action:Reiterated
Date:08/28/26
The score is driven primarily by strong financial performance (rapid growth, improving margins, debt-free balance sheet, and strong cash generation). Technicals are also supportive with price above major moving averages and positive momentum indicators, while valuation looks reasonable at ~11.8x earnings. The key offset is execution/sustainability risk given how quickly profitability and growth have expanded in a cyclical P&C underwriting environment.
Positive Factors
Rapid revenue growth and improving profitability
Strong premium expansion alongside higher net margins indicates improving underwriting scale and operating leverage. If disciplined risk selection persists, this combination can support durable earnings growth and stronger returns over the next several quarters.
Negative Factors
Rapid margin expansion may be difficult to sustain
Recent revenue and margin gains are substantial but have developed over a limited history. Specialty insurance profitability can weaken when pricing, risk selection, or catastrophe conditions normalize, creating a lasting risk to earnings predictability.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid revenue growth and improving profitability
Strong premium expansion alongside higher net margins indicates improving underwriting scale and operating leverage. If disciplined risk selection persists, this combination can support durable earnings growth and stronger returns over the next several quarters.
Read all positive factors
Ategrity Specialty Holdings LLC (ASIC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.28B
Dividend YieldN/A
Average Volume (3M)218.36K
Price to Earnings (P/E)11.8
Beta (1Y)0.73
Revenue Growth36.63%
EPS Growth67.30%
CountryUS
Employees203
SectorGeneral
Sector StrengthN/A
IndustryInsurance - Property & Casualty
Share Statistics
EPS (TTM)2.23
Shares Outstanding47,926,930
10 Day Avg. Volume191,695
30 Day Avg. Volume218,356
Financial Highlights & Ratios
PEG Ratio0.19
Price to Book (P/B)1.53
Price to Sales (P/S)2.21
P/FCF Ratio6.67
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$28.88Price Target Upside9.67% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)2.29
Revenue Forecast (FY)$542.81M
Ategrity Specialty Holdings LLC Business Overview & Revenue Model
Company Description
Ategrity Specialty Holdings LLC, along with its subsidiaries, offers insurance and reinsurance services specifically designed for small and medium-sized businesses across the United States. Its product line primarily focuses on property and casual...
How the Company Makes Money
ASIC makes money primarily through insurance underwriting and investment income. Underwriting revenue is generated by writing specialty property and casualty insurance policies and collecting premiums from insureds; profitability depends on pricin...
Ategrity Specialty Holdings LLC Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Positive
The call emphasizes strong top-line growth, materially improved profitability and operating leverage driven by selective underwriting, regional go-to-market expansion, and investment income gains. Management acknowledged pockets of intensified competition and some mix-driven pressure on attritional losses, but framed these as manageable within a disciplined underwriting strategy. Guidance maintained for continued above-market premium growth and stable combined ratios supports confidence in near-term execution.Positive Updates
Strong Top-Line Growth
Gross written premiums increased 23.1% year-over-year, with growth described as broad-based (casualty premiums +27%, property premiums +13%). Net written premiums rose 32% and net earned premiums increased 34%.
Negative Updates
Intensifying Competitive Pressure in Parts of E&S
Management acknowledged increasing competition and aggressive price cuts in CAT-exposed and larger property accounts; the firm has chosen to walk away from some large accounts where rates were not acceptable.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Top-Line Growth
Gross written premiums increased 23.1% year-over-year, with growth described as broad-based (casualty premiums +27%, property premiums +13%). Net written premiums rose 32% and net earned premiums increased 34%.
Read all positive updates
Company Guidance
Guidance for Q2 FY2026: management expects direct written premium growth of approximately 20 percentage points above the E&S market and an underwriting combined ratio "in the 87s," indicating continued year‑over‑year margin improvement, and said property could accelerate versus Q1; they also said reinsurance retention should be relatively consistent for the year with company retention expected in the low‑80% range and that expense‑ratio tailwinds from operating leverage and AI investments should persist. For context, Q1 results cited on the call included a 87.4% combined ratio, gross written premiums +23.1%, net written premiums +32%, net earned premiums +34%, adjusted net income $25.6M ($0.51/diluted share), underwriting income $13.3M, loss ratio 58.8%, expense ratio 28.6% (operating expense 10.9%, acquisition costs 17.6%), favorable development = 0.5% of NEP, CATs = 4% of NEP, net investment income $12M, realized/unrealized gains $9.5M, cash & investments $1.15B and book value per share $13.13.Ategrity Specialty Holdings LLC Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
82
Very Positive
Cash Flow
88
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 516.88M | 424.34M | 343.83M | 241.32M |
| Gross Profit | 304.31M | 212.19M | 107.91M | 41.01M |
| EBITDA | 144.03M | 97.86M | 69.00M | 15.09M |
| Net Income | 106.84M | 74.00M | 47.09M | 10.05M |
Balance Sheet | ||||
| Total Assets | 1.40B | 1.47B | 1.12B | 882.04M |
| Cash, Cash Equivalents and Short-Term Investments | 644.64M | 274.67M | 517.94M | 362.85M |
| Total Debt | 1.78M | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 728.51M | 859.45M | 724.63M | 559.85M |
| Stockholders Equity | 664.39M | 614.31M | 398.31M | 321.70M |
Cash Flow | ||||
| Free Cash Flow | 86.87M | 140.72M | 125.61M | 85.71M |
| Operating Cash Flow | 94.24M | 147.19M | 125.61M | 85.71M |
| Investing Cash Flow | -108.85M | -274.15M | -363.27M | 14.51M |
| Financing Cash Flow | -4.14M | 130.11M | -414.00K | 32.27M |
Ategrity Specialty Holdings LLC Risk Analysis
Ategrity Specialty Holdings LLC disclosed 69 risk factors in its most recent earnings report. Ategrity Specialty Holdings LLC reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Ategrity Specialty Holdings LLC Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
87 Outperform | $1.02B | 4.85 | 42.41% | ― | 1.45% | 102.69% | |
86 Outperform | $3.47B | 16.89 | 21.61% | ― | 60.27% | 30.93% | |
84 Outperform | $1.11B | 17.77 | 13.73% | ― | 24.59% | 25.14% | |
83 Outperform | $1.28B | 11.81 | 17.11% | ― | 36.63% | 67.30% | |
72 Outperform | $2.58B | 13.04 | 16.84% | ― | 37.99% | 34.78% | |
69 Neutral | $424.58M | 12.26 | 4.33% | 5.19% | 3.83% | 18.23% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
ASIC
Ategrity Specialty Holdings LLC
26.33
3.92
17.49%
GBLI
Global Indemnity
28.46
0.36
1.27%
HRTG
Heritage Insurance Holdings
34.15
11.68
51.98%
PLMR
Palomar Holdings
129.55
5.87
4.74%
SKWD
Skyward Specialty Insurance Group, Inc.
57.65
9.19
18.96%
BOW
Bowhead Specialty Holdings Inc.
33.59
2.52
8.11%
Ategrity Specialty Holdings LLC Corporate Events
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Ategrity Specialty Holdings Appoints New Chief Financial Officer
Positive
Jul 10, 2026
For the second quarter ended June 30, 2026, Ategrity Specialty Insurance preliminarily reported record gross written premiums of more than $205 million, exceeding 22% year-over-year growth and outpacing ES market benchmarks. The company expects a ...
Executive/Board ChangesShareholder Meetings
Ategrity Shareholders Reelect Board and Ratify EY Appointment
Positive
Jun 11, 2026
On June 9, 2026, Ategrity Specialty Insurance Company Holdings held its Annual Meeting of Stockholders, with 91.62% of voting power represented, and shareholders elected seven directors to serve until the 2027 annual meeting or until their success...
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.