Earnings PerformanceAdjusted EBITDA of $105 million beat our $74 million estimate, reflecting lower-than-expected loss and LAE and amortization of DAC.
Growth StrategyARX is strategically working towards being valued more as a capital-light platform rather than an insurance carrier.
Third-Party PartnershipsThe partnership with Hadron is seen as sustainable, with attractive terms, and the company is expanding relationships with other third parties.