ARX

AI is the architecture of the business. Three structural advantages: proprietary decision-ready data, algorithm-supported underwriting, technologically adaptive decentralized MGAs. Fourth quarter beat expectations on exchange-written premium, third-party premium, and adjusted EBITDA. AI empowers members with faster due diligence, quicker member growth, and lower loss ratios for risk capital partners. Six key metrics (three supply-side, three demand-side) show strong business execution.

Q1 2026: Exchange-written premium $1.07 - $1.13 billion, third-party direct written premium $450 - $470 million, adjusted EBITDA $64 - $66 million. Full year 2026: Exchange-written premium at least $5.1 billion, third-party direct written premium at least $2.2 billion, adjusted EBITDA at least $275 million.

Exchange services: Q4 revenue $93 million, +46% y/y; adjusted EBITDA $63 million, margin 67%. MGA Operations: Q4 revenue $59 million (excluding non-recurring gain $57 million), adjusted EBITDA $23 million (excluding gain $21 million), margin 36%. Underwriting segment: Q4 revenue $111 million, adjusted EBITDA $13 million, gross loss ratio 51%.

Actual results may materially differ from forward-looking statements. Information in SEC filings' risk factor section. Industry modernization struggles in connecting and synthesizing data across systems.

Q: Roland Banger asked about 4Q adjusted EBITDA above guidance range.

A: Jay said upside from all segments, exchange services beat on volume and take rate up, MGA ops outperformed, underwriting loss ratio 51 contributed.

Q: About quarterly and annual premium guidance.

A: Ryan said size of Canadian member around 50 million USD per quarter impacts Q1 and Q2.