Insurance Software Bi-Weekly Industry Events & M&A Update — September 11–25, 2026
A bi-weekly update on Insurance Software covering public market moves, major news, M&A activity and standing valuation reference points for September 11–25, 2026 — for owners, acquirers and advisors tracking carrier workflow versus distribution names.
Key figures
- +7.2%
- GWRE two-week move close-to-close, Sep 11–25
- -24.7%
- EVER two-week move close-to-close, Sep 11–25
- -2.3%
- Covered-set median move 6 names, close-to-close
- 13.3x
- Standing sector median multiple CY2027E earnings
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1 / 7 · INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › INSURANCE SOFTWARE
Executive summary
Insurance Software names split sharply over the two-week period: Guidewire Software, Inc. (GWRE) rose +7.2% on a carrier workflow win while EverQuote, Inc. (EVER) fell -24.7%, and the covered set's median move was -2.3% against the S&P 500's +1.1%. No new transactions were recorded, leaving the standing reference set of 14 precedent transactions and a 13.3x CY2027E earnings median to anchor pricing conversations. The read: workflow ownership inside carrier accounts is holding value while distribution-facing names absorb the volatility.
Key findings
- Guidewire was the period's only gainer, rising +7.2% on a carrier workflow win
- EverQuote led declines, falling -24.7%, including -14.4% in a single session
- 5 of 6 covered names fell; the median move was -2.3% versus S&P 500 +1.1%
- No new M&A activity; pricing still runs off the 13.3x standing median
What each page shows
The analyst’s walkthrough of the deck, page by page.
- 01BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE
INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › INSURANCE SOFTWARE
Cover slide introducing the Insurance Software bi-weekly update for September 11–25, 2026.
This update walks through what changed across Insurance Software over the two-week period of September 11–25, 2026 — who moved, most likely why, what transacted, and what it means for owners, acquirers and advisors.
Everything on this page
BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › INSURANCE SOFTWARE Workflow Wins Get Paid While the Quote Marketplaces Take the Hit This update covers sector events, movers and transaction activity for the two-week period of September 11–25, 2026. September 11–25, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-25 · events and transactions from the two-week period 2026-09-11 → 2026-09-25 Insurance Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 1
- 02THE BI-WEEKLY BOTTOM LINE
Carrier Workflow Held Its Ground While the Rest of the Covered Set Drifted Lower
Summarizes the two-week period in one page across six covered names, close-to-close.
Across the six names we track, five fell and the median move was -2.3%, while the S&P 500 returned +1.1% over the same window. Guidewire Software, Inc. (GWRE) was the lone gainer, up +7.2%, and EverQuote, Inc. (EVER) carried the widest decline at -24.7%. No new transactions entered the record, so pricing conversations continue to run off the standing reference set. So what: this split is our clearest read yet on where value is holding versus where it's being tested.
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THE BI-WEEKLY BOTTOM LINE Carrier Workflow Held Its Ground While the Rest of the Covered Set Drifted Lower The two-week period in one page · 6 covered names, close-to-close · September 11–25, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Insurance Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 2 1 5 of 6 Covered Names Fell; The Median Move Was -2.3% The S&P 500 returned +1.1% over the same two-week period. The pullback was broad across the covered set rather than concentrated in a single name. 2 Guidewire Was the Period's Only Gainer Guidewire Software, Inc. (GWRE) rose +7.2%, with its largest day on Sep 14 at +8.6% to $153.00. GWRE sits in the Premium tier of NeuraCap's standing sector tiering. 3 EverQuote Carried the Period's Widest Decline EverQuote, Inc. (EVER) fell -24.7% over the two-week period, including -14.4% on Sep 22, against the covered set's -2.3% median. EVER sits in the Discount tier of the standing tiering. 4 No New Transactions Entered the Record The reference set still rests on the 14 precedent transactions already in the trailing record. NeuraCap read: with no fresh print, pricing conversations continue to run off the standing sector median of 13.3x CY2027E earnings. +7.2% Best mover — Guidewire Software, Inc. (GWRE) worst: EVER -24.7% · 1 up / 5 down of 6 covered -2.3% Sector median two-week return vs S&P 500 +1.1%
- 03PUBLIC MARKET MOVERS
One Name Owned the Carrier's Workflow; The Rest of the Set Gave Ground
Ranks the two-week close-to-close moves for the covered set against the sector median and S&P 500.
Guidewire Software, Inc. (GWRE) rose +7.2%, with its largest single day at +8.6% on Sep 14 reaching $153.00. EverQuote, Inc. (EVER) fell -24.7% for the period, including a -14.4% session on Sep 22. The covered set's median move was -2.3% against a S&P 500 return of +1.1%, and the materiality bar for this window sits at ±8.6% on a sector-relative basis. So what: the gap between the best and worst performer tells us where the market is pricing carrier-facing workflow versus distribution risk.
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PUBLIC MARKET MOVERS One Name Owned the Carrier's Workflow; The Rest of the Set Gave Ground Bi-Weekly moves, close-to-close · September 11–25, 2026 · sector median -2.3% · S&P 500 +1.1% · materiality bar ±8.6% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Insurance Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -2.3% EverQuote, Inc. (EVER) -24.7% No notable in-window news was identified that clearly explains the move. The -24.7% decline ran well beyond the covered set's -2.3% median move. Distribution and shopping-volume assets carry a different volatility profile than the carrier vendor set. UNEXPLAINED Guidewire Software, Inc. (GWRE) +7.2% Guidewire's largest day was Sep 14 at +8.6% to $153.00, and on Sep 21 the company announced Lititz Mutual selected its ProNavigator embedded AI assistant for agents and employees. The move appears to reflect continued core-suite demand. A Premium-tier name kept its premium: wins inside the carrier's daily workflow still set the pricing conversation. COMPANY-SPECIFIC Formula Systems (1985) Ltd. (FORTY) -9.1% No notable in-window news was identified that clearly explains the move. At -9.1%, Formula Systems (1985) Ltd. (FORTY) finished below the covered set's -2.3% median move. Direction in this period came from the group as a whole, with 5 of 6 covered names ending lower. UNEXPLAINED
- 04MAJOR NEWS & INDUSTRY CATALYSTS
Two Product Wins Show Where the Renewal Relationship Actually Sits
Reviews the two-week period's highest-impact news events and what they signal about renewal relationships.
The period's two highest-impact events were both product wins inside existing carrier accounts, and each links back to its underlying filing or article. We read these as evidence of where the renewal relationship actually sits today, not just where the sales pipeline points. So what: for owners and acquirers, wins of this kind are a leading indicator worth tracking alongside price action.
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MAJOR NEWS & INDUSTRY CATALYSTS Two Product Wins Show Where the Renewal Relationship Actually Sits The two-week period's highest-impact events · titles link to the underlying filing or article · September 11–25, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Insurance Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 21 · NEWS · PRNewsWire Guidewire wins Lititz Mutual for ProNavigator, its embedded AI assistant for agents and staff This is module attach inside an existing carrier workflow rather than a new system-of-record fight. Attach rate across policy, billing and claims is where the vendor set is adding revenue this period. Sep 15 · NEWS · GlobeNewsWire CCC reports repair-accuracy and efficiency gains from OEM build sheet data with collision repairers The claim rests on contributory data the customer cannot recreate, which is the durable side of this sector's value drivers. NeuraCap read: a Core-tier name defending the data right inside the claims path. Data assets sitting in the claims payment path remain non-discretionary spend for the customer.
- 05M&A & STRATEGIC ACTIVITY
A Quiet Two Weeks for Transactions; The Standing Reference Set Carries the Pricing
Notes that no new transactions were recorded and that the standing reference set of precedent deals continues to anchor pricing.
No new transactions were announced in the two-week period, so the reference set stays at 14 precedent transactions already on file. Deal multiples in that set are LTM at announcement where disclosed, and the standing sector median continues to sit at 13.3x CY2027E earnings. So what: without a fresh print, acquirers and targets should keep using this standing median as the working reference point for pricing conversations.
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M&A & STRATEGIC ACTIVITY A Quiet Two Weeks for Transactions; The Standing Reference Set Carries the Pricing September 11–25, 2026 · precedent transactions: 14 recorded deals Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Insurance Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The reference set therefore rests on the 14 precedent transactions already in the trailing record. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 14 Recorded precedent transactions the reference set buyers and sellers price against
- 06WHAT IT MEANS
What the Period Changes for Owners, Acquirers and Advisors
Translates the two-week period into implications for owners, acquirers and advisors.
For owners and operators, the one gain in the covered set came alongside a product win inside an existing carrier account, underscoring that attach and retention did the work this period. For acquirers, the absence of new transactions means the 14 precedent transactions and the 13.3x CY2027E earnings median still set the frame. For advisors, the split between Guidewire Software, Inc. (GWRE) up +7.2% and the broader median move of -2.3% argues for leading with the workflow-versus-distribution thesis. So what: each audience has a specific, near-term action embedded in this period's data.
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WHAT IT MEANS What the Period Changes for Owners, Acquirers and Advisors The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Insurance Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-25 P / E (CY2027E) median 13.3x 8 companies in the study 3 valuation tiers Standing thesis: Insurance Software Is Not One Market: Workbench and Rating Platforms Sit Well Above the Quote Marketplaces FOR OWNERS & OPERATORS Attach and Retention Did the Work This Period The one gain in the covered set came alongside a product win inside an existing carrier account. FOR ACQUIRERS No New Print; The Existing Record Still Sets the Frame With no transactions announced in the two-week period, the reference set is unchanged: 14 precedent transactions in the trailing record and a standing sector median of 13.3x CY2027E earnings. FOR ADVISORS Lead with the Split Between Workflow and Distribution The period extends the standing thesis that this is not one market. Guidewire Software, Inc. (GWRE) rose +7.2% on the back of a carrier workflow win, while 5 of 6 covered names fell and the median move was -2.3%.
- 07SOURCES & METHODOLOGY
Sources, Methodology and Important Notice
Explains the sources, methodology and important notices behind the update's figures and claims.
Every figure in this update links back to the record it was taken from, and the publishers and filings drawn on for the period are listed here. Driver attributions and 'why it matters' reads are calibrated interpretations, not asserted causation. So what: this page is the audit trail a client can use to verify any number before acting on it.
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SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 11–25, 2026 · market data through 2026-09-25 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Insurance Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 2 names below the floor were excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260925T155533Z_665_prod (market data as of 2026-09-25) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: prnewswire.com · globenewswire.com
Sources and methodology
This update covers Insurance Software over the 14-day window September 11–25, 2026; market data runs through September 25, 2026. The universe is the 6 listed companies whose core business is Insurance Software under NeuraCap's industry classification, subject to a $100M market-capitalisation floor so that very small, loosely related names cannot dominate the movers and statistics. Companies covered: CCC Intelligent Solutions Holdings Inc. (CCC), EverQuote, Inc. (EVER), ExlService Holdings, Inc. (EXLS), Formula Systems (1985) Ltd. (FORTY), Guidewire Software, Inc. (GWRE), Verisk Analytics, Inc. (VRSK). 2 names below the floor were excluded from the statistics: CCG, HIT.
Window and company universe
This update covers Insurance Software over the 14-day window September 11–25, 2026; market data runs through September 25, 2026. The universe is the 6 listed companies whose core business is Insurance Software under NeuraCap's industry classification, subject to a $100M market-capitalisation floor so that very small, loosely related names cannot dominate the movers and statistics. Companies covered: CCC Intelligent Solutions Holdings Inc. (CCC), EverQuote, Inc. (EVER), ExlService Holdings, Inc. (EXLS), Formula Systems (1985) Ltd. (FORTY), Guidewire Software, Inc. (GWRE), Verisk Analytics, Inc. (VRSK). 2 names below the floor were excluded from the statistics: CCG, HIT.
How the moves and statistics are computed
Each company's period move is the change in closing price from the last close before the window to the last close inside it (close-to-close). The sector median is the median of those moves across the covered names; the index return is computed the same way for the S&P 500 over the same dates. The largest single-day move inside the window is shown for each mover. Movers are the largest gainers and losers by period move; the attribution cards prefer movers whose in-window record explains the move. Movers carry the valuation tier assigned in the standing sector study (the latest NeuraCap sector outlook) where that study rated them.
Events, news and how a move is attributed
Company events are the 8-K filings made inside the window; news items are publisher-sourced headlines for the window, admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron's and peers). Video and social platforms are never used. A move is linked to an event only when the event falls inside the window and only in calibrated language; where nothing in the record explains a move, the update says so rather than speculating. Every event links to its source.
Transactions in the window and the trailing record
Transactions are taken from SEC filings by announcement date; 0 were announced inside the window. The trailing record of 14 recorded transactions provides the reference multiples (EV over last-twelve-month revenue or EBITDA at announcement, as disclosed). A value whose own citation describes something other than the price paid is not shown as the deal value; transactions where the acquirer and the target are the same entity are treated as reorganisations and excluded.
Sources
Prices and index levels are market data through September 25, 2026; filings are the companies' SEC filings on EDGAR; press releases are the companies' own; other news items are from the established outlets named on each card; Treasury yields are published by the U.S. Department of the Treasury. Every figure and every event in the update links to its record.
Interpretation and important notice
'Why it matters', 'why the deal happened' and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, labelled as such. The update is informational: it is not investment advice, not a recommendation to buy or sell any security and not an offer of any kind.
This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.
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