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What Do They Do?

Sells commercial and personal property and casualty insurance to businesses and individuals through independent insurance agencies.

How Do They Make Money?

Policyholders pay premiums for commercial and personal coverage, and the insurers earn those premiums over the policy terms.

revenue
SegmentShareRevenue
Investments
100%
FY2022: 100%
Commercial Lines
Recurring
0.0%
FY2022: 0.0%
Personal Lines
Recurring
0.0%
FY2022: 0.0%

Who Are Their Customers?

Businesses and individuals buy commercial and personal policies through independent insurance agencies, which market the insurers’ products.

Do Revenues Turn Into Profits?

Yes. It kept 8 cents of every revenue dollar as net income in FY2025.

Net income, FY2025
8% of revenue
▲ +56% vs FY2024 ($50.9M, 5%)

How Are They Changing?

Since the FY2025 annual report
Latest quarter: Q2 FY2026, the three months to Jun 30, 2026
Revenue
▼ −2%
vs $247.1M in Q2 FY2025
Net income
▲ +32%
vs $16.9M in Q2 FY2025
Investments share of investment income, net of investment expenses vs 100.0% in Q2 FY2025
  • Jun 17, 2026 Replaced KPMG with BDO as independent auditor The Audit Committee approved the change; BDO was engaged for fiscal 2026.

Growing. Revenue grew 20% in 4 years, from $816.5M in FY2021 to $978M in FY2025, about 5% a year.

Revenue over time
Investments Commercial Lines Personal Lines
$100M$50M$0

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