Group 1 - Edelson Lechtzin LLP is investigating Brown & Brown, Inc. for potential violations of federal securities laws due to allegations of misleading business information [1] - Brown & Brown reported a 2.8% decline in organic revenue for Q4 2025, attributed to reduced flood claims processing activity [1] - The company experienced a loss of approximately $23 million in annual revenue due to 275 former employees leaving for a competitor, which impacted its stock price, causing a drop of $5.50 per share or 6.91% [1]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $105.3 million, up 12% year-over-year, and $365.3 million for the full year, growing 16% [30] - Adjusted EBITDA for Q4 grew 5% to $39.2 million, with a full year adjusted EBITDA of $113.6 million, growing 14% and producing an adjusted EBITDA margin of 31% [33] - Total written premiums for Q4 were $1.1 billion, growing 13% year-over-year, and $4.4 billion for the full year, up 17% over 2024 [32] Business Line Data and Key Metrics Changes - Core revenues for Q4 grew 15% to $78.2 million, and for the full year, they grew 16% to $317.9 million due to improved client retention and new business production [30] - Policies in force grew 14% to 1.9 million, accelerating from a 13% growth rate in Q3 2025 [33] - Gross payments per franchise increased by 29% year-over-year, indicating improved cash flow for franchise owners [11] Market Data and Key Metrics Changes - The company is transitioning out of a hard market where carriers raised rates and tightened underwriting, leading to improved underwriting profitability and a healthier product market [9] - The corporate agents outside of Texas increased from 30% in 2022 to 52% in 2025, indicating geographic expansion [13] Company Strategy and Development Direction - The company aims to accelerate growth within existing agencies, expand corporate sales, and invest in technology, particularly AI applications [18] - Goosehead is focused on maintaining a long-term mindset and prioritizing quality over quantity in its franchise network, which has led to increased productivity and healthier economics [22] - The Digital Agent 2.0 platform is a key strategic initiative, providing an end-to-end choice buying experience and enhancing client interactions [15][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position for 2026, expecting low double-digit core revenue growth in the first half and acceleration in the second half as market conditions improve [31] - The company acknowledges the potential impact of regulatory changes on the insurance pricing environment but remains optimistic about its ability to adapt [42][44] - Management believes that AI will enhance agent productivity rather than disintermediate them, as the complexity of home insurance requires human interaction [48][50] Other Important Information - The company repurchased and retired 323,000 shares of Class A stock in Q4, totaling $22.5 million, with an additional $180 million share repurchase authorization announced [35][36] - Cash flow from operations for the year was $91.8 million, up 28% from the prior year, indicating strong cash generation capabilities [34] Q&A Session Summary Question: Guidance for next year regarding home closing transactions and insurance pricing environment - Management noted that housing construction has not been a significant headwind and that they do not expect improvements in housing to impact guidance for 2026 [40] - Pricing dynamics are expected to vary, with the bottom end of guidance assuming generally down pricing and the top end including moderate increases [41] Question: Impact of regulatory changes on business model - Management expressed uncertainty about the likelihood of profitability caps but noted that the Excess and Surplus Lines market may be more durable in such scenarios [44] Question: Use of AI and disintermediation of agents - Management believes that the complexity of home insurance will prevent disintermediation, as clients still prefer human guidance [48][50] Question: Digital Agent 2.0 platform and customer retention - Initial results indicate that the platform improves client retention by allowing existing clients to purchase additional policies [53] Question: Investment spending in 2026 - Management expects total cash investment spending in 2026 to be between $25 million and $35 million, with a portion impacting the P&L [65] Question: Producer trends and franchise consolidation - Management anticipates continued demand for new hires and expects producer counts to increase as consolidation occurs [77][79]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $105.3 million, up 12% year-over-year, and $365.3 million for the full year, growing 16% [28] - Adjusted EBITDA for Q4 grew 5% to $39.2 million, with a full year adjusted EBITDA of $113.6 million, growing 14% and producing an adjusted EBITDA margin of 31% [31] - Total written premiums for Q4 were $1.1 billion, growing 13% year-over-year, and $4.4 billion for the full year, up 17% over 2024 [30] Business Line Data and Key Metrics Changes - Core revenues for Q4 grew 15% to $78.2 million, and for the full year, they grew 16% to $317.9 million due to improved client retention and new business production [28] - Policies in force grew 14% to 1.9 million, accelerating from a 13% growth rate in Q3 2025 [31] - Gross payments per franchise increased by 29% year-over-year, indicating improved cash flow for franchise owners [9] Market Data and Key Metrics Changes - The company is transitioning from a hard market to a healthier product market, which is expected to enhance growth opportunities [7] - The corporate agents outside of Texas increased from 30% in 2022 to 52% in 2025, indicating geographic expansion [11] - The enterprise sales and partnership network almost doubled new business production in 2025, addressing millions of mortgages serviced across the country [11] Company Strategy and Development Direction - The company aims to accelerate growth within existing agencies, expand corporate sales, and invest in technology, particularly AI applications [16] - Goosehead is focused on maintaining a long-term mindset and prioritizing quality over quantity in its franchise network [19] - The Digital Agent 2.0 platform is a key strategic initiative, providing an end-to-end choice buying experience and enhancing client interactions [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position for 2026, anticipating low double-digit core revenue growth in the first half and acceleration in the second half [29] - The company acknowledges the evolving nature of insurance distribution due to technology advancements but remains committed to its core business model [12] - Management highlighted the importance of client retention and the positive impact of technology on service efficiency [26] Other Important Information - The company repurchased and retired 323,000 shares of Class A stock in Q4, representing $22.5 million, with an additional $180 million share repurchase authorization approved [33] - Cash flow from operations for the year was $91.8 million, up 28% from the prior year [32] - The company is investing heavily in technology to enhance its competitive advantage and improve client experience [12] Q&A Session Summary Question: How is the company thinking about home closing transactions and the insurance pricing environment for next year? - Management noted that housing construction has not been a significant headwind and that they are not counting on improvements in housing for guidance in 2026 [37] - Pricing dynamics are expected to vary, with the bottom end of guidance including generally down pricing and the top end reflecting moderate increases [38] Question: How would regulatory changes like profitability caps impact the business model? - Management indicated that such changes could affect carrier appetite and commission economics, but the impact remains uncertain [40] Question: Why does the company believe agents will not be disintermediated through AI? - Management emphasized the complexity of home insurance sales and the continued demand for human guidance, suggesting that AI will enhance agent productivity rather than replace them [44][46] Question: How is the Digital Agent 2.0 platform performing in terms of customer retention? - Initial results show that existing clients are using the platform to purchase additional policies, which is expected to improve client retention [49] Question: What is the company's outlook on buybacks given the current stock valuation? - Management expressed a strong appetite for buybacks, citing the undervaluation of the stock and the strong cash flow generation capabilities [58]

Core Insights - Wall Street is increasingly recognizing that AI may disrupt a wider range of industries more rapidly than previously anticipated, leading to sell-offs in various sectors beyond technology [1][2][12] Group 1: Market Reactions - Investors are shifting their focus from concerns about AI creating a bubble to fears that it will render many businesses obsolete [2][10] - The sell-off began in early February, triggered by the introduction of new AI products, such as a tax strategy tool from Altruist, which negatively impacted shares of wealth management companies [3][4] - Companies like Salesforce, Charles Schwab, and Blue Owl have seen stock declines as investors worry that AI could soon replicate their offerings [4][8] Group 2: Sector-Specific Impacts - There is a spillover effect affecting various sectors, including legal services, insurance, tax preparation, and financial services, as AI products are introduced [3][6] - Video game stocks have been impacted following the launch of Google Gemini, and real estate stocks are also experiencing sell-offs due to fears of AI disruption [8][9] Group 3: Investor Sentiment - Investors are increasingly concerned about AI risks and are seeking to invest in companies perceived as "AI winners" while avoiding those associated with risks [6][7] - There is a dichotomy in investor sentiment, with some worried about excessive spending on AI by tech companies and others fearing the obsolescence of numerous businesses due to AI [9][10] - The uncertainty surrounding future AI developments makes it difficult to predict market movements, leading to heightened caution among investors [11][12]

Group 1 - Berkshire Hathaway acquired approximately 5.1 million shares of The New York Times Company, valued at about $352 million at the end of December 2025 [1] - The company reduced its stakes in Apple and Bank of America by about 4% and 9% respectively, and sold 77% of its Amazon stake, decreasing its value from $2.2 billion to $525 million [2] - Berkshire added to its holdings in Chubb and Chevron while selling down Aon, and its Alphabet stake increased in value from around $4.3 billion to $5.6 billion due to a surge in Google's parent company shares [3] Group 2 - Warren Buffett, who transformed Berkshire from a failing textile mill into a $1 trillion conglomerate, stepped down as CEO, with Greg Abel taking over [5][6] - Under Buffett's leadership, the company has been net sellers of stocks for 12 consecutive quarters and has not repurchased shares for five quarters, resulting in a cash reserve exceeding $350 billion [7]

iA Financial Corporation Inc. Announces the Payment of a Dividend on Its Common SharesFeb 17, 2026 5:00 PM Eastern Standard Time# iA Financial Corporation Inc. Announces the Payment of a Dividend on Its Common SharesShare---QUEBEC CITY--([BUSINESS WIRE])--The Board of Directors of iA Financial Corporation Inc. (TSX: IAG) announced today the payment of a quarterly dividend of $0.9900 per outstanding common share for the quarter ended December 31, 2025. This dividend will be payable on March 16, 2026 to all c ...

In fact, research from Vanguard shows that working with a financial advisor can add about 3% to net returns over time (4). That difference can become substantial. For example, if you started with a $50,000 portfolio, professional guidance could mean more than $1.3 million in additional growth over 30 years, depending on market conditions and your investment strategy. This is supported by Envestnet research, which found a similar 3% boost when working with a financial advisor (5).If you want to ensure you’re ...

THE WOODLANDS, Texas, Feb. 17, 2026 (GLOBE NEWSWIRE) -- TWFG Inc. continues to grow with the addition of Andy McGuire as Chief Underwriting Officer. McGuire’s extensive industry background, leadership experience, and alignment with TWFG’s culture make him a strong fit for the organization and its long-term vision. He will drive MGA expansion efforts in his new role. Drawing on more than 30 years of insurance industry experience, McGuire has served as EVP at National General Insurance and CO-CEO of PEAK6 Ins ...

Core Financial Performance - Total revenue for 2025 increased by 16% compared to the previous year, reaching $365.3 million [1][5] - Core revenue, which excludes certain non-GAAP items, also grew by 16% to $317.9 million [1][5] - Adjusted EBITDA for 2025 rose by 14% to $113.6 million, with an adjusted EBITDA margin of 31% [1][6][35] Fourth Quarter Highlights - In Q4 2025, total revenues were $105.3 million, a 12% increase from Q4 2024 [5][6] - Core revenues for Q4 were $78.2 million, reflecting a 15% growth year-over-year [5][6] - Net income for Q4 was $20.8 million, down from $23.8 million in the prior year, resulting in a net income margin of 20% [6][8] Share Repurchase and Capital Management - The company repurchased $81.7 million of shares at an average price of $80.60 during the year [1] - The share repurchase authorization was expanded by $180 million, extending through May 1, 2027 [1][11] Strategic Developments - The company launched its Digital Agent 2.0 platform in Texas, enhancing its digital insurance buying experience [4] - AI technologies were deployed to improve service efficiency and client experience [4] Board of Directors Update - Louis Goldberg was elected to the Board of Directors, bringing over 28 years of experience in corporate governance [12][14] - Thomas McConnon will step down from the Board effective February 18, 2026 [17] 2026 Outlook - The company expects total revenues to grow organically between 10% and 19% and total written premiums to increase between 12% and 20% [15]

Health insurance company Lemonade Inc (NYSE:LMND) is gearing up for its fourth-quarter report, due out before the open on Thursday, Feb. 19. Per Zacks Research, analysts anticipate losses of 41 cents per share on revenue of $216 million, a 2.4% and 45.6% improvement, respectively, from the same quarter a year ago. On the charts, Lemonade stock pulled back sharply after its Jan. 22 more than four-year high of $99.90, though the stock appears to have found support at the $60 level and 180-day moving average. ...