Credit ratings agency AM Best has revised the outlooks of Ategrity Specialty Insurance Company (ASIC) and its affiliate, Ategrity Specialty Insurance Limited (ASIL), to positive from stable, reflecting its “very strong” balance sheet supported by its risk-adjusted capitalisation.
Ategrity Specialty Insurance Company Holdings has received a revised outlook of positive from stable and a Long-Term ICR of “bbb-” (Good).
The ratings also reflect Ategrity’s adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).
The company writes US excess and surplus lines of business, focused on small to medium-sized businesses with limited property catastrophe risk.
AM Best believes Ategrity’s capital levels have kept pace with increases in premium and loss volume driven by regular capital contributions from its majority owner and successful initial public offering in June 2025.
The balance sheet strength is projected to be stable at a very strong level, based on operating results and the company’s capital management strategy.
For the last three years, Ategrity’s management executed its strategy to reduce volatility in its business and improve underwriting profitability, which is supported by favourable net investment income.
AM Best said, “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 started writing excess and surplus lines of business in 2018, through its US operating subsidiary, ASIC. The group’s business profile is considered limited.
However, the group has made significant business profile improvements over the past few years, reflected in the revised positive outlook.
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