AM Best Revises Outlooks to Positive for Ategrity Specialty Insurance Company Holdings and Its Subsidiaries
AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a-" (Excellent) of Ategrity Specialty Insurance Company (ASIC) and its affiliate, Ategrity Specialty Insurance Limited (ASIL). Concurrently, AM Best has revised the outlook to positive from stable and affirmed the Long-Term ICR of "bbb-" (Good) of the holding company, Ategrity Specialty Insurance Company Holdings (Ategrity) (NYSE:ASIC). Ategrity and ASIC are domiciled in Wilmington, DE, USA, while ASIL is domiciled in Hamilton, Bermuda.
The ratings reflect Ategrity's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).
Ategrity maintains a very strong level of balance sheet strength. The company's risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), is at the strongest level. Ategrity's capital levels have kept pace with increases in premium and loss volume due to regular capital contributions from Ategrity's majority owner and its successful initial public offering in June 2025. Balance sheet strength is projected to be maintained at the very strong level, based on operating results and the company's capital management strategy.
Ategrity's management was able to execute on its strategy to reduce volatility in its business and improve underwriting profitability over the past three years. The company writes U.S. excess and surplus lines of business, focused on small to medium-sized businesses with limited property catastrophe risk. Ategrity's business mix has led to improved underwriting results in 2023, 2024 and through the third quarter of 2025, supplemented by favorable net investment income during these years. The improved underwriting profitability and metrics have been driven by a shift in business mix. Prospective improvement of the group's operating profitability is dependent on management's ability to continue to execute on its business plan. The group's investment performance has been accretive to results as the alternative investment portfolio employed by Ategrity continues to outperform comparable benchmarks.
Ategrity, through its U.S. operating subsidiary, ASIC, began writing excess and surplus lines of business in 2018. The group's business profile is considered limited. However, the group has made significant business profile improvements over the past few years, which is reflected in the outlook revisions to positive. This includes changing management and strategy, as well as utilizing innovative solutions, which has led to significantly improved underwriting performance over the past few years. The company continues to enhance its ERM program, which is expected to lead to continued stability in underwriting results.
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Patrick Cyphers
Financial Analyst
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Guilherme Monteiro Simoes, CFA
Senior Financial Analyst
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