Critical Review: Ategrity Specialty (NYSE:ASIC) and Slide Insurance (NASDAQ:SLDE)

Ategrity Specialty (NYSE:ASIC) and Slide Insurance (NASDAQ:SLDE) are both financial services companies, but which is the superior investment? We will contrast the two businesses based on the strength of their institutional ownership, risk, analyst recommendations, profitability, earnings, dividends and valuation.

Valuation and Earnings

This table compares Ategrity Specialty and Slide Insurance”s gross revenue, earnings per share (EPS) and valuation.

	Gross Revenue	Price/Sales Ratio	Net Income	Earnings Per Share	Price/Earnings Ratio
Ategrity Specialty	$343.83 million	2.94	$47.09 million	$0.87	24.21
Slide Insurance	N/A	N/A	N/A	$1.35	12.55

Ategrity Specialty has higher revenue and earnings than Slide Insurance. Slide Insurance is trading at a lower price-to-earnings ratio than Ategrity Specialty, indicating that it is currently the more affordable of the two stocks.

Profitability

This table compares Ategrity Specialty and Slide Insurance’s net margins, return on equity and return on assets.

	Net Margins	Return on Equity	Return on Assets
Ategrity Specialty	17.32%	15.15%	5.89%
Slide Insurance	N/A	N/A	N/A

Analyst Ratings

This is a breakdown of recent ratings and price targets for Ategrity Specialty and Slide Insurance, as reported by MarketBeat.com.

	Sell Ratings	Hold Ratings	Buy Ratings	Strong Buy Ratings	Rating Score
Ategrity Specialty	1	0	2	0	2.33
Slide Insurance	0	2	6	0	2.75

Ategrity Specialty currently has a consensus target price of $26.50, indicating a potential upside of 25.83%. Slide Insurance has a consensus target price of $22.80, indicating a potential upside of 34.59%. Given Slide Insurance’s stronger consensus rating and higher possible upside, analysts clearly believe Slide Insurance is more favorable than Ategrity Specialty.

Summary

Ategrity Specialty beats Slide Insurance on 5 of the 9 factors compared between the two stocks.

About Ategrity Specialty

We are a profitable and growing specialty insurance company dedicated to providing excess and surplus (“E&S”) products to small to medium-sized businesses (“SMBs”) 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 SMB 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. We target industry verticals where we have deep expertise and develop data-driven insights to gain a competitive advantage. We leverage our expertise and our efficient underwriting platform to deliver tailored insurance products and customized services that meet the needs of our distribution partners. We believe the universe of distributors in the SMB segment of the E&S market is rapidly shifting toward agents and brokers who were raised in the digital age. These digital-native and tech-savvy distribution partners expect real-time, frictionless insurance transactions that mirror the seamless experiences they encounter in their daily lives. In an industry where insurance applications are often submitted via email with slow response times, we have designed a technology-driven underwriting process that addresses our distribution partners’ demands for rapid, high-quality interactions. Our strong value proposition has contributed to a growing network of 512 distribution partners as of March 31, 2025, which provides us with increased transaction opportunities and diversified sources of business. Our fully integrated claims management function is designed to enable us to resolve claims efficiently and effectively. We take an active approach to risk management through real-time performance analytics, rigorous risk aggregation monitoring, and robust reinsurance protection aimed at minimizing volatility and generating consistent underwriting results. We have grown our business substantially while generating attractive underwriting results. For the three months ended March 31, 2025, we wrote $116.1 million in gross written premiums, an increase of $34.5 million, or 42.3% compared to the three months ended March 31, 2024. Our combined ratio for the three months ended March 31, 2025, was 90.9%, a decrease of 3.3% from the three months ended March 31, 2024. Our members’ equity at March 31, 2025, was $426.8 million, an increase of $28.5 million (7.2%) from December 31, 2024. For the twelve months ended March 31, 2025, our return on members’ equity was 12.6%. For the year ended December 31, 2024, we wrote $437.0 million in gross written premiums, representing a compound annual growth rate of 28.4% over the last two years. Our combined ratio for the year ended December 31, 2024, was 93.9%, a decrease of 3.6% from the year ended December 31, 2023. Our members’ equity at December 31, 2024, was $398.3 million, an increase of $76.6 million (23.8%) from December 31, 2023. We believe that our productionized underwriting capabilities will continue to drive enhanced profitability as we continue to scale our business. Our company’s mission is to transform the E&S marketplace for SMBs through the power of productionized underwriting with precision, simplicity, and efficiency. When we entered the E&S industry, we found what we believe to be an under-served and inefficient marketplace that was hindered by inconsistent and antiquated processes of legacy insurance carriers. We also believe that many distribution partners and their end-clients were struggling with slow response times, unpredictable underwriting capacity, and subpar pricing, which we believe make the market ripe for technology and efficiency-driven disruption. To address these challenges, we developed a technology-enabled underwriting process that we believe sets us apart in the E&S market. Our productionized underwriting approach combines rigorous technical underwriting with a highly efficient and centralized operating platform powered by advanced technology. This process begins with a deep understanding of our end-clients, the insurance policyholders. We intensely study the industry and geographical micro-segments in which our end-clients operate using sophisticated data analytics. We leverage these analytics to build quantitative risk models that shape our risk appetite and client targeting. Furthermore, we aim to eliminate unnecessary complexity by standardizing our processes and automating key underwriting tasks, such as submission intake, risk classification, pricing, and documentation. This allows our underwriters to focus on high-value underwriting tasks and make timely and accurate decisions in a uniform manner. For each individual transaction opportunity, our underwriting models efficiently determine which components of the process can be automated. For simpler products with clearly identified risk characteristics, we can execute the entire underwriting process without human intervention. We believe our productionized underwriting approach generates consistent, efficient, and scalable processes that allow us to deliver differentiated value to our distribution partners without compromising accuracy and profitability. Our location is in New York NY.

About Slide Insurance

Launched in 2021, we are a technology enabled, fast-growing, coastal specialty insurer. We focus on profitable underwriting of single family and condominium policies in the property and casualty (“P&C”) industry in coastal states along the Atlantic seaboard through our insurance subsidiary, Slide Insurance Company (“SIC”). We utilize our differentiated technology and data-driven approach to focus on market opportunities that are underserved by other insurance companies. We acquire policies both from inorganic block acquisitions and subsequent renewals, as well as new business sales through a combination of independent agents and our direct-to-consumer(“DTC”) channel, through which we sell our insurance products directly to end consumers, without the use of retailers, brokers, agents or other intermediaries. We do not depend on any one key product or product line within the coastal specialty homeowners insurance market. We control all aspects of our value chain, including technology, underwriting, actuarial, distribution, claims and risk management which allows us to maximize profitability while maintaining disciplined underwriting standards. Our goal is to deliver long-term value for stockholders by focusing on underserved, coastal specialty markets where market capacity is limited and demand for insurance products is high. Coastal specialty market demand for insurance products has increased over the last few years as the larger, national insurance carriers have reduced their underwriting capacity in such markets which has created a unique market opportunity for us to capitalize on the imbalance of supply and demand. A prime example of this market shift is Florida, where large national carriers have reduced their market share of premium from 62% in 1999 to 28% in 2022, creating an opportunity for accretive expansion. We have built a highly entrepreneurial company that we believe can identify and execute on such opportunities faster and more profitably than our competitors. We believe we have a significant technological advantage that allows us to assess, manage and price risk for individual and bulk policy acquisitions. Our technology is built to estimate future costs of policies and compare it back to our base rates to better understand profitability in real time on an individual risk basis and to assess large and/or bulk transactions. This technology permits us to only select policies that we believe to be profitable based on future reinsurance and all other perils (“AOP”) costs. Our underwriting technology has been an important component of our success and is backed by our proprietary $6 trillion total insured value (“TIV”) underwriting and claims dataset, which provides us with real-time intelligence to drive superior decision making. We believe that traditional markets inefficiently and inaccurately underwrite coastal specialty risks without properly understanding prospective loss ratios and reinsurance costs. We believe other insurance companies do not have the same ability to assess these metrics in real time and their technology limits their ability to consistently select profitable policies. We believe our underwriting technology allows us to more accurately assess the future cost of each policy, which enables us to focus on profitable growth opportunities often overlooked or mispriced by our competitors. We believe our proprietary technology combined with our highly experienced and entrepreneurial leadership team allow us to make better underwriting decisions that generate higher margins for our business. We market and write insurance policies through two channels: our independent agents and DTC. As we continue to scale our operations, we anticipate that our DTC distribution will grow as well through our focus on accretive market opportunities. We have significantly grown our business and scaled it profitably in our targeted coastal specialty markets by leveraging our seasoned management team, technology and strong balance sheet. We have grown our shareholders’ equity from $102 million at the end of 2021 to $433 million at the end of 2024, a compound annual growth rate (“CAGR”) of 62%. In this same time period, we have grown from $0 of in force premium to $1,334 million at the end of 2024, while running an average consolidated combined ratio of 80.3%. Our return on equity and combined ratio were 46.9% and 79.0% for 2023, and 60.0% and 72.3% for 2024, respectively. For the three months ended March 31, 2024 and March 31, 2025, we had gross premiums written of $245 million and $278 million, policy fees of $1 million and $2 million, consolidated combined ratio of 66.7% and 58.9% and net income of $55 million and $93 million, respectively. As of March 31, 2025, we had total assets of $1.9 billion, shareholders’ equity of approximately $532 million and tangible shareholders’ equity of approximately $524 million. For the three months ended March 31, 2025, we had a return on equity of 19.2% and a return on tangible equity of 19.5%. For the years ended December 31, 2023 and December 31, 2024, we had gross premiums written of $875 million and $1,334 million, policy fees of $3 million and $7 million, consolidated combined ratio of 79.0% and 72.3% and net income of $87 million and $201 million respectively. As of December 31, 2024, we had total assets of $1.9 billion, shareholders’ equity of approximately $433 million and tangible shareholders’ equity of approximately $423 million. For the year ended December 31, 2024, we had a return on equity of 60.0% and a return on tangible equity of 62.6%. Our principal executive offices are located in Tampa, Florida.