Welcome to our dedicated page for Goosehead Insurance news (Ticker: GSHD), a resource for investors and traders seeking the latest updates and insights on Goosehead Insurance stock.
Goosehead Insurance, Inc. (NASDAQ: GSHD) is a rapidly growing and innovative independent personal lines insurance agency. The company operates through both corporate and franchise locations across the United States, offering a wide range of insurance products including homeowner's insurance, auto insurance, and various other personal lines such as flood, wind, earthquake, excess liability, and umbrella insurance. In addition, Goosehead provides specialty insurance products like motorcycle and recreational vehicle insurance, as well as commercial lines insurance for small businesses and life insurance.
Founded on the principle of prioritizing the consumer, Goosehead's business model focuses on offering clients the power of choice by representing over 150 insurance companies. This allows clients to find the best policies at competitive rates, something that typical agencies can't match. The company prides itself on its high levels of customer retention and satisfaction, boasting a Net Promoter Score of 90 and an 88% customer retention rate.
Goosehead's recent achievements include a 36% growth in written premiums in the second quarter of 2023, with total premiums expected to be between $2.87 billion and $2.99 billion for the year. The company's success is attributed to its industry-leading technology, effective marketing tools, and a centralized back office that supports both corporate and franchise agents.
In addition to its core insurance products, Goosehead offers a Franchise Program and an Agency Launch Program, which provide aspiring entrepreneurs with the tools and training necessary to operate a successful insurance agency. The programs offer extensive training in sales, network development, and agency building.
Goosehead has also recently expanded its technology partnerships, including an embedded insurance strategy with Clearcover, which streamlines the quoting process for auto insurance. This integration highlights Goosehead's commitment to utilizing cutting-edge technology to enhance both agent and client experiences.
With a vision to become the largest distributor of personal lines insurance in the U.S., Goosehead continues to innovate and grow, providing extraordinary value to both its clients and shareholders.
Goosehead Insurance (NASDAQ: GSHD) has announced five key leadership promotions to bolster its growth trajectory in 2023. Matthew Hunt is appointed Vice President, Agency Operations, bringing 12 years of experience and top sales performance. Additionally, Chelsea Donner becomes Managing Director of the Service Department, while Dericka Marshall-Dillon and Johnny Preston take on managing director roles in HR and Human Capital Development, respectively. Silver Burney will oversee Corporate Sales in Fort Worth. These promotions align with Goosehead's strategic partnerships aimed at enhancing services for mortgage brokers and expanding its market presence.
Goosehead Insurance (GSHD) reported impressive results for Q4 2022, showcasing a 43% increase in total revenue to $57.4 million and 49% growth in core revenues to $51.8 million. The company achieved a 193% rise in net income to $2.6 million, with an adjusted EBITDA increase of 123% to $11.9 million. Total written premiums surged 44%, while policies in force grew 27% to approximately 1.28 million. For 2023, Goosehead expects total written premiums to be between $2.83 billion and $2.96 billion, indicating a projected organic growth of 28% to 34%. The company is positioned for continuous growth amid a strong operational foundation.
Goosehead, a leading independent personal lines insurance agency, announced that it will release its fourth quarter 2022 results on February 22, 2023, after market close. A conference call to discuss the results is scheduled for 4:30 PM ET the same day, with dial-in options available. Investors can access the live webcast via Goosehead's investor relations website. The company emphasizes a consumer-centric approach and represents over 150 insurance companies across the U.S. Goosehead operates through a network of corporate sales offices and over 2,287 franchise locations, highlighting its rapid growth and innovation in the insurance sector.
Goosehead Insurance (NASDAQ: GSHD) has selected Vonage to enhance its contact center capabilities for over 2,000 insurance agents in the U.S. The integration with Salesforce will allow agents to provide personalized client experiences across various communication channels, including voice, video, SMS, and chat. Key features of the Vonage Contact Center include the Conversation Analyzer and Workforce Management, both designed to improve client engagement and service efficiency. This partnership aims to support Goosehead's rapid growth while ensuring agents have the necessary tools for effective client interactions.
Goosehead Insurance (NASDAQ: GSHD) has partnered with the Association of Independent Mortgage Experts (AIME) to enhance home insurance selection for independent mortgage brokers. This collaboration provides over 65,000 members of AIME access to Goosehead's Digital Agent Platform, streamlining the insurance quoting process. Goosehead's more than 2,000 agents will support AIME brokers, promoting a client-centric approach. AIME aims to strengthen its position in the mortgage market, targeting a 25% share by 2023.
Goosehead Insurance (NASDAQ: GSHD) has formed a strategic partnership with the National Association of Mortgage Brokers (NAMB) to streamline the home insurance process for mortgage professionals. This collaboration allows mortgage originators, brokers, and lenders across the U.S. to provide clients with a faster and more transparent way to shop for home insurance using Goosehead's Digital Agent Platform. With access to over 2,000 Goosehead agents and quotes from more than 150 insurance carriers, clients can expect better coverage options and prices.
Goosehead Insurance reported strong growth in Q3 2022, with total revenues increasing by 38% to $57.7 million and core revenues rising 39% to $51.9 million. Total written premiums surged 42% to $616 million. However, net income fell 43% to $3 million, with EPS down 55% to $0.09. Adjusted EBITDA grew 67% to $11 million, reflecting a margin increase of over 320 basis points to 19%. Operating franchises grew 23%, while corporate agent headcount decreased 18%.
Goosehead Insurance (NASDAQ: GSHD) appointed Justin Ricketts as Executive Vice President, Technology and Partnerships, on October 20, 2022. Ricketts, with over 20 years of experience in tech-forward marketplaces, will lead the advancement of Goosehead's Digital Agent Platform, which offers quick insurance quotes. His tenure includes leadership roles at Sabre and HMS Holdings. Mark Miller, President and COO, emphasized the significance of Ricketts' strategic skills during a transformative phase for the company, aiming for continuous digital innovation in the insurance sector.
Goosehead Insurance (NASDAQ: GSHD) will announce its third quarter 2022 results on October 26, 2022, after market close. A conference call is scheduled for the same day at 4:30 PM ET, with dial-in numbers provided for participants. Interested parties can also join via a live webcast on Goosehead's investor relations website. The company focuses on delivering exceptional value and service through a broad range of insurance products. Goosehead operates over 2,341 franchise locations across the U.S., representing more than 140 insurance companies.
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