Exceeded Adjusted EBITDA Expectations
The company delivered $21 million in adjusted EBITDA and $29 million in cash flow from operations in Q3, surpassing the initial $50 million target for 2025 within the first nine months.
Significant Surplus Generation
Reciprocal surplus increased by over $100 million quarter-over-quarter to $412 million, setting up for future premium scaling and profit growth.
Strong Insurance Segment Performance
Insurance Services segment posted a 34% adjusted EBITDA margin with a conversion rate improvement from 16% to 18% in Q3.
Software and Data Growth
Software and Data segment posted a 7% revenue increase over the prior year, with a 74% gross margin, due to product innovation and price increases.