(Bloomberg) --Ategrity Specialty Insurance Co., a provider of excess and surplus insurance to small- and mid-size US companies, filed for an initial public offering and disclosed growing revenue.
The New York-based company had revenue of $344 million in 2024, resulting in a net income of $47 million, versus revenue of $241 million and a net income of $10 million in the previous year, according to a filing with the US Securities and Exchange Commission on Monday.
Ategrity joins a wave of companies preparing for listings this year, amid expectations that the US IPO market could return to its pre-pandemic average.
Ategrity, led by Chief Executive Officer Justin Cohen, in September named W. R. Berkley Corp. alum Neelam Patel as its chief financial officer and its chief underwriting officer Chris Schenk as president. The company launched in 2018 with funding from Stuart Zimmer's Zimmer Financial Services Group.
After the IPO, Zimmer Financial Services Group LLC will continue to own more than a majority of the voting power for the company, making it a controlled company, the filing showed.
An insurance company IPO would be a rarity on global exchanges, where just nine firms debuted last year and raised a combined $1.1 billion, according to data compiled by Bloomberg. The owners of British specialist insurance group Inigo Ltd. are exploring options including a potential sale of the business or a minority stake, as well as an IPO, though it's less preferred, Bloomberg News reported last year.
The offering is being led by JPMorgan Chase & Co. and Barclays Plc. Ategrity shares are expected to trade on the New York Stock Exchange under the symbol ASIC.
