Ategrity Specialty Insurance Company Holdings (ASIC) is a specialty insurance company that underwrites surplus lines casualty and property insurance for commercial risks. It generates revenue primarily through net earned premiums, which totaled $361.7 million for the year ended December 31, 2025, up 24.4% from $290.6 million in 2024. The company distributes exclusively through licensed surplus lines brokers and wholesale agents across two channels: a Brokerage Channel for medium-sized commercial risks and a Small Business Channel for smaller, more standardized risks via a technology-enabled quoting process. Gross written premiums reached $581.5 million for the year ended December 31, 2025, with casualty lines representing 67.2% ($390.6 million) and property lines 32.8% ($190.9 million). ASIC commenced operations in 2018 and operates in 48 states and the District of Columbia. The three largest wholesale distribution corporations accounted for 46.5% of gross written premiums for the year ended December 31, 2025, representing material customer concentration at the distribution level.

Revenue model

Transactional premium-based model. Revenue comes from net earned premiums ($361.7 million, FY2025), supplemented by fee income ($6.6 million, FY2025) and investment income. The company cedes a portion of risk to reinsurers; net written premiums of $424.6 million versus gross written premiums of $581.5 million for FY2025 reflects that reinsurance structure.

Products and services

Surplus lines casualty insurance and surplus lines property insurance. Casualty lines: 67.2% of gross written premiums ($390.6 million, FY2025). Property lines: 32.8% of gross written premiums ($190.9 million, FY2025). Distribution via Brokerage Channel (medium-sized commercial risks) and Small Business Channel (smaller standardized risks). Claims managed internally.

Customers and end markets

Commercial policyholders across sectors including real estate, hospitality, construction, and retail, as cited in the 10-K filed 2026-03-06. Products reach customers through surplus lines brokers and wholesale agents. Top five states by gross written premiums for FY2025: California (18.9%), Florida (16.1%), Texas (10.1%), New York (8.3%), and Georgia (5.4%).

Value-chain role

Specialty insurance underwriter operating in the surplus lines market. Distributes exclusively through wholesale intermediaries rather than direct to policyholders. Manages claims internally. Uses reinsurance to transfer a portion of underwritten risk.

Geographic exposure

United States only. Licensed in 48 states and the District of Columbia as of the 10-K filed 2026-03-06. Top five states by FY2025 gross written premiums: California (18.9%), Florida (16.1%), Texas (10.1%), New York (8.3%), Georgia (5.4%).

Source: SEC 10-K, filed 2026-03-06

Industry: Fire, Marine & Casualty Insurance