Insurance Software Bi-Weekly Industry Events & M&A Update — September 11–25, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › INSURANCE SOFTWARE

Owning Carrier Workflow Paid; Buying Carrier Customers Did Not

This update covers Insurance Software over the two-week period of September 11–25, 2026 — the movers, the company announcements, and the state of the transaction record.

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

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › INSURANCE SOFTWARE

   Cover slide identifying the report as NeuraCap's Insurance Software bi-weekly industry events and M&A update for September 11–25, 2026.

   We open this bi-weekly update on Insurance Software, covering the two weeks of September 11–25, 2026. Over the following pages we walk through what changed, who moved and why, what transacted, and what it means for owners, buyers and advisors.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › INSURANCE SOFTWARE Owning Carrier Workflow Paid; Buying Carrier Customers Did Not This update covers Insurance Software over the two-week period of September 11–25, 2026 — the movers, the company announcements, and the state of the transaction record. 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

2. 02
   THE BI-WEEKLY BOTTOM LINE

   The Split Inside the Sector Widened: Core Workflow Held up While the Shopping-Driven

   This page summarizes the two-week period: five of six covered names fell while the split between core workflow and shopping-driven exposure widened.

   Five of six covered names fell over the period, with a sector median move of -2.3% against +1.1% for the S&P 500. Guidewire Software, Inc. (GWRE) was the lone gainer, up +7.2%, while EverQuote, Inc. (EVER) carried the period's loss at -24.7%. The gap reinforces our standing view that this is not one market: the sector median sits at 13.3x CY2027E earnings, with the Premium tier at 25.5x and the Discount tier at 6.5x. So what: positioning inside the stack, not sector membership, is what is driving performance right now.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE The Split Inside the Sector Widened: Core Workflow Held up While the Shopping-Driven 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. Guidewire Software, Inc. (GWRE) was the only covered name to rise, at +7.2%. 2 The Period Confirms NeuraCap's Standing View That This Is Not One Market Premium-tier GWRE rose while Discount-tier EverQuote, Inc. (EVER) fell -24.7%. The standing valuation lens puts the sector median at 13.3x CY2027E earnings, with the Premium tier at 25.5x and the Discount tier at 6.5x. 3 Both Company Announcements in the Window Were About Workflow and Data, Not Capital Guidewire announced a ProNavigator selection by Lititz Mutual on Sep 21, and CCC Intelligent Solutions Holdings Inc. (CCC) announced that two collision repairers extended their use of its OEM build sheet data on Sep 15. 4 The Transaction Record Added Nothing New This Period No material sector transactions were announced during the period, so pricing references still come from precedent transactions rather than from anything signed in this window. +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%

3. 03
   PUBLIC MARKET MOVERS

   Core Suite and Data Held; The Shopping-Exposed Name Carried the Period's Loss

   This page details each covered name's price move for the period against a sector median of -2.3% and a materiality bar of +8.6%.

   Core-suite and data names held their ground this period, while the shopping-exposed name absorbed the loss. The sector median move was -2.3%, against the S&P 500's +1.1%, and our materiality bar for the period sits at +8.6% on a sector-relative basis. Guidewire Software, Inc. (GWRE) was the standout at +7.2%, while EverQuote, Inc. (EVER) fell -24.7% and set the period's low. So what: the dispersion between these two names is the clearest read yet on where value is concentrating inside the sector.

   Everything on this page

   PUBLIC MARKET MOVERS Core Suite and Data Held; The Shopping-Exposed Name Carried the Period's Loss 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. At -24.7%, the move sat well below the median of -2.3% across the covered set. Distribution assets exposed to consumer shopping volumes trade on a different rhythm than core-suite vendors. UNEXPLAINED Guidewire Software, Inc. (GWRE) +7.2% Shares moved following Guidewire's Sep 21 announcement that Lititz Mutual selected ProNavigator, its embedded AI assistant for agents and employees. The largest single day, +8.6% on Sep 14, came earlier in the window. Named carrier wins inside the daily workflow still register with the market, even without a filing behind them. COMPANY-SPECIFIC Formula Systems (1985) Ltd. (FORTY) -9.1% No notable in-window news was identified that clearly explains the move. At -9.1%, the move was below the median of -2.3% for the covered set. Holding-company structures can move with their underlying software assets rather than with their own record. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Two Announcements, Both About Work the Carrier Cannot Easily Rebuild Itself

   This page covers the two highest-impact announcements in the window, both tied to workflow and data rather than capital.

   Both announcements recorded this period were about work the carrier cannot easily rebuild itself. Guidewire announced that Lititz Mutual selected ProNavigator for agent and employee workflows on September 21. CCC Intelligent Solutions Holdings Inc. (CCC) announced on September 15 that two collision repairers extended their use of its OEM build sheet data. So what: both events point to vendors deepening their hold on carrier-side workflow and data, the same theme that separated this period's winners from its laggards.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Two Announcements, Both About Work the Carrier Cannot Easily Rebuild Itself 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 Lititz Mutual selects Guidewire ProNavigator to put AI guidance inside agent and employee workflows The selection places Guidewire further inside a carrier's daily workflow rather than alongside it. That is where module attach across policy, billing and claims and renewal pricing power are built. Attach inside carrier accounts you already hold remains the least expensive growth in the core suite. Sep 15 · NEWS · GlobeNewsWire CCC says G&C Auto Body and VIVE Collision extended use of its OEM build sheet data Build sheet data sits directly in the repair and claims path, and two named repairers extending use is evidence of content the customer cannot recreate on its own. Contributory data assets earn their renewals on accuracy inside the claims path, not on feature counts.

5. 05
   M&A & STRATEGIC ACTIVITY

   A Quiet Window for Transactions; Precedent Deals Still Set the Reference

   This page notes that no new transactions were announced in the window, leaving the recorded precedent deals as the reference set.

   This was a quiet window for transactions: no material sector deals were announced during the period. That leaves the recorded precedent deals as the reference set for anyone pricing an asset in this space today. The standing tiering of 25.5x Premium, 13.3x sector median and 6.5x Discount on CY2027E earnings still frames where any new deal would likely land. So what: the absence of new signings does not remove the need to have a view — it just means that view still rests on the existing record.

   Everything on this page

   M&A & STRATEGIC ACTIVITY A Quiet Window for Transactions; Precedent Deals Still Set the Reference 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. With nothing new signed, buyers and sellers are still working from the precedent transaction record and from the standing valuation lens of 13.3x CY2027E earnings at the sector median. 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

6. 06
   WHAT IT MEANS

   What a Split Two Weeks Says for Operators, Buyers and Advisors

   This page translates the two-week period into observations for operators, acquirers and advisors.

   For owners and operators, mix and attach carried the period, not headlines — the name that rose announced a carrier win inside its own workflow. For acquirers, the reference set did not move this period, so comparison work still rests on precedent transactions and the standing tiering of 25.5x Premium, 13.3x sector median and 6.5x Discount. For advisors, the case for leading with where an asset sits in the stack is stronger after a period where the median move was -2.3% yet the Premium-tier name rose +7.2% and the Discount-tier name fell -24.7%. So what: the split inside the sector is now the story, more than the sector itself.

   Everything on this page

   WHAT IT MEANS What a Split Two Weeks Says 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, 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 Mix and Attach Carried the Period, Not Headlines The covered name that rose was a core-suite vendor announcing a carrier win inside the workflow. FOR ACQUIRERS The Reference Set Did Not Change This Period No material sector transactions were announced during the period, so the comparison work still rests on precedent transactions and on the standing tiering: a Premium median of 25.5x, a sector median of 13.3x and a Discount median of 6.5x on CY2027E earnings. FOR ADVISORS Lead with Where the Asset Sits in the Stack The period's evidence supports the standing thesis that this is not one market: 5 of 6 covered names fell and the median move was -2.3%, yet the Premium-tier core-suite name rose +7.2% while the Discount-tier shopping marketplace fell -24.7%.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This page explains the sources and methodology behind every figure and claim in the update.

   Every figure in this update links back to the record it was taken from — filings, publisher-sourced news and market prices through September 25, 2026. We hold driver attributions to calibrated language, reading the recorded evidence rather than asserting causation. So what: this page is where to check the receipts behind every number on the pages before it.

   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 · 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

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