Insurance Software Bi-Weekly Industry Events & M&A Update — August 28 – September 11, 2026
This bi-weekly report tracks Insurance Software industry events, filings, leadership changes and M&A activity from August 28 – September 11, 2026, for operators, acquirers and advisors following the sector's five covered public names and its trailing deal record.
Key figures
- -8.1%
- Median Covered-Name Return 5 covered names, close-to-close
- $1,475.4
- Guidewire FY2026 Revenue up 23% year on year
- -31.5%
- Guidewire Period Return Aug 28 – Sep 11, 2026
- 4.58%
- 10-Year Treasury Yield unchanged across the window
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1 / 7 · INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › INSURANCE SOFTWARE
Executive summary
All five covered Insurance Software names fell over the two-week window, with a median return of -8.1% against -0.7% for the S&P 500. Guidewire's FY2026 results showed revenue up 23% to $1,475.4 million and ARR of $1,242 million, yet its shares still closed at -31.5%, and senior leadership changes were filed at Verisk and ExlService. No new transactions were announced, leaving the trailing 15-deal record as the sector's clearest pricing signal for this period.
Key findings
- All five covered names fell; median return was -8.1% versus -0.7% for the S&P 500.
- Guidewire grew revenue 23% to $1,475.4 million, yet shares closed at -31.5%.
- Verisk and ExlService each filed senior leadership changes during the window.
- No transactions were announced; the trailing tape holds 15 recorded deals.
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 page introducing the Insurance Software bi-weekly industry events and M&A update for August 28 – September 11, 2026.
We open with the two-week window that reset the listed read on Insurance Software. This report walks through what changed, who moved, what transacted, and what it means for operators, acquirers and advisors.
Everything on this page
BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › INSURANCE SOFTWARE One Earnings Print Resets the Listed Read on the Sector This update covers the Insurance Software filings, headlines, leadership changes and transactions recorded from August 28 – September 11, 2026. August 28 – September 11, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-11 · events and transactions from the two-week period 2026-08-28 → 2026-09-11 Insurance Software Bi-Weekly Update | August 28 – September 11, 2026 | Confidential Sources & methodology 1
- 02THE BI-WEEKLY BOTTOM LINE
Every Covered Name Fell, and a Single Set of Results Set the Tone
This slide summarizes the two-week period: all five covered names declined and one earnings release set the tone.
All five covered names in our universe fell over the two weeks, with a median return of -8.1% against a -0.7% move in the S&P 500. Guidewire's results carried the period's news flow, with revenue up 23% to $1,475.4 million, yet its shares still finished at -31.5%, showing that a strong print did not stop the decline. The Treasury curve held steady, with the 10-year at 4.58%, so the discount-rate backdrop is not part of this story. Two of five names, Verisk and ExlService, also filed senior leadership changes in the window. So what: a group-wide decline alongside one company's strong fundamentals tells us sentiment, not rates or results alone, is driving the listed tape right now.
Everything on this page
THE BI-WEEKLY BOTTOM LINE Every Covered Name Fell, and a Single Set of Results Set the Tone The two-week period in one page · 5 covered names, close-to-close · August 28 – September 11, 2026 Source: NeuraCap analytics platform (universe, prices, filings, deal tape); publisher-sourced news where linked; market data through 2026-09-11. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Insurance Software Bi-Weekly Update | August 28 – September 11, 2026 | Confidential Sources & methodology 2 1 Five Names, Five Declines All 5 covered names finished the two-week period lower, with a median return of -8.1% against -0.7% for the S&P 500. The listed reading moved as a group even though the news flow was concentrated in one company. 2 A Strong Reported Year Traded Poorly Guidewire Software (GWRE) reported FY 2026 revenue of $1,475.4 million, up 23% year on year, ARR of $1,242 million, GAAP net income of $139.3 million, diluted GAAP EPS of $1.63 and cash and equivalents of $1,215.3 million. The shares still ended the period at -31.5%. 3 Rates Did Nothing The Treasury curve was unchanged across the window, at 4.37% on the 3-month bill, 4.25% on the 2-year, 4.58% on the 10-year and 4.78% on the 30-year. The discount-rate backdrop is not part of this period's story. 4 Senior Bench Changes at Two of Five Names Verisk Analytics (VRSK) and ExlService Holdings (EXLS) each filed a senior leadership change in the period. In a sector where delivery and client relationships sit with named leaders, bench moves are worth tracking alongside results. THE RATE TAPE 3-month T-bill: 4.37% → 4.37% (unchanged) · 2-year Treasury: 4.25% → 4.25% (unchanged) · 10-year Treasury: 4.58% → 4.58% (unchanged) · 30-year Treasury: 4.78% → 4.78% (unchanged) -2.5% Best mover — FORTY worst: GWRE -31.5% · 0 up / 5 down of 5 covered -8.1% Sector median two-week return vs S&P 500 -0.7% unchanged 10-year Treasury over the two-week period 4.58% → 4.58% 3 Company filings in the window 8-K events read for driver attribution
- 03PUBLIC MARKET MOVERS
The Period's Move Came Out of One Earnings Release
This slide shows each covered name's bi-weekly price move against sector and market benchmarks, anchored by Guidewire's earnings release.
The period's defining move came from a single earnings release, with the sector median return landing at -8.1% versus -0.7% for the S&P 500. Guidewire's print set the pace, and its shares closed the window at -31.5%, clearing our sector-relative materiality bar of 12.2%. We attribute each move only to filings and headlines recorded in the window, and where no driver is on record, we say so plainly. So what: when one release moves an entire sector median, we treat it as the period's headline catalyst rather than a market-wide repricing.
Everything on this page
PUBLIC MARKET MOVERS The Period's Move Came Out of One Earnings Release Bi-Weekly moves, close-to-close · August 28 – September 11, 2026 · sector median -8.1% · S&P 500 -0.7% · materiality bar ±12.2% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, deal tape); publisher-sourced news where linked; market data through 2026-09-11. 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 | August 28 – September 11, 2026 | Confidential Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -8.1% GWRE -31.5% Shares fell -31.5% over the period, with a -19.9% single-day move on Sep 4, the session after Guidewire's Sep 3 FY 2026 results release. The reaction appears to reflect forward expectations rather than the reported year. A 23% revenue year can still trade down when the market is pricing next year's ARR build, not last year's print. COMPANY-SPECIFIC
- 04MAJOR NEWS & INDUSTRY CATALYSTS
Results and the Bench: What the Filings Actually Carried
This slide lists the two-week period's highest-impact filings and headlines, including Guidewire's results and leadership changes at Verisk and ExlService.
The filings this period carried two threads: Guidewire's FY2026 results, with revenue of $1,475.4 million and ARR of $1,242 million, and senior leadership changes filed by Verisk and ExlService. Each event links back to its underlying filing or article, keeping the read anchored to primary sources rather than commentary. In a sector where delivery and client relationships sit with named leaders, we treat bench changes as worth watching alongside the numbers. So what: the filings show us where operational continuity is being tested even as one company's growth story dominates the headlines.
Everything on this page
MAJOR NEWS & INDUSTRY CATALYSTS Results and the Bench: What the Filings Actually Carried The two-week period's highest-impact events · titles link to the underlying filing or article · August 28 – September 11, 2026 Source: NeuraCap analytics platform (universe, prices, filings, deal tape); publisher-sourced news where linked; market data through 2026-09-11. "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 | August 28 – September 11, 2026 | Confidential Sources & methodology 4 Sep 8 · 8-K · SEC EDGAR VRSK — Executive, Officer & Director Appointment / Departure Verisk Analytics (VRSK) filed the coming retirement of its Chief Human Relations Officer, with no date set pending a successor. Succession filings at data franchises are people-cost signals, not contributory-data or content signals. Sep 3 · NEWS · Business Wire Guidewire Announces Fourth Quarter and Fiscal Year 2026 Financial Results Guidewire's Sep 3 release put the full-year picture on the record: revenue of $1,475.4 million, up 23%, ARR of $1,242 million and diluted GAAP EPS of $1.63. It is the only fundamental datapoint of size in the window. ARR and cloud mix, not headline revenue, are what the market read out of this core suite print. Sep 2 · 8-K · SEC EDGAR EXLS — Executive, Officer & Director Appointment / Departure ExlService Holdings (EXLS) filed the resignation of its President and Head of Insurance, Healthcare and Life Sciences, who is leaving in late October to take a chief executive role elsewhere. In outsourced-operations models, named leaders carry delivery and renewal relationships; transitions are diligence items.
- 05M&A & STRATEGIC ACTIVITY
A Quiet Tape in Transactions, with the Standing Record Doing the Pricing
This slide covers the transaction tape for the period, noting no new deals against a trailing record of 15 recorded transactions.
The two-week window itself was quiet on transactions, with no new deals announced. The trailing record still holds 15 recorded deals, and that standing record continues to do the pricing work for the sector. We hold deal multiples to LTM at announcement where disclosed, and we do not re-present old transactions as news. So what: with the tape quiet, the trailing 15-deal record remains the best available reference point for how the sector is being priced.
Everything on this page
M&A & STRATEGIC ACTIVITY A Quiet Tape in Transactions, with the Standing Record Doing the Pricing August 28 – September 11, 2026 · trailing tape: 15 recorded deals Source: NeuraCap analytics platform (universe, prices, filings, deal tape); publisher-sourced news where linked; market data through 2026-09-11. 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 | August 28 – September 11, 2026 | Confidential Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The trailing record still carries 15 transactions, which remains the deeper source of pricing evidence than a 5-name listed tape. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through the tape’s silence. The trailing tape below still frames what buyers have paid. 15 Recorded deals on the trailing tape the reference set buyers and sellers price against
- 06WHAT IT MEANS
What a One-Print Period Means for Operators, Buyers and Advisors
This slide translates the two-week period into observations for operators, acquirers and advisors.
For owners and operators, Guidewire's mix shows that a 23% revenue gain and $1,242 million of ARR did not stop a -31.5% share move, so growth alone is not carrying sentiment. For acquirers, the median listed return of -8.1% widened against a quiet transaction tape, so the gap between public sentiment and the 15-deal trailing record has grown rather than closed. For advisors, this is the moment to build the comparison the listed tape will not give clients on its own, since one print moved a five-name universe while the 10-year Treasury sat unchanged at 4.58%. So what: these are observations from the recorded evidence, not recommendations, and they point toward where the next comparison needs to be built.
Everything on this page
WHAT IT MEANS What a One-Print Period Means for Operators, Buyers 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, deal tape); publisher-sourced news where linked; market data through 2026-09-11. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Insurance Software Bi-Weekly Update | August 28 – September 11, 2026 | Confidential Sources & methodology 6 Sector study 2026-09-15 EV / Revenue (CY2025A) median 0.5x 5 companies in the study 3 valuation tiers Standing thesis: Insurance Software is a 5-name universe — each name is its own story, and the deal tape carries the pricing signal FOR OWNERS & OPERATORS Mix Decides How a Growth Year Lands Guidewire's Sep 3 release showed revenue up 23% and ARR of $1,242 million, yet the shares ended the period at -31.5%. FOR ACQUIRERS The Listed Reset Does Not Reprice the Private Record With a median listed return of -8.1% and no transactions announced in the window, the gap between public sentiment and the 15-deal trailing record widened rather than closed. FOR ADVISORS Build the Comparison the Listed Tape Will Not Give You One print moved a 5-name universe by a median -8.1% while the curve sat unchanged at 4.58% on the 10-year.
- 07SOURCES & METHODOLOGY
Sources, Methodology and Important Notice
This slide documents the sources, methodology and important notices behind the bi-weekly update.
Every figure in this update ties back to SEC filings, consensus estimates or market prices recorded through September 11, 2026. We hold driver attributions to calibrated language, distinguishing what the filings state from what we read into them. So what: this transparency lets a client trust the figures without needing to open every underlying filing themselves.
Everything on this page
SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · August 28 – September 11, 2026 · market data through 2026-09-11 Typeface note: NeuraCap brand face is Kallisto Medium; this build renders in a standard sans (Arial). Insurance Software Bi-Weekly Update | August 28 – September 11, 2026 | Confidential 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 tape (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates are the platform’s rate tape. 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. No covered name fell below the floor in 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). 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_20260916T015843Z_665_prod (market data as of 2026-09-15) — 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: sec.gov · businesswire.com
Sources and methodology
This update covers Insurance Software over the 14-day window August 28 – September 11, 2026; market data runs through September 11, 2026. The universe is the 5 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 (CCC), EXLS (EXLS), FORTY (FORTY), GWRE (GWRE), VRSK (VRSK). No covered name fell below the floor in this window.
Window and company universe
This update covers Insurance Software over the 14-day window August 28 – September 11, 2026; market data runs through September 11, 2026. The universe is the 5 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 (CCC), EXLS (EXLS), FORTY (FORTY), GWRE (GWRE), VRSK (VRSK). No covered name fell below the floor in this window.
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 tape
Transactions are taken from SEC filings by announcement date; 0 were announced inside the window. The trailing tape of 15 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 11, 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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