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Insurance TechnologySector Summary
Q2 2020
2
EXECUTIVE SUMMARY
Q2 2020 InsurTech wrap-up
Select Q2 Active Investors Select Q2 Active Buyers
Notes:Source: GCA Deal Database, CB Insights, Pitchbook, S&P Capital IQ as of 8/3/20.
COVID-19 and the associated economic shut-down has broad implications for the Insurance and InsurTech markets
Market environment has accelerated existing trends working to digitize the Insurance industry:
» Self-directed purchases of insurance online (e.g., Lemonade)
» Increased use of digital distribution channels (e.g., SelectQuote and GoHealth)
» InsurTech upstarts’ broader migration from brokers/MGA model to becoming licensed, full-stack insurers and binding policies (e.g., Hippo, Pie Insurance, Next Insurance, Clearcover)
M&A and growth investment deals are still getting done despite macro headwinds
» Financings in Q2 2020 (59) were down from the same period in 2019 (72), but the aggregate amount raised increased slightly by ~5% year-over-year
» $2.5Bn in growth capital raised YTD in the InsurTech space across 140 deals through June 2020
» M&A activity in Q2 was ahead of Q1 2020 with 21 transactions announced during the quarter
GCA believes Insurance broadly remains resilient through the current environment and the industry's digital transformation has only accelerated as a result of COVID-19
3
GCA INSURANCE TECHNOLOGY OVERVIEW
Companies that focus on customer engagement (e.g., customer acquisition, sales and marketing, mobile solutions and other direct-to-consumer insurance channels) or that offer solutions to improve distribution or facilitate engagement with the end consumer.
RECENT TRANSACTIONS
INSURTECH TEAM
REPRESENTATIVE FOCUS AREAS
Companies that improve existing methodologies for pricing or underwriting risk, or actual insurance companies that bring technology to traditionally low-tech areas by using newer or superior core systems and/or online/mobile offerings.
Insurance is behind the curve in enterprise-level core technology, and InsurTech companies help modernize these operating systems – in particular, policy, claims, and billing software systems.
Companies that provide analytic capabilities to insurance companies to help them operate more efficiently and/or make better underwriting and claims decisions.
DATA & ANALYTICS
Chris GoughManaging [email protected]
John LambrosManaging [email protected]
Strong sector and product expertise across InsurTech
Rushi BhanderiVice [email protected]
POLICY ADMIN, CLAIMS & BACK OFFICE
DISTRIBUTION & CUSTOMER ENGAGEMENT
INNOVATIVE PRODUCTS, PRICING, UNDERWRITING
Sascha PfeifferManaging [email protected]+49 177.741.5643
Martin RezaieVice [email protected]+49 151.4610.6960
4
$1,365
$1,636
$1,938
$1,497 $1,653
$2,033
$986
$1,560
65
59
72 72
79
62
81
59
Q3-2018 Q4-2018 Q1-2019 Q2-2019 Q3-2019 Q4-2019 Q1-2020 Q2-2020
INSURTECH DEAL DASHBOARD – FINANCING ACTIVITY
Quarterly Financing Activity ($MM)
LTM financing:
$6.2Bn across 281 Deals
$21.0 $27.7 $26.9 $20.8 $20.9 $32.8
Average Deal Size
Ann. Date
CompanySelected
Investor(s)Amt.
Invested
Post-Money
Valuation
Segment / Value Chain
6/26 $225 NA
6/10 $230 NA
6/5 $5 $214
6/4 $60 $285
5/28 $127 $214
5/21 $123 $623
5/20 $90 $900
5/5 $98 NA
4/20 $54 $530
Select Q2 2020 Financing Transactions ($MM)
P&C Life Health Distribution & CustomerEngagement
Products, Pricing & Underwriting
Data & AnalyticsPolicy Admin, Claims & Back Office
Insurance Segment Insurance Value Chain
Q2 2020 saw accelerating InsurTech financing deals up 58% from Q1
Notes:Source: GCA Deal Database, CB Insights, Pitchbook, S&P Capital IQ as of 8/3/20.The GCA Deal Database was refreshed in Q1 2020 to incorporate an improved screening methodology. Accordingly, the data may diverge from previous reports.
$635MM$350MM$300MM$500MM$500MM$375MM
$12.2
$100MM $225MM
$26.4
Other
5
Provider of compensation insurance platform intended to offer improved insight into the workers' compensation insurance rates. The company's platform leverages large data sets to segment and price small business policiesRaised $127MM in
Series B funding on 5/28/2020
Founded
2017Headquarters
Washington, D.C.Total Funds Raised ($MM)
$187
SELECTED RECENT INSURTECH FINANCINGS
Provider of an online health insurance network designed to make insurance simple and intuitive. The company offers access to a network of physicians and hospitals, as well as a concierge team that supports members
Raised $225MM in VC funding on 6/26/2020
Founded
2012Headquarters Total Funds Raised ($MM)
$1,494
Sele
cted
Inve
sto
rs
New York
Developer of insurance SaaS software. The company's property and casualty insurance software is designed to work independently or as a combined approach to handle the needs of insurers of all sizesRaised $230MM in
Series E funding on 6/10/2020
Founded
2000Headquarters
BostonMajority Owned By
Notes:Source: GCA Deal Database, CB Insights, Pitchbook, S&P Capital IQ as of 8/3/20.
Sele
cted
Inve
sto
rsSe
lect
edIn
vest
ors
(Since 2016)
6
Company Headquarters Founded
Amt. Raised Since Inception ($MM) Company Description
San Francisco, CA $4692013Cloud-based self-insurance platform for all health plans
Minneapolis, MN $1,0762015Health insurance platform partnering with health systems and care partners to provide health plans
$3692017Provider of personalized healthcare plans intended to improve the quality of patient care
Jersey City, NJ $8382014Operator of PPO using data analysis and preventive care to improve health insurance
INSURTECH LEADERS IN PRIVATE FUNDING
Columbus, OH $5282015Online car insurance platform calculating insurance premiums based upon driver behavior
San Francisco, CA $5212011Cloud-based payroll, benefits, and HR management platform
Notes:Source: GCA Deal Database, CB Insights, Pitchbook, S&P Capital IQ as of 7/1/20.
San Francisco, CA $5962013 Cloud-based human resources platform
$3602015Provider of home insurance services designed to offer smart coverage for homeowners
New York, NY $1,4942012Provider of an online health insurance network designed to make insurance simple and intuitive
Top 10 Raised To-Date
Palo Alto, CA $3832016Operator of an online insurance platform for small businesses
Eagan, MN
Palo Alto, CA
Most Recent Financing
2019
2019
2018
2019
2019
2019
2015
2020
2020
2019
7
MOST ACTIVE INSURTECH INVESTORS – CORPORATE VENTURE CAPITAL
Company Headquarters Number of Investments Investments
(1)Paris, France 19
Munich, Germany 15
Madison, WI 12
Springfield, MA 10
Paris, France 9
Mountain View, CA 9
Columbus, OH 9
(2)
Frankfurt, Germany 4
New York, NY 6
Shenzhen, China 5Shuidi
9New York, NY
Munich, Germany 12
Notes:Source: GCA Deal Database, CB Insights, Pitchbook, S&P Capital IQ as of 7/1/20.1) AXA invests through XL Innovate, AXA Venture Partners, and Kamet Ventures.
2) Allianz invests through Allianz X, Allianz Life Ventures, and Allianz Startups Accelerator.
8
SELECTED ACTIVE INSURTECH INVESTORS
Investor Type Investor Logos
Accelerators / Seed
Venture Capital /Private Equity
Corporate Investors
Alternative Investors
Notes:Source: GCA Deal Database, CB Insights, Pitchbook, S&P Capital IQ as of 7/1/20.
9
$9,037
$953
$2,072 $151
$9,732
$1,069
$413 $449
29
33
35
13
29
23
19
21
Q3-2018 Q4-2018 Q1-2019 Q2-2019 Q3-2019 Q4-2019 Q1-2020 Q2-2020
Ann. Date Buyer Target
Transaction Value
Segment / Value Chain
6/11 NA
6/10 NA
6/3 NA
6/1 NA
5/12 NA
5/5 NA
5/4 $213
4/17 NA
4/1 NA
INSURTECH DEAL DASHBOARD – M&A ACTIVITY
Quarterly M&A Activity ($MM) Select Q2 2020 M&A Transactions ($MM)
Distribution & CustomerEngagement
Products, Pricing & Underwriting
Data & AnalyticsPolicy Admin, Claims & Back Office
Insurance Segment Insurance Value Chain
Largest Deal Size
LTM M&A: $11.7 Bn across 91 Deals
$3,500 $720Conf.$1,400$370$6,700 $276 $213
P&C Life Health Other
Notes:Source: GCA Deal Database, CB Insights, Pitchbook, S&P Capital IQ as of 8/3/20.
10
SELECTED RECENT M&A TRANSACTIONS
Notes:Source: GCA Deal Database, CB Insights, Pitchbook, S&P Capital IQ as of 8/3/20.
Boutique provider of customer acquisition solutions. It specializes in the insurance vertical, with deep roots in the senior demographic, including Medicare and final expense
Founded
2013Headquarters
OhioProvider of marketing services to connect insurance companies with qualified, high-intent insurance seekers. The company's platform offers insurance comparison and provides real-time, accurate quotes
Founded
2018Headquarters
Florida
Provides a healthcare insurance claim clearinghouse for payors. Additionally provides administrative and consulting services to assist healthcare providers improve 2019 reimbursement coding, billing, and collections
Founded
1986Headquarters
GeorgiaProvider of third-party claims management and analysis services to the U.S. retail pharmacy industry. The company's services include claims processing and editing, and real-time insurance verification
Founded
2001Headquarters
Texas
5/4/2020
acquired
for $213MM
Provider of asset management and corporate insurance brokerage services in Hong Kong. The company serves corporate clients, institutional investors, insurance companies, and high-net-worth individual clients
Founded
2003Headquarters
Hong KongDeveloper of a mobile application designed to manage insurance policies conveniently. The company's mobile application offers an analysis of existing insurance policies to identify any protection gap in the portfolio
Founded
2016Headquarters
Singapore
6/1/2020
acquired
6/3/2020
acquired
6/11/2020
acquired
Provider of home insurance designed using modern technology to provide a simpler process, smarter coverage and a completely new approach, enabling homeowners and renters to get better, cheaper and modern home insurance.
Founded
2015Headquarters
CaliforniaProvider of property and casualty insurance services intended to provide high-quality security to policyholders in underserved insurance markets.
Founded
1997Headquarters
New Jersey
11
CASE STUDY: LEMONADE (NYSE: LMND) CONDUCTS AN IPO ON THE NYSE
conducts an IPO on the
July 2020
Valuation History($MM)
Date SizeValuation
(Post)Raised to
DateKey Investors
3/11/19 300 2,100 480
3/12/18 120 570 180
12/02/16 33 208 60
8/23/16 14 91 27
12/08/15 13 32.5 13
Listing Date: 7/2/2020
Ticker: NYSE: LMND
Shares: 11MM
Offer Price: $29
Gross Proceeds: $319MM
Implied Equity Value (IPO): $1.6Bn(Below last raise)
Prospectus File Date: 6/8/2020
Filing Range: $26 - $28
− Lemonade filed for its IPO on the NYSE on June 8, 2020 and shares began trading on July 2, 2020
− The company has been widely followed in the Insurtech sector as one of the most promising upstarts
» Founded in 2015, Lemonade provides P&C insurance directly to consumers, harnessing mobile solutions and AI to provide users with a fast, affordable, and hassle-free insurance experience
» Run by CEO and co-founder Daniel Schreiber and headquartered in New York, NY
» Lemonade has revenues of $83MM in the 12 months ending March 31, 2020 and is unprofitable
− Path to IPO
» Prior to its IPO, the company had raised $480MM, with a post-money value of $2.1Bn on April, 11, 2019
» On June 25th, the company provided an initial filing range of $23 - $26 per share, increased range to $26 - $28 on July 1, and eventually priced at $29 before trading commenced on July 2, 2020
» Implies an equity value of $1,592MM and an enterprise value of $1,071MM
» Co-founders will retain 57% ownership post-IPO with Softbank (22%) and Sequoia (8%) being other major shareholders
− IPO
» Shares closed up 139% at $69.41 at market close on July 2 (1st trading day)
» Shares traded up to a high of $96.51 in the days following IPO but have since retreated back to the $68-70 level seen at IPO (~$3.8Bn Market cap)
IPO Summary Situation Overview
Notes:Source: Public filings, Pitchbook, CapitalIQ, Company website.
1212Notes:Source: Public filings, Pitchbook, CapitalIQ, Company website.1) Retention Rate represents the percentage of customers that remain after 12 months.
2) Lemonade coverage is additionally available in Germany and the Netherlands.
CASE STUDY: LEMONADE (NYSE: LMND) CONDUCTS AN IPO ON THE NYSE
Lemonade Customers Become More Valuable over Time
Key Financials ($MM)Key Stats and U.S. Geographic Coverage (Q1 2020)
Lemonade Model Differentiation
- Time consuming policy
acquisition and claim filing
processes
- Profits stem from claim
payouts, leading to conflicts
of interest
- Typically acquire customers
via a “Switch and Save”
model, driving down
premiums and profits
Traditional P&C Insurance
- Digital and mobile native
platform simplifies the
policy selection and claims
processes
- Flat management fee, with
leftover premiums donated
to charity
- Attract young and first-time
insurance customers, facing
less competition
Lemonade
Vs. UmbrellaLife
AutoHomeowners
CondoRenters
− ~70% of new Lemonade customers are under 35, and ~90% are not switching from another carrier
− Customers “graduate” from renters insurance to more expensive and profitable insurance types
− 10% of condo insurance customers in March 2020 graduated from rentersinsurance, increased from 1.5% in March 2017
Current Lemonade Offering
Future Offering
Number of Customers: 729,525
Customer Retention Rate (1): 75%
Avg. Annualized Premium per Customer: $183
Annualized Gross Written Premiums: $152MM
Gross Loss Ratio: 72%
Lemonade Coverage (2)
$23
$67
($52)
($106)
2018 2019
Revenue EBITDA
13
CASE STUDY: GOHEALTH (NASDAQ: GOCO) CONDUCTS AN IPO ON THE NASDAQ
Valuation History
($MM)
Date SizeValuation
(Post)Raised to
DateKey Investors
3/20/20 117 NA NA
9/13/19 Undisc. ~1,500 NA
6/07/12 50 NA 50
Listing Date: 7/15/2020
Ticker: NASDAQ: GOCO
Shares: 43.5MM
Offer Price: $21
Gross Proceeds: $913MM
Implied Equity Value: $6.6 Bn
Prospectus File Date: 6/19/2020
Filing Range: $18 - $20
− GoHealth filed for its IPO on the NASDAQ on June 19, 2020
− While founded in 2001, the company has achieved significant scale and traction recently
» GoHealth operates a health insurance portal offering a variety of health insurance plans and allows customers to compare numerous insurance options
» Run by CEO and co-founder Clint Jones and headquartered in Chicago, IL
» GoHealth has revenues of $611MM in the 12 months ending March 31, 2020, with an EBITDA of $82.9MM
IPO Summary Situation Overview
Notes:Source: Public filings, Pitchbook, CapitalIQ, Company website.
Key Financials ($MM)
$226
$540
$30 $55
2018 2019
Revenue EBITDA
Partners IPO Commentary
This is day one as a public company. Our mission is to improve access to healthcare, and we've got a long way to go.”“
Brandon Cruz, Co-Founder &
Chief Strategy Officer, GoHealth
14
(60.0%)
(40.0%)
(20.0%)
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20
Benefits Admin & Payroll Brokerage Data & Analytics Insurance Software IT & BPO Services Online Distribution
INSURTECH PUBLIC COMPANY VALUATION
LTM Share Price Performance
Public InsurTech Ecosystem
LTM Share Price
Performance
6%
20%
(15%)
20%
Share prices have largely recovered from March 2020 lows
Benefits Admin. / Payroll Brokerage Data & Analytics IT & BPO ServicesInsurance Software Online Distribution
(14.7%) 20.4% 19.9% 5.6% 14.1%7.9%
Notes:Source: S&P Capital IQ as of 8/3/20.
8%14%
15
INSURTECH PUBLIC COMPANY VALUATION
Enterprise Value / 2020E Revenue
Public InsurTech Ecosystem
Enterprise Value / 2020E EBITDA
2020E Rev. / 2020E
EBITDA Multiples
4.3x / 17.6x 5.5x / 16.6x 6.8x / 19.7x 2.2x / 12.3x 3.3x / 14.5x 4.0x / 29.8x
Selected InsurTech subsectors and multiples
Benefits Admin. / Payroll Brokerage Data & Analytics IT & BPO ServicesInsurance Software Online Distribution
Notes:Source: S&P Capital IQ as of 8/3/20.
6.8x
5.5x
4.3x4.0x
3.3x
2.2x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
Data &
Analytics
Brokerage Benefits
Admin./Payrol l
Insurance
Software
Online
Distribution
IT & B PO
Services
29.8x
19.7x17.6x
16.6x14.5x
12.3x
0.0x
4.0x
8.0x
12.0x
16.0x
20.0x
24.0x
28.0x
32.0x
Insurance
Software
Data &
Analytics
Benefits
Admin./Payrol l
Brokerage Online
Distribution
IT & B PO
Services
16
SELECTED PUBLIC COMPANY DETAIL
Notes:Source: S&P Capital IQ as of 8/3/20.Figures based on S&P Capital IQ Consensus Estimates as appropriate. Multiples <0 and >50 considered NM
($MM, except per share data)
Trading Metrics Operating Metrics CIQ
Stock Price Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Revenue
Company 8/3/2020 Cap Value (EV) CY19A CY20E CY19A CY20E 19A/18A 20E/19A CY19A CY20E
Benefits Administration / Payroll
Automatic Data Processing $135.83 $58,391 $58,845 4.1x 4.2x 16.2x 17.6x 5% (2%) 25% 24%
Paychex $72.91 $26,160 $26,164 6.5x 6.7x 15.9x 16.9x 17% (4%) 41% 40%
Paylocity Holding Corporation $133.82 $7,184 $7,087 13.7x 12.2x 48.5x 48.6x 24% 12% 28% 25%
TriNet Group $65.63 $4,417 $4,376 4.7x 4.5x 12.0x 11.0x 4% 5% 39% 41%
HealthEquity $51.30 $3,934 $5,072 9.6x 6.9x 26.1x 22.7x 85% 38% 37% 30%
Insperity $70.54 $2,735 $2,673 0.6x 0.6x 10.7x 12.0x 12% (3%) 6% 5%
Benefitfocus $12.19 $391 $569 1.9x 2.2x 36.7x 20.3x 14% (12%) 5% 11%
Castlight Health $1.12 $169 $142 1.0x 1.1x NM NM (8%) (7%) (8%) (8%)
Summary Statistics
Mean 5.3x 4.8x 23.7x 21.3x 19% 3% 22% 21%
Median 4.4x 4.3x 16.2x 17.6x 13% (3%) 27% 24%
Brokerage
Marsh & McLennan Companies $117.34 $59,434 $73,158 10.0x 9.9x 17.8x 16.9x 7% 1% 56% 58%
Aon Plc $200.18 $46,371 $54,409 5.0x 5.0x 17.1x 16.3x 7% (0%) 29% 30%
Arthur J. Gallagher & Co. $105.59 $20,217 $24,947 3.5x 3.7x 19.2x 15.6x 7% (5%) 18% 24%
Brown & Brown $45.27 $12,803 $14,008 5.9x 5.5x 19.6x 18.3x 18% 6% 30% 30%
Goosehead Insurance $105.19 $1,816 $1,828 21.8x 16.7x NM NM 39% 30% 27% 26%
Summary Statistics
Mean 9.2x 8.2x 18.4x 16.8x 16% 6% 32% 34%
Median 5.9x 5.5x 18.5x 16.6x 7% 1% 29% 30%
17
SELECTED PUBLIC COMPANY DETAIL (CONT.)
Notes:Source: S&P Capital IQ as of 8/3/20.Figures based on S&P Capital IQ Consensus Estimates as appropriate. Multiples <0 and >50 considered NM
($MM, except per share data)
Trading Metrics Operating Metrics CIQ
Stock Price Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Revenue
Company 8/3/2020 Cap Value (EV) CY19A CY20E CY19A CY20E 19A/18A 20E/19A CY19A CY20E
Data & Analytics
RELX PLC $21.33 $41,211 $41,211 3.9x 4.2x 10.9x 12.1x 10% (6%) 36% 34%
Experian plc $35.39 $32,117 $36,368 7.3x 7.2x 21.5x 20.7x 3% 1% 34% 35%
Verisk Analytics $187.55 $30,432 $33,558 12.9x 12.1x 27.6x 25.7x 9% 7% 47% 47%
Equifax Inc. $161.94 $19,669 $22,737 6.5x 6.0x 19.3x 17.4x 3% 9% 34% 34%
TransUnion $88.07 $16,741 $20,159 7.6x 7.6x 19.2x 19.7x 13% 0% 40% 39%
Fair Isaac Corporation $437.66 $12,692 $13,598 11.5x 10.9x 35.7x 32.3x 12% 5% 32% 34%
CoreLogic $67.68 $5,377 $6,956 4.0x 3.7x 14.0x 11.8x (2%) 6% 28% 32%
LiveRamp Holdings $47.26 $3,100 $2,404 8.4x 6.4x NM NM 30% 33% NM NM
Summary Statistics
Mean 7.8x 7.3x 21.2x 20.0x 10% 7% 36% 36%
Median 7.4x 6.8x 19.3x 19.7x 9% 6% 34% 34%
Insurance Software
Guidewire Software $117.97 $9,813 $9,205 13.3x 12.6x NM NM (6%) 6% 18% 13%
Sapiens International Corporation N.V. $32.00 $1,607 $1,651 5.1x 4.4x 30.0x 25.2x 12% 15% 17% 18%
Ebix $22.93 $700 $1,408 2.4x 2.7x 7.8x NA 18% (12%) 31% 0%
Majesco $13.04 $565 $517 3.6x 3.5x 44.6x 34.5x 17% 1% 8% 10%
Summary Statistics
Mean 6.1x 5.8x 27.4x 29.8x 10% 3% 18% 10%
Median 4.3x 4.0x 30.0x 29.8x 15% 4% 17% 12%
18
SELECTED PUBLIC COMPANY DETAIL (CONT.)
Notes:Source: S&P Capital IQ as of 8/3/20.Figures based on S&P Capital IQ Consensus Estimates as appropriate. Multiples <0 and >50 considered NM
($MM, except per share data)
Trading Metrics Operating Metrics CIQ
Stock Price Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Revenue
Company 8/3/2020 Cap Value (EV) CY19A CY20E CY19A CY20E 19A/18A 20E/19A CY19A CY20E
IT & BPO Services
Accenture plc $226.27 $143,952 $141,488 3.2x 3.2x 19.3x 17.4x 8% 2% 17% 18%
Tata Consultancy Services Limited $29.99 $112,517 $108,474 5.0x 5.2x 18.8x 19.7x 8% (5%) 26% 27%
Infosys Limited $12.66 $53,698 $51,364 4.1x 4.0x 16.7x 16.0x 10% 2% 24% 25%
Cognizant Technology Solutions Corporation $67.67 $36,693 $35,578 2.1x 2.2x 10.9x 12.2x 4% (1%) 20% 18%
Wipro Limited $3.75 $21,410 $17,712 2.1x 2.2x 10.0x 10.5x 3% (5%) 21% 21%
CGI Inc. $70.74 $18,254 $20,659 2.2x 2.3x 11.9x 11.6x 11% (4%) 18% 19%
Mphasis Limited $14.70 $2,743 $2,634 2.2x 2.1x 12.3x 11.4x 11% 6% 18% 18%
Mindtree Limited $15.01 $2,470 $2,311 2.2x 2.2x 16.6x 12.4x 11% (1%) 13% 18%
ExlService Holdings $64.93 $2,228 $2,309 2.3x 2.5x 14.2x 16.8x 12% (6%) 17% 15%
Virtusa Corporation $39.16 $1,184 $1,393 1.1x 1.1x 11.8x 12.3x 9% (4%) 9% 9%
Crawford & Company $6.55 $347 $610 0.6x 0.6x 5.6x 6.3x (2%) (8%) 10% 10%
Summary Statistics
Mean 2.5x 2.5x 13.5x 13.3x 8% (2%) 18% 18%
Median 2.2x 2.2x 12.3x 12.3x 9% (4%) 18% 18%
Online Distribution
SelectQuote $24.71 $3,979 $4,229 NA NA NA NA NA NA NA NA
Lemonade $60.34 $3,312 $3,008 NA 33.8x NA NM NA NA NA NM
SelectQuote $19.17 $3,102 $3,509 8.3x 5.5x NA 22.0x NA 49% 0% 25%
Moneysupermarket.com Group PLC $3.93 $2,110 $2,143 4.2x 4.6x 11.6x 14.7x 13% (10%) 36% 32%
eHealth $70.28 $1,800 $1,651 3.7x 2.5x 18.8x 11.3x 79% 45% 20% 22%
EverQuote $54.49 $1,473 $1,422 5.8x 4.4x NM NM 49% 34% 3% 5%
QuinStreet $12.16 $632 $549 1.1x 1.1x 16.2x 14.4x 7% 2% 7% 8%
GoCo Group plc $1.44 $609 $702 3.4x 3.3x 16.7x 15.3x 7% 3% 20% 21%
Summary Statistics
Mean 3.6x 3.2x 15.8x 13.9x 31% 15% 17% 18%
Median 3.7x 3.3x 16.4x 14.5x 13% 3% 20% 21%
19
Global investment bank providing strategic M&A and capital markets advisory services to growth companies and market leaders
GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANK
Notes:GCA operates as GCA in America and Asia, and as GCA Altium in Europe.
ZURICH
MILAN
FRANKFURT
MUNICH
TEL AVIV
LONDON
BIRMINGHAM
MUMBAI
SHANGHAI
SINGAPORE
TOKYO
NEW DELHI
NAGOYA
HO CHI MINH CITY
TAIPEI
PARISLEEDS
FUKUOKA
NEW YORK
SAN FRANCISCO
Sector expertise:
Expansive coverage
and deep specialization
Exceptional cross-border capabilities:
~50% of all transactions
Global platform:25 offices in key markets across
America, Asia and Europe
Broad spectrum of clients:
Leading
conglomerates, top
private equity firms
and emerging high-
growth companies
Experienced team: Over 500 employees
across the globe
Strong reputation and track record: High number of
repeat clients and referrals
Diversified
business model:
Geographically balanced, synergistic
and complementary focus areas
KYOTO
OSAKA
MANCHESTER
LAUSANNE
STOCKHOLM
20
Payments Real Estate Tech Banking & Lending Tech Insurance TechnologyPaymentsInsurance TechnologyFinancial SaaS
Insurance TechnologyPayments Insurance TechnologyLiquidity VenuesInvestment Technology
We Advised Asahi
Insurance TechnologyInsurance Technology
Selected FinTech experience
GCA OVERVIEW
Insurance Technology Transaction
Insurance TechnologyReal Estate TechReal Estate Tech
Insurance Technology
PaymentsInsurance TechnologyProperty TechBanking & Lending Tech
Growth Investment
Insurance TechnologyReal Estate TechInsurance TechnologyReal Estate Tech
Notes:The above transactions represent a compilation of deals that GCA entities,including GCA Advisors, LLC, GCA Corporation and GCA Altium, have advised on.
Insurance TechnologyInsurance Technology
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GCA is a global investment bank that provides strategic M&A, capital markets and private funds advisory services to growth companies and market leaders. The firm offers worldwide coverage with over 500 professionals in 25 offices across America, Asia and Europe. Built by the people that run the business, GCA is a firm of experts who focus on deals that require commitment, original perspective, skill and exceptional networks.
www.gcaglobal.com
This report was prepared by GCA Advisors, LLC, a registered broker-dealer and member of FINRA and SIPC. Sources of data include Capital IQ and other news organizations. Information obtained from third-party sources is considered reliable, but we do not guarantee that the information herein is accurate and complete. The report shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities mentioned herein; past performance does not guarantee future results. Recipients of this report should not interpret the information herein as sufficient grounds for an investment decision or any other decision.
DISCLAIMER: This report includes logos or other words or devices that may be registered trademarks of their respective owners. Such use is solely for purposes of convenience in referring to the trademark owners and their products/services. This report and its contents are not endorsed by, sponsored by or affiliated with any trademark owners. GCA Advisors, LLC and its affiliates are not affiliated with any trademark owner but may provide financial services to one or more trademark owners or their affiliates.
