Retail Division Organic Revenue Growth

Q1 2025

no prior guidance

~100 bps lower than other quarters "

no prior guidance

Quintes Acquisition Revenue Phasing

Q1 2025

no prior guidance

~60% of annual revenues recognized in Q1 2025 "

no prior guidance

Contingent Commissions

FY 2025

no prior guidance

down slightly vs. FY 2024 "

no prior guidance

Adjusted EBITDAC Margins

FY 2025

no prior guidance

relatively flat "

no prior guidance

Effective Tax Rate

FY 2025

no prior guidance

24%–25% "

no prior guidance

Interest Expense

FY 2025

no prior guidance

$170M–$180M "

no prior guidance

Interest Income

FY 2025

no prior guidance

$65M–$70M "

no prior guidance

Organic growth and net new business

Q1–Q3 2024 calls consistently highlight strong organic growth and net new business, with recognized seasonal and market-driven moderation later in the year. " " " " " "

Q4 2024: Strong overall growth (22.4% organic), with Retail (4.4%), Wholesale (7.1%), and Programs (38.6%). Momentum remains high despite some timing impacts in Retail. " " " "

Consistent theme, sentiment now balanced between optimism and caution about possible slower growth.

M&A (acquisitions)

Q1–Q3 2024 calls describe a disciplined approach, strong capital position, and eagerness to pursue culturally aligned targets. " " " " " "

Q4 2024: Emphasis on a robust pipeline, preparedness for larger deals, and completing $174M of annual revenue acquisitions (e.g., Quintes). " " " "

Consistent focus, evolving to readiness for bigger transactions.

Property and casualty rate environments

Q1–Q3 2024 calls frequently mention rate moderations for CAT property, ongoing casualty pressure, and expansion opportunities in E&S. " " "

Q4 2024: CAT property rates down 10–20%, casualty lines still seeing rate increases, and a net inflow into E&S markets. " " "

Recurring discussion, with some lines decreasing while others rise; E&S continues to be a major growth area.

Contingent commissions

Q1–Q3 2024 calls highlight a one-time Q1 benefit and then persistent downward pressure in later quarters. " " " " "

Q4 2024: Ongoing pressure due to loss development (e.g., California) and storm claims; caution for 2025 contingents. " " "

Shift from one-time boost to sustained pressure in the second half of the year.

The Programs segment

Q1–Q3 2024 calls describe robust growth in Programs, supported by flood claims processing and strong underwriting results; mention potential storm-related margin impact. " " " "

Q4 2024: Outstanding 38.6% organic growth; margin expansion but facing contingent and rate headwinds into 2025. " "

From strong early-year performance to potential margin headwinds looking ahead.

Dealer services

Mentioned positively in Q1 2024 due to improved inventory levels and stable demand. No further references in Q2 or Q3. "

Q4 2024: No mention of this topic.

No longer discussed after Q1.

Storm claim activity

Q1–Q3 2024 calls flagged storms for potential Q3–Q4 impacts. Actual events (Hurricanes Helene and Milton) brought both revenue and claim costs in Q3–Q4. " " " "

Q4 2024: Flood claims revenue (~$28M) recognized, expected to drop in 2025; still a variable for contingents and property lines. " "

Remains relevant, but revenues mostly realized and projected to diminish in 2025.

Flat or changing EBITDAC margin guidance

Q1–Q3 2024 calls initially projected margin improvements (50–100 bps), then noted potential storm and contingent impacts later. " " " "

Q4 2024: Company now expects adjusted EBITDAC margins to be relatively flat in 2025, given contingents, flood revenue decline, and ongoing investments. " " "

Guidance shifted from earlier improvement forecasts to a flat outlook for the coming year.

Topics with significant future impact

Mentioned throughout Q1–Q3 2024 as key levers for long-term expansion and competitive differentiation. " " " " "

Q4 2024: Highlighted growth opportunities in E&S, readiness for strategic M&A, and ongoing rate shifts (CAT down, casualty up). " " "

Continued emphasis, shaping investment strategy and market positioning moving forward.