Core Viewpoint - A securities class action lawsuit has been filed against SelectQuote, Inc. for allegedly misleading investors regarding its business practices and compliance with laws [1][2]. Allegations - The lawsuit claims that SelectQuote directed Medicare beneficiaries to insurers that compensated the company the most, regardless of the quality of the plans [2]. - It is alleged that SelectQuote did not provide unbiased comparisons for Medicare Advantage insurance plans and received illegal kickbacks from insurers [2]. - The company is accused of violating applicable laws and regulations, making it vulnerable to regulatory and legal sanctions, including claims under the False Claims Act [2][3]. Legal Developments - On May 1, 2025, the U.S. Department of Justice filed a False Claims Act complaint against SelectQuote, alleging the company received "tens of millions of dollars" in illegal kickbacks from health insurance companies from 2016 to at least 2021 [3]. - The DOJ's complaint states that SelectQuote made materially false claims about offering unbiased coverage comparisons while actually directing beneficiaries to the most profitable plans [3]. Market Reaction - Following the DOJ's announcement, SelectQuote's stock price dropped by $0.61, or 19.2%, closing at $2.56 per share on May 1, 2025 [3].

SAN DIEGO, Aug. 11, 2025 (GLOBE NEWSWIRE) -- Robbins LLP informs stockholders that a class action was filed on behalf of investors who purchased or otherwise acquired SelectQuote, Inc. (NYSE: SLQT) securities between September 9, 2020 and May 1, 2025. SelectQuote is an insurance broker which sells Medicare Advantage and other health insurance plans online and by telephone. For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003. The Allegations: Robbins LLP ...

Core Insights - Tian Ruixiang Holdings Limited (TIRX) is transitioning from a traditional insurance broker to a technology-driven health insurance innovator, highlighted by its recent acquisition of Ucare for $150 million in stock [1][2]. Group 1: Market Opportunity - TIRX's acquisition of Ucare positions the company to tap into China's expanding health insurance market, projected to grow from approximately $126 billion today to $280 billion by 2030 [2]. - The domestic healthcare IT market in China is expected to reach around $35 billion by 2030, growing at a CAGR of approximately 15.6%, providing a favorable environment for TIRX's business model [4]. Group 2: Business Model and Revenue Generation - Ucare's cloud-native platform, supported by over 4,000 hospital relationships, allows TIRX to scale with minimal incremental costs, achieving gross margins above 90% and generating recurring subscription-based revenue [3]. - The integration of Ucare's AI-driven analytics enhances TIRX's revenue growth prospects, complementing its existing brokerage commission income [3][5]. Group 3: Growth Projections - TIRX is projected to achieve a revenue CAGR of 35% through FY28 on a pro forma basis, driven by the adoption of its enhanced AI-brokerage business model [4]. - The company is also exploring expansion opportunities beyond Mainland China, starting with its entry into the Hong Kong market [4]. Group 4: Valuation - TIRX's valuations are currently below most selected comparables on both a Price and EV basis, indicating potential for upside as revenue growth prospects improve [5].

Company Overview - GoHealth is a leading health insurance marketplace providing personalized guidance to Medicare-eligible consumers[12] - GoHealth has assisted over 11 million consumers with Medicare plan options[15] - The Medicare market is large and growing, with over 68 million eligible lives and over 11,000 new members each day[18] Business Model and Technology - GoHealth utilizes a consumer-centric approach and streamlined Encompass operating model[22] - The company's PlanFit technology platform optimizes enrollment and ensures the best outcomes for consumers[14] - GoHealth's differentiated operating model results in industry-leading customer acquisition costs, with Direct Operating Cost per Submission at $578 in FY24[51, 52] Market Position and Growth - GoHealth is ranked 1 Medicare enroller for health plans[25] - The company projects over 40 million Medicare Advantage enrollees by 2030[55] Competitive Advantage - GoHealth's Direct Operating Cost per Submission is 17% to 31% lower than peers in FY24[51]

Financial Data and Key Metrics Changes - The company reported organic revenue growth of 11% and adjusted EBITDA growth of 14% for the second quarter [5][17] - Adjusted diluted earnings per share increased by 24% [5] - Total revenue for the second quarter was $378.8 million, with a GAAP net loss of $5.1 million [17] - Adjusted free cash flow decreased to $9 million from $29 million in the prior year [18] - Net leverage increased slightly to 4.17 times due to earn out payments and investments [19] Business Line Data and Key Metrics Changes - Insurance Advisory Solutions (IAS) segment saw organic revenue growth of 10%, driven by strong new business generation [5][17] - Underwriting Capacity and Technology Solutions (UCTS) segment achieved organic revenue growth of 21% [17] - Main Street Insurance Solutions (MIS) segment reported flat organic revenue growth due to commission rate reductions and elevated churn in the Medicare business [10][17] Market Data and Key Metrics Changes - Sales velocity increased from 14% in Q1 to 22% in Q2, outperforming industry median sales velocity of 11.7% [6] - The impact of rate and exposure changes was muted at 1.3%, reflecting reduced pricing in large catastrophe-exposed coastal properties [6][26] - The Medicare business, while small, is expected to stabilize in 2026 after experiencing elevated churn [11] Company Strategy and Development Direction - The company aims to achieve $3 billion in revenue and a 30% adjusted EBITDA margin by 2029, referred to as the 3B30 plan [24] - Focus on maintaining underwriting discipline amidst increased pricing pressure and competition [8][90] - The acquisition of Hippo's homebuilder distribution network is expected to enhance growth opportunities in the builder business [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering top industry organic growth and double-digit earnings growth despite current headwinds [23] - The company anticipates continued challenges in the insurance marketplace but remains focused on margin expansion and sustainable growth [15][19] - Management highlighted the importance of new business generation capabilities to drive growth amidst macro uncertainties [6][15] Other Important Information - The company has extinguished all earn out liabilities associated with partnerships completed during its first five years as a public company [5][19] - The Medicare business is expected to return to double-digit growth in 2026 and beyond [11][44] - The company is strategically managing investments to adapt to the current environment while focusing on long-term shareholder value [23] Q&A Session Summary Question: Drivers of organic growth in the Insurance Advisory Solutions segment - Management attributed the 10% organic growth to strong new business and slightly higher rate and exposure than anticipated [25][26] Question: Conviction regarding changes in rate and exposure - Management noted a deceleration in property rates and sluggishness in capital expenditures as factors influencing their outlook [29][30] Question: Adjusted free cash flow disclosure and moving pieces - Management clarified that changes in working capital can fluctuate quarter to quarter and are not a concern [38][39] Question: Main Street organic revenue growth challenges - Management identified commission reductions and elevated churn in the Medicare business as the main drivers of flat growth [41][42] Question: Employee benefits business conditions - Management reported modest rate and exposure dynamics but continued meaningful growth in the employee benefits segment [74] Question: M&A space observations - Management noted healthy deal flow activity and a divergence in M&A pricing based on business quality [60][62] Question: Rate and exposure outlook for 2026 - Management expects stabilization in the property market but does not anticipate a reversal in rate activity [86][87]

Investors: Ray Iardella, VP - Investor Relations Media: Paul Day, Senior Media Relations Manager 630-285-3661/ [email protected] 630-285-5946/ [email protected] ROLLING MEADOWS, Ill., Aug. 5, 2025 /PRNewswire/ -- Arthur J. Gallagher & Co. today announced the acquisition of Australia-based MACK Insurance Services. Terms of the transaction were not disclosed. MACK Insurance Services is a commercial insurance broker with a focus on the agriculture sector. Lizzie Carver and her team will join Gallagher's broker ...

Core Viewpoint - Arthur J. Gallagher & Co. reported Q2 2025 earnings with adjusted EPS of $2.33 and revenue of $3.17 billion, both slightly below analyst expectations, highlighting strong profitability but a slowdown in organic revenue growth in the core Brokerage segment [1][2]. Financial Performance - Adjusted EPS for Q2 2025 was $2.33, compared to estimates of $2.36 and $2.29 in Q2 2024, reflecting a year-over-year increase of 1.7% [2]. - Revenue for Q2 2025 reached $3.17 billion, up 14.8% from $2.76 billion in Q2 2024 [2]. - Adjusted EBITDAC climbed to $1.01 billion, with a margin of 36.4%, an increase from 33.1% in Q2 2024 [2][6]. - Organic revenue growth in the core Brokerage segment decelerated to 5.3% in Q2 2025 from 9.5% in Q1 2025 [1][5]. Business Overview - Arthur J. Gallagher & Co. is one of the largest insurance brokers and risk managers globally, focusing on arranging insurance coverage, consulting services, and risk management solutions [3]. - The business model consists of two main segments: Brokerage and Risk Management, with a strategic focus on diversifying operations and pursuing growth through mergers and acquisitions [4]. Key Developments - The company completed 9 acquisitions in the quarter, generating an estimated annualized revenue of $290 million, with the pending AssuredPartners transaction valued at approximately $13.45 billion [7]. - Adjusted revenue for Gallagher Bassett, the risk management arm, increased to $391.8 million, with organic growth of 6.2% [8]. - The workforce grew to 59,291 employees, a 10% increase compared to the previous year [10]. Market Dynamics - The insurance market remains cautious, with property insurance renewal premiums falling by 7% in Q2 2025, while casualty lines rose by 8% in Q1 2025 [11]. - The quarterly dividend was raised to $0.65 per share, up from $0.60 in Q2 2024, indicating a positive outlook despite potential challenges in organic growth [12].

Financial Data and Key Metrics Changes - The company reported a 16% growth in revenue for the combined brokerage and risk management segments, with 5.4% organic growth and a reported net earnings margin of 17.3% [5] - Adjusted EBITDAC margin increased by 307 basis points year-over-year to 34.5%, with adjusted EBITDAC growth of 26% [5] - GAAP earnings per share were $2.11, while adjusted earnings per share were $2.95 [5] Segment Data and Key Metrics Changes - The Brokerage segment experienced a reported revenue growth of 17% and organic growth of 5.3%, with adjusted EBITDAC margin expanding by 334 basis points to 36.4% [6][24] - The Risk Management segment, Gallagher Bassett, saw a revenue growth of 9% with organic growth of 6.2% and an adjusted EBITDAC margin of 21% [16][28] Market Data and Key Metrics Changes - In the global property and casualty (PC) insurance market, property renewal premiums decreased by 7%, while casualty lines increased by 8% overall [10][11] - For clients generating less than $100,000 in revenue, renewal premiums were up 3%, while those generating more than $100,000 saw a decrease of 2% [11] Company Strategy and Development Direction - The company aims to maintain its competitive edge through niche expertise, extensive data analytics, and global resources [16] - The full-year 2025 brokerage segment organic growth is projected to be in the range of 6.5% to 7.5% [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning despite market headwinds, noting solid client business activity and no signs of a significant economic downturn [14] - The company anticipates continued job growth in the U.S., albeit at a slower pace than in 2024, and is prepared to guide employers through challenges in health insurance [15] Other Important Information - The company completed nine new mergers in the second quarter, representing approximately $290 million in estimated annualized revenue, with a pipeline of around 40 term sheets signed or being prepared [18][19] - The company has about $14 billion in available cash and no outstanding borrowings, positioning it well for further M&A activities [35] Q&A Session Summary Question: Timing of HSR information submission to DOJ - Management confirmed they have completed responding to the DOJ's second request and are optimistic about closing the transaction in the third quarter [39] Question: Outlook for brokerage growth in the second half - Management indicated that the 5% brokerage outlook assumes continued pricing trends and potential benefits from the benefits business being pushed to the back half of the year [40][41] Question: Property pricing trends and guidance - Management clarified that they did not incorporate a 20-30% decrease in property pricing into their guidance, stating that the reported numbers are not reflective of such declines [46][47] Question: M&A activity and integration planning - Management expressed confidence in the integration of Assured Partners, stating they are ready to proceed with integration planning despite previous suspensions of some work streams [71][73] Question: Casualty line pricing expectations - Management noted that casualty rates are expected to continue increasing, with specific lines such as general liability and commercial auto showing steady growth [81] Question: E&S market trends - Management acknowledged an increase in submissions and growth in the excess and surplus market, indicating a mixed but generally positive outlook [88]

Company Overview - Ryan Specialty is a rapidly growing provider of specialty products and solutions for insurance brokers, agents, and carriers[8] - The company's total revenue for the Last Twelve Months (LTM) ending June 30, 2025, was $2.8 billion[9] - As of June 30, 2025, Ryan Specialty's year-to-date (YTD) total revenue growth was 23.9%[9] - The YTD organic revenue growth was 9.6%[9] - Ryan Specialty is the 2nd largest U S P&C wholesale broker/managing underwriter[9] Market Position and Growth Strategy - Approximately 78% of Ryan Specialty's premiums are placed in the attractive Excess & Surplus (E&S) market[14] - Ryan Specialty's revenue growth with the top 100 retail brokerage firms exceeded the company's organic revenue growth of 12.8% in 2024[36] - The company has completed 62 acquisitions since its founding[35] - Ryan Specialty is capitalizing on market needs to enhance product capabilities through the launch of new Managing General Underwriters (MGUs) and Programs[38] Financial Performance - Ryan Specialty's LTM Adjusted EBITDAC as of June 30, 2025, was $915 million[52] - As of March 31, 2025, the company had $172 million in unrestricted cash and cash equivalents[59] - As of June 30, 2025, Ryan Specialty's net leverage on a credit basis was 3 5x[60]

Core Insights - Willis Towers Watson (WTW) reported second-quarter 2025 adjusted earnings of $2.86 per share, exceeding the Zacks Consensus Estimate by 8% and reflecting a 20% year-over-year increase [1][9] - The company's second-quarter results were bolstered by strong revenue from the Risk & Broking segment, improved EBITDA margin, and reduced expenses [1] Operational Update - WTW's adjusted consolidated revenues were $2.26 billion, flat year-over-year on a reported basis, but up 5% organically and 1% on a constant currency basis, beating the Zacks Consensus Estimate by 1.2% [2][9] - Total service costs decreased by 7.8% year-over-year to $1.9 billion, attributed to lower operating expenses, amortization, and transaction costs [2] Financial Performance - Adjusted operating income rose to $419 million, a 9% increase year-over-year, surpassing the estimate of $396.2 million, with a margin expansion of 150 basis points to 18.5% [3][9] - Adjusted EBITDA was $470 million, up 6% year-over-year, matching the estimate, with an EBITDA margin increase of 120 basis points to 20.8% [3][9] Segment Performance - Health, Wealth & Career segment revenues totaled $1.18 billion, down 6% year-over-year, impacted by the sale of TRANZACT, but organic growth was noted [4] - Wealth segment saw organic revenue growth driven by increased Retirement work globally and new business wins in Investments [5] - Career segment experienced modest revenue growth due to strong advisory demand outside North America, offset by client postponements in North America [6] - Risk & Broking segment revenues increased by 7% year-over-year to $1 billion, driven by new business activity and strong client retention [7][9] Financial Update - As of June 30, 2025, cash and cash equivalents were $1.9 billion, a 3.4% increase from the end of 2024, while long-term debt rose by 10.3% to $4.7 billion [10] - Shareholders' equity increased by 2% to $8.1 billion, and cash flow from operations was $326 million, down 24.3% from the prior year [10] - Free cash flow for the first half of 2025 decreased by 29% to $217 million, primarily due to increased compensation and cash tax payments [11] 2025 Outlook - WTW anticipates 100 basis points of average annual margin expansion over the next three years in Risk & Broking [12] - The company projects share repurchases of $1.5 billion, subject to market conditions and potential capital allocation opportunities [12] - A foreign currency tailwind on adjusted diluted earnings per share of approximately 5 cents is expected in 2025 at current rates [13]