Trisura Group (OTCPK:TRRS.F) Fireside chat February 19, 2026 10:00 AM ET Company ParticipantsDavid Clare - CEOConference Call ParticipantsDoug Young - Managing Director and Senior Equity AnalystOperatorGood morning, everyone, and we apologize for the delay this morning. Thank you for joining us on today's call with David Clare, CEO of Trisura Group, and Doug Young, Bank and Insurance analyst at Desjardins. A quick reminder before we begin, as attendees, you are in listen-only mode. You will be able to submi ...

Market Overview - Wall Street is experiencing significant disruption concerns due to AI, leading to a sell-off in various sectors, particularly software companies, which has resulted in sharp losses in U.S. stocks this week [1][2]. Software Sector - The S&P 500 Software & Services index has lost approximately $2 trillion in value since its peak in October, with half of this loss occurring in the past two weeks due to fears that AI could disrupt traditional subscription and enterprise tools [2]. - Notable declines in the Nasdaq 100 include Atlassian down 47%, Intuit down 40%, and Workday down 33% [4]. - The U.S. software sector is facing its worst drawdown in over three years, impacting alternative asset managers with exposure to software-related loans, with firms like Ares, Blackstone, and KKR seeing declines between 13% and 24% this year [5]. Financial Brokerage, Data Analytics & Legal Services - The financial industry, especially brokerages and data analytics firms, has been negatively affected after Altruist introduced AI-enabled tax planning features, raising fears about the viability of their business models [6]. - Shares of brokers such as LPL Financial and Charles Schwab fell over 7%, while S&P Global's shares dropped more than 25% in February, marking its worst month since 2009 [7]. Real Estate Services - Commercial real estate and investment managers have suffered as investors shift away from high-fee, labor-intensive business models perceived as vulnerable to AI disruption, with CBRE Group and Jones Lang LaSalle each dropping about 12% [8]. Insurance Sector - Insurance stocks have experienced a significant decline, with the S&P 500 insurance index falling 3.9% on a single day, its largest drop since mid-October, following the release of an AI-powered comparison tool by Insurify [10]. - Shares of Willis Towers Watson have decreased by 15% this week, while Aon and Arthur J. Gallagher fell by 9% and 15%, respectively [11]. Trucking & Logistics - The trucking and logistics sector saw unexpected declines, with stocks like Landstar System and C.H. Robinson dropping sharply after Algorhythm Holdings reported a significant increase in freight volumes without a corresponding rise in operational headcount [13].

Group 1 - Insurify launched the first insurance application designed for ChatGPT, allowing users to inquire about insurance plans through simple conversational questions without filling out complex forms [1][3] - The stock prices of several insurance brokerage firms fell sharply, with the S&P 500 insurance index dropping 3.89%, marking the largest single-day decline since October of the previous year [3] - Insurify's new application aims to alleviate the stress of purchasing auto insurance by enabling users to ask questions in plain language and receive clear, understandable answers [3][4] Group 2 - The application combines Insurify's insurance data with ChatGPT's AI technology, allowing users to obtain insurance quotes based on their location, vehicle type, age, and driving record [3] - Users can compare not only prices but also user reviews and core coverage from different insurance companies, providing a more comprehensive understanding of the products [3] - Once users find a suitable plan, they are directed to Insurify's main platform, where licensed insurance advisors assist in completing the purchase process, saving time and avoiding repetitive information entry [4]

Group 1: Core Offering - Cowbell has launched its Prime One cyber insurance program in the Australian market, targeting small and medium-sized enterprises (SMEs) with annual revenues of up to A$100 million [1] - The insurance policies are underwritten by Zurich Australian Insurance, combining Zurich's financial strength with Cowbell's technology-driven underwriting and claims processes [1] Group 2: Coverage and Features - The coverage offers limits of up to A$5 million per claim and utilizes an AI model to assess each client's cyber risks [2] - Each Prime One policy includes access to Cowbell's resilience resources, which aim to enhance cybersecurity preparedness before incidents occur [2] - Cowbell Factors provides AI-based risk assessments tailored to individual businesses, while Cowbell Insights offers specific recommendations based on the organization's risk profile [2] Group 3: Additional Services and Leadership - Cowbell Resiliency Services offers guidance on micro penetration testing, cybersecurity training, vendor risk management, and connections to trusted cybersecurity providers through the Cowbell Rx marketplace [3] - Anthony Wall has been appointed as head of underwriting for the local operation, bringing experience from AIG, Munich Re, and Chubb [3] - Alric Lal has been named head of business development for Australia, with a background from UBT, Marsh, and Aon [4] Group 4: Strategic Partnerships and Vision - Cowbell's partnership with Zurich aims to provide Australian organizations with a reliable foundation for cyber resilience, supported by continuous underwriting and risk intelligence [5] - Cowbell's CEO, Jack Kudale, emphasized that cyber protection should be straightforward, instilling confidence in businesses [4]

Group 1: Investment Performance - Vulcan Value Partners' strategies delivered positive results in 2025, with the Large Cap Composite returning -1.5% in Q4 and 7.9% YTD, and the Small Cap Composite gaining 3.2% in Q4 and 9.5% YTD [1] - The Focus Composite and Focus Plus Composite both returned 0.1% in Q4, with YTD returns of 7.1% and 6.2% respectively, while the All-Cap Composite returned 1.3% in Q4 and 10.7% YTD [1] Group 2: Market Context and Strategy - Despite overvalued markets, the firm improved its price-to-value ratios, prioritizing safety and long-term gains over short-term performance, reminiscent of the late 1990s dot-com bubble [1] - The firm is maintaining its investment discipline in light of potential overvaluation in AI-related businesses [1] Group 3: Company Focus - Ryan Specialty Holdings, Inc. - Ryan Specialty Holdings, Inc. is a specialty products and solutions provider for insurance brokers, with shares trading between $48.90 and $77.16 over the past 52 weeks, closing at $50.40 on January 22, 2026 [2] - The company generates approximately 55% of its revenue from brokerage and 45% from delegated authority businesses, with the excess and surplus brokerage market representing 26% of commercial property and casualty premiums [3] - The excess and surplus market has grown at an 11% CAGR over the past 25 years, while the admitted market has grown at a 4% CAGR, indicating a favorable growth outlook for Ryan Specialty [3] - Ryan Specialty's delegated authority business does not retain balance sheet risk, and the company has experienced organic growth at a double-digit rate for the past 15 years [3] - Current pricing headwinds in the commercial property sector are viewed as a short-term issue, with the stock price currently below its long-term intrinsic value, presenting an investment opportunity [3]

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters. Collaborative Capital Advisors, a $382 million multi-family office based in New York, has hired former Wealthspire Chief Investment Officer Michael Moriarty to take the same position at its firm. In the new role, Moriarty will lead investment activities, hiring and the buildout of the firm’s investment platform, according to the announcement. He’ll also be joining a firm with which he has had a ...

Core Viewpoint - Investors showed a lack of confidence in American International Group (AIG) stock, resulting in a nearly 8% decline in its price following the announcement of a significant leadership change [1]. Leadership Change - AIG announced that CEO and chairman Peter Zaffino will step down from his CEO position by mid-year, transitioning to the role of executive chairman [2]. - Eric Anderson, a veteran from Aon, will take over as CEO-elect on February 16, with a full transition to CEO expected after June 1 [3]. - The board expressed confidence in Anderson's capabilities, citing his successful track record at Aon, where he reshaped the business portfolio and improved operations [3]. Market Reaction - Zaffino's unexpected resignation has raised concerns among investors, as he led AIG through five consecutive years of underwriting profitability after a period of losses [4]. - The current market sentiment suggests caution, as AIG was not included in a recent list of top stock recommendations by analysts [5][6].

Company Overview - Arthur J. Gallagher & Co. (NYSE:AJG) is a leading global insurance brokerage and risk management services firm, competing with major players like Marsh & McLennan and Aon [1] - AJG offers a comprehensive range of insurance and consulting services to clients worldwide [1] Stock Performance - The current stock price of AJG is $251.64, experiencing a decrease of 1.78% or $4.55 [3] - The stock has fluctuated between a low of $249.54 and a high of $256.64 during the trading day [3] - Over the past year, AJG has seen a high of $351.23 and a low of $236.34, showcasing its volatility [3] - AJG has a market capitalization of approximately $64.62 billion and a trading volume today of 1,400,337 shares [3][4] Analyst Insights - Truist Financial has set a price target of $280 for AJG, indicating a potential upside of 11.39% from its current trading price [4] - B. Riley Wealth Advisors Inc. has acquired a new stake in AJG, purchasing 3,622 shares valued at approximately $1.16 million, reflecting confidence in the company's future performance [2] - Advisory Services Network LLC increased its holdings in AJG by 3.4%, while Pitcairn Co. boosted its position by 20.7% during the second quarter, indicating a trend of institutional investment adjustments [2]

Core Insights - Willis has appointed Louie Clarke as the Global Head of Claims Strategy & Execution, emphasizing the company's commitment to enhancing its claims services and solutions for clients globally [1][3]. Company Overview - WTW provides data-driven, insight-led solutions in the areas of people, risk, and capital, serving clients in 140 countries and markets [4]. - The company aims to help organizations sharpen their strategy, enhance resilience, motivate their workforce, and maximize performance [4]. Leadership and Strategy - Clarke will be part of the Global Claims Leadership Team and will report to Neil Harrison, the Global Head of Claims [2]. - The appointment reflects Willis' strategy to differentiate through specialization, outcomes, and service standards, while attracting top talent to enhance client services [3]. Previous Experience - Before joining WTW, Clarke held claims leadership roles at Aon, bringing valuable experience to his new position [3].

Core Insights - Arthur J. Gallagher & Co. (AJG) is a global insurance brokerage and risk management services firm, competing with major players like Marsh & McLennan and Aon [1] - The company recently acquired Tompkins Insurance Agencies, Inc., which is expected to enhance its market presence and service offerings [3] - Insider buying by Vice President Michael Robert Pesch, who purchased 1,874 shares, indicates confidence in the company's future prospects [2] Financial Performance - AJG's current stock price is $242.98, reflecting a 2.61% decrease or a drop of $6.51 [4] - The stock has fluctuated between $239.57 and $249.49 on the day, with a yearly high of $351.23 and a low of $239.57, indicating significant volatility [4] - The company has a market capitalization of approximately $62.3 billion, showcasing its substantial size in the industry [4] - Today's trading volume is 2,115,857 shares, suggesting active investor interest [4]