Sequentis leads $75mn raise at expansive E&S carrier Ategrity

Expansive E&S carrier Ategrity Specialty Insurance Company has completed a $75mn capital raise led by Sequentis Financial, with the proceeds to be deployed towards continuing its growth after it reported top line that more than doubled last year.

The Scottsdale, Arizona-based company, has expanded rapidly since its launch in September 2018. In June last year it ranked top in an S&P Global Market Intelligence survey of the fastest-growing US insurers that file statutory statements.

According to 2020 statutory filings, direct written premiums were $208mn, up from $95mn in 2019. DWP in the first half of 2021 was $111mn.

The company’s initial $125mn funding at launch had been through Zimmer Partners, the hedge fund which forms an operating company of Sequentis.

Zimmer Partners founder and CEO Stuart Zimmer is also chairman of Sequentis.

Ategrity is led by Mike Miller, who served as president at Scottsdale Insurance Company for 10 years from 2005 to 2015. Miller serves as both executive chairman and chief executive at Ategrity.

The company offers commercial E&S property and casualty business on a primary and excess basis, and holds an A- financial strength rating with AM Best.

Ategrity offers both brokerage and contract products, with John Goodloe serving as chief underwriting officer for brokerage and Sandy Vertuno for contract.

Miller said the company had done an “extraordinary job” building its presence since its 2018 launch.

“It is now time to marry our existing strengths with new investments in data and analytics that will position our company for its next phase of growth,”he said.

“We are excited to have raised significant capital to support this plan as we work to deliver the highest level of service to our agents and brokers.”

Zimmer said Ategrity has “quickly established itself as a leader” in the E&S marketplace. “We are very pleased to continue to support its growth. Its innovative approach to technology and service positions Ategrity well for the future, with a strong and seasoned executive team,” he added.