Ategrity is a cheaply valued specialty insurer with a strong earnings record, but revenue and risk are heavily concentrated, the latest quarter missed and momentum is negative. A thin 3.9% upside to the analyst target leaves little reason to add.
Thesis pillars
- Concentrated Business Risk↓Deteriorating
- Beat Record With Latest Miss↓Deteriorating
- Negative Price Momentum↓Deteriorating
- +2 more pillars — see the Why tab for full reasoning
Pillars as of Oct 24, 2026, based on the 10-K filed Mar 6, 2026
Ategrity Specialty Insurance Co (ASIC) Stock Analysis
Inst Constrain edge
Financial Services · Insurance - Property & Casualty
Hold if already holding. Not a fresh buy at $23.22, but acceptable to hold if already in. Reasons: Concentration risk — Product: casualty (67.2%); Concentration risk — Counterparty: Ategrity Limited (80.0%).
Ategrity Specialty Insurance Company Holdings is a specialty property and casualty insurance holding company focused exclusively on the excess and surplus (E&S) market for small and medium-sized businesses across the U.S., using a technology-driven "productionized underwriting"... Read more
Hold if already holding. Not a fresh buy at $23.22, but acceptable to hold if already in. Reasons: Concentration risk — Product: casualty (67.2%); Concentration risk — Counterparty: Ategrity Limited (80.0%). Chart setup: No clear chart pattern; technical signals are mixed. Maintain position. Not compelling to add more. Score 6.1/10, moderate confidence.
Passes 6/8 gates (clean insider activity, no SEC red flags, news boost analyst 0.40, earnings proximity 112d clear, semi cycle peak clear, materials cycle peak clear). Fails on weak momentum and favorable risk/reward ratio. Suitability: speculative.
About Ategrity Specialty Insurance Co
About Ategrity Specialty Insurance Co
Ategrity Specialty Insurance Company Holdings wrote $581.5 million in gross written premiums during 2025 across the excess and surplus market for small and medium-sized businesses, achieving an 88.2% combined ratio and ending the year with $614.3 million in stockholders' equity. The company's book skews 67.2% casualty and 32.8% property across 48 states and the District of Columbia, with California (18.9%), Florida (16.1%), and Texas (10.1%) its three largest state concentrations, regulated primarily by the Delaware Department of Insurance.
Ategrity earns premium revenue through two channels, a Brokerage Channel serving medium-sized commercial risks and a Small Business Channel using automated eligibility screening and pricing for smaller, standardized accounts, distributing exclusively through licensed surplus lines brokers and wholesale agents, with the three largest wholesale distribution corporations accounting for 46.5% of 2025 gross written premiums. The company cedes approximately 80% of Ategrity Specialty's net written premium to its Bermuda-domiciled reinsurance affiliate, Ategrity Limited, under a quota share arrangement, retaining a net probable maximum loss of $12 million for a 1-in-250-year catastrophe event, equal to about 2.0% of stockholders' equity. Both Ategrity Specialty and Ategrity Limited carry an A.M. Best financial strength rating of A- (Excellent) with a positive outlook, and the company holds roughly $1.1 billion in cash and invested assets, mostly investment-grade fixed maturities with an average credit rating of A- and effective duration of 3.8 years.
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Ategrity's capital efficiency depends heavily on its own Bermuda reinsurance affiliate: with 80% of Ategrity Specialty's net written premium ceded to Ategrity Limited, a disruption to that intra-group quota share, whether from a Bermuda Monetary Authority capital directive, a ratings action, or an intercompany-transaction dispute, would force Ategrity Specialty to retain far more risk on its own balance sheet than its current $614.3 million in stockholders' equity is sized for. Because Ategrity Limited is an affiliate rather than an independent reinsurer, this arrangement does not diversify Ategrity's ultimate exposure to a large loss event the way third-party reinsurance would; it primarily reallocates capital and risk within the same corporate family, meaning the group's total loss absorption capacity is what ultimately backs the ceded 80%, not a separate balance sheet.
See also: Financial Services · Insurance - Property & Casualty
From Ategrity Specialty Insurance Co's most recent 10-K filing, extracted July 6, 2026.
Recent developments
updated 2026-10-29Recent Developments — Ategrity Specialty Insurance Co
Latest news
- NEWS Earnings Flash (ASIC) Ategrity Specialty Insurance Company Holdings Posts Q2 Adjusted EPS $0.67 per Share, vs. FactSet E — marketscreener.com positive
- NEWS Ategrity Specialty Insurance Company Holdings (ASIC) Hit a 52 Week High, Can the Run Continue? - Yahoo Finance — Yahoo Finance positive
- NEWS Ategrity Specialty Insurance Company Holdings (ASIC) Hit a 52 Week High, Can the Run Continue? - finance.yahoo.com — finance.yahoo.com positive
- NEWS Enphase Energy (ENPH) Unveils Kestrel ASIC White Paper For Its Next Energy Products - Yahoo Finance — Yahoo Finance neutral
- NEWS [ASIC Q3 2026 Earnings Call] Ategrity Posts Record 84.7% Combined Ratio, but Investment Losses Drag Net Income Down 36% — BigGo Finance negative
Generated 2026-10-29T11:08:50Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Concentration Risks(10-K Item 1A)
- HIGHProductcasualty67%10-K Item 1: 'our gross written premiums were approximately 67.2% casualty and 32.8% property'
- LOWGeographicCalifornia19%10-K Item 1: 'five states accounted for 5% or more of gross written premiums: California (18.9%), Florida (16.1%), Texas (10.1%), New York (8.3%) and Georgia (5.4%)'
- MEDIUMcounterpartythree largest wholesale distribution corporations47%10-K Item 1: 'The industry's three largest wholesale distribution corporations represented 46.5% of gross written premiums for the year ended December 31, 2025.'
- HIGHcounterpartyAtegrity Limited80%10-K Item 1: 'approximately 80% of Ategrity Specialty's net written premium was ceded to Ategrity Limited under a quota share arrangement'
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
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Rating Breakdown
1 floor-breaker
Momentum below the gate floor. Component breakdown shows what dragged the score down.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Hold if already holding. Not a fresh buy at $23.22, but acceptable to hold if already in. Reasons: Concentration risk — Product: casualty (67.2%); Concentration risk — Counterparty: Ategrity Limited (80.0%). Chart setup: No clear chart pattern; technical signals are mixed. Maintain position. Not compelling to add more. Analyst target $24.71 (+6.4%), stop $22.35 (−3.9%), A.R:R 0.7:1. Score 6.1/10, moderate confidence.
Analyst target: $24.71 (+6.4% upside). Analyst target $24.71 (+6.4%), stop $22.35 (−3.9%), A.R:R 0.7:1. Stop-loss: $22.35.
Concentration risk — Product: casualty (67.2%); Concentration risk — Counterparty: Ategrity Limited (80.0%); Thin upside margin: 6.4%.
Ategrity Specialty Insurance Co trades at a P/E of 11.7 (forward 9.3). TrendMatrix value score: 8.5/10. Verdict: Hold.
11 analysts cover ASIC with a consensus score of 4.0/5. Average price target: $28.
What does Ategrity Specialty Insurance Co do?Ategrity Specialty Insurance Company Holdings is a specialty property and casualty insurance holding company focused...
Ategrity Specialty Insurance Company Holdings is a specialty property and casualty insurance holding company focused exclusively on the excess and surplus (E&S) market for small and medium-sized businesses across the U.S., using a technology-driven "productionized underwriting" model. The company wrote $581.5 million in gross written premiums in 2025 (67.2% casualty, 32.8% property) at an 88.2% combined ratio, distributing exclusively through surplus lines brokers and wholesalers, with California (18.9%) its largest state exposure, and cedes approximately 80% of net written premium to its Berm