Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>RLI Corp reported its first quarter performance with notable highlights in both financial results and operations.</li><li>The company revealed operating earnings of $0.92 per share, an indication of solid underwriting performance and a 12% rise in investment income, reflecting positive segment outcomes.</li><li>However, the GAAP net earnings showed a significant decrease to $0.68 per share from $1.39 per share in the prior year, largely driven by unrealized equity losses.</li></ul>

RLI Corp reported its first quarter performance with notable highlights in both financial results and operations.The company revealed operating earnings of $0.92 per share, an indication of solid underwriting performance and a 12% rise in investment income, reflecting positive segment outcomes.However, the GAAP net earnings showed a significant decrease to $0.68 per share from $1.39 per share in the prior year, largely driven by unrealized equity losses.

RLI Corporation: Can It Capitalize On The Opportunities in the Inland Marine and Construction Markets?

<ul><li>RLI Corp. recently reported its fourth-quarter performance, showcasing mixed results that highlight both its strengths and areas that may require attention.</li><li>The company continued its impressive track record, marking the 29th consecutive year of underwriting profitability in 2024.</li><li>This reflects RLI Corp.'s disciplined approach in underwriting and its strategic focus on market segments where it maintains expertise.</li></ul>

RLI Corp. recently reported its fourth-quarter performance, showcasing mixed results that highlight both its strengths and areas that may require attention.The company continued its impressive track record, marking the 29th consecutive year of underwriting profitability in 2024.This reflects RLI Corp.'s disciplined approach in underwriting and its strategic focus on market segments where it maintains expertise.

RLI Corp.: Will Its Surety Business Focus Pay Off?

<ul><li>RLI Corp. recently announced its third-quarter results, featuring several noteworthy elements for potential investors to consider.</li><li>The company reported operating earnings of $1.31 per share, underpinned by a 15% rise in investment income, resulting in a combined ratio of 89.6 for the quarter.</li><li>This ratio marks a significant improvement compared to the prior year's 98.7, which was heavily impacted by Hawaii wildfire losses.</li></ul>

RLI Corp. recently announced its third-quarter results, featuring several noteworthy elements for potential investors to consider.The company reported operating earnings of $1.31 per share, underpinned by a 15% rise in investment income, resulting in a combined ratio of 89.6 for the quarter.This ratio marks a significant improvement compared to the prior year's 98.7, which was heavily impacted by Hawaii wildfire losses.

RLI Corp.: These Are The 6 Biggest Factors Impacting Its Performance In 2025 &Beyond! - Major Drivers

<ul><li>RLI Corp. reported strong financial results for the second quarter of 2024, reflecting a comprehensive picture of growth and financial stability across its various segments.</li><li>The company, with its broad portfolio of insurance products, demonstrated robust underwriting profitability and significant net investment income growth.</li><li>The deep dive into each segment reveals both strengths and areas with scope for vigilance.</li></ul>

RLI Corp. reported strong financial results for the second quarter of 2024, reflecting a comprehensive picture of growth and financial stability across its various segments.The company, with its broad portfolio of insurance products, demonstrated robust underwriting profitability and significant net investment income growth.The deep dive into each segment reveals both strengths and areas with scope for vigilance.

RLI Corp.: Expansion and Innovation in Surety Products & Major Drivers

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Ategrity Specialty Holdings / Equity Capital Markets

<ul>
<li>For the year ended December 31, 2024, they wrote $437.0 million in gross written premiums, representing a compound annual growth rate of 28.4% over the last two years.</li>
<li>We anticipate this company to set terms (share size, price range) and debut in the second half of April.</li>
<li>Zimmer Financial Services Group LLC (“ZFSG”) will continue to be a majority owner of Ategrity following this offering. </li>
</ul>


For the year ended December 31, 2024, they wrote $437.0 million in gross written premiums, representing a compound annual growth rate of 28.4% over the last two years.
We anticipate this company to set terms (share size, price range) and debut in the second half of April.
Zimmer Financial Services Group LLC (“ZFSG”) will continue to be a majority owner of Ategrity following this offering. 


Ategrity Specialty Holdings (ASIC): Peeking at the Prospectus of the Next Specialty Insurer IPO

United States

RLI Corp., through its subsidiaries, underwrites selected property, casualty, and surety insurance products.  The Company's principal subsidiary, RLI Insurance Group, provides specialty property and casualty coverages for primarily commercial risks.

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Rli Corp (RLI US)

RLI Corporation: Can It Capitalize On The Opportunities in the Inland Marine and Construction Markets?

RLI Corp reported its first quarter performance with notable highlights in both financial results and operations. The company revealed operating...

Baptista Research

RLI Corp.: Will Its Surety Business Focus Pay Off?

RLI Corp. recently reported its fourth-quarter performance, showcasing mixed results that highlight both its strengths and areas that may require...

Baptista Research

RLI Corp.: These Are The 6 Biggest Factors Impacting Its Performance In 2025 &Beyond! - Major Drivers

RLI Corp. recently announced its third-quarter results, featuring several noteworthy elements for potential investors to consider. The company...

Baptista Research

RLI Corp.: Expansion and Innovation in Surety Products & Major Drivers

RLI Corp. reported strong financial results for the second quarter of 2024, reflecting a comprehensive picture of growth and financial stability...

Baptista Research

Ategrity Specialty Holdings (ASIC): Peeking at the Prospectus of the Next Specialty Insurer IPO

Ategrity shows strong growth with $437.0 million in premiums. ASIC is set to debut in April with majority ownership by ZFSG.

IPO Boutique

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RLI Corporation: Can It Capitalize On The Opportunities in the Inland Marine and Construction Markets?

RLI Corp reported its first quarter performance with notable highlights in both financial results and operations. The company revealed operating...

Baptista Research

RLI Corp.: Will Its Surety Business Focus Pay Off?

RLI Corp. recently reported its fourth-quarter performance, showcasing mixed results that highlight both its strengths and areas that may require...

Baptista Research

RLI Corp.: These Are The 6 Biggest Factors Impacting Its Performance In 2025 &Beyond! - Major Drivers

RLI Corp. recently announced its third-quarter results, featuring several noteworthy elements for potential investors to consider. The company...

Baptista Research

RLI Corp.: Expansion and Innovation in Surety Products & Major Drivers

RLI Corp. reported strong financial results for the second quarter of 2024, reflecting a comprehensive picture of growth and financial stability...

Baptista Research

Ategrity Specialty Holdings (ASIC): Peeking at the Prospectus of the Next Specialty Insurer IPO

​Ategrity shows strong growth with $437.0 million in premiums. ASIC is set to debut in April with majority ownership by ZFSG.

IPO Boutique

Ategrity shows strong growth with $437.0 million in premiums. ASIC is set to debut in April with majority ownership by ZFSG.