Ategrity Specialty Holdings LLC Announces Launch of Initial Public Offering

NEW YORK--(BUSINESS WIRE)--Ategrity Specialty Holdings LLC (together with its successors, the “Company”, “Ategrity Specialty”, “we” or “our”) announced today the launch of its initial public offering of 6,666,667 shares of common stock pursuant to a registration statement on Form S-1 filed with the Securities and Exchange Commission (the “SEC”). The Company will be converted to a Nevada corporation named Ategrity Specialty Insurance Company Holdings prior to the consummation of this offering. The initial public offering price is expected to be between $14.00 and $16.00 per share. The Company expects to grant the underwriters a 30-day option to purchase up to an additional 1,000,000 shares of its common stock at the initial offering price, less underwriting discounts and commissions. The Company has applied to have its common stock approved for listing, subject to official notice of issuance, on the New York Stock Exchange under the symbol “ASIC.”

The principal purposes of this offering are to increase the Company’s capitalization and financial flexibility and to create a public market for its common stock. The Company intends to use the net proceeds received from this offering to grow its business and for other general corporate purposes. The Company initially intends to invest such net proceeds in fixed income securities.

J.P. Morgan and Barclays are acting as joint lead bookrunning managers of the proposed offering and as representatives of the underwriters. Citigroup, TD Securities, and Wells Fargo Securities are acting as joint bookrunning managers.

The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to the proposed offering may be obtained from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com; or Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 1-888-603-5847, or by email at barclaysprospectus@broadridge.com.

A registration statement relating to the proposed offering has been filed with the SEC but has not yet been declared effective. Securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement is declared effective by the SEC. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Ategrity Specialty

Ategrity Specialty is a profitable and growing specialty insurance company dedicated to providing excess and surplus products to small to medium-sized businesses across the United States. We have built a proprietary underwriting platform that combines sophisticated data analytics with automated and streamlined processes to efficiently serve our clients and deliver long-term value to our stockholders. The small to medium-sized businesses market is characterized by large volumes of small-sized policies, and we believe our competitive edge lies in our ability to offer consistent, high-speed, and low-touch interactions that our distribution partners value. This advantage stems from our technology-driven method of standardizing, simplifying, and automating our transaction process, which we call productionized underwriting.

Forward-Looking Statements

Forward-looking statements, including statements regarding the size, timing and expected price range of the initial public offering, are based on the Company’s current expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company's registration statement on Form S-1, as amended from time to time, including under the caption "Risk factors." Any forward-looking statement in this release speaks only as of the date of this release. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances or to reflect new information or the occurrence of unanticipated events, except as required by law.