Insurtech Valuations: Q3 2026
Insurtech is priced in two currencies. The fourteen listed constituents that carry no underwriting risk clear a median 4.9x EV/Revenue; the nine risk-bearing carriers clear a median 2.64x price to book, because net earned premium is not a service-revenue denominator. Introduces The Risk Line: core insurance software clears 9.1x revenue, retail brokers 4.9x and lead marketplaces 0.6x, while carrier multiples track the durability of the underwriting result rather than its level.
- Sector
- Fintech
- Focus
- Valuations
- Published
- August 24, 2026
- Length
- 25 slides
- Reading time
- 13 minutes
Slide deck
25-slide deck. Desktop readers can page through the embedded viewer below. Mobile readers can open the direct PDF link.
Open slide deck PDF Key findings
- Fourteen listed insurtech constituents above the risk line clear a median 4.9x EV/Revenue, interquartile range 1.7x to 5.3x, full range 0.1x to 11.1x, computed 21 August 2026.
- Nine risk-bearing carriers clear a median 2.64x price to book value, interquartile range 2.20x to 3.49x, full range 1.89x to 8.27x.
- Core insurance software clears a 9.1x median against 0.6x for lead marketplaces, a spread of roughly seventeen times between Guidewire and eHealth on the same day and the same metric.
- Inside distribution, renewing books and transactional customer acquisition clear multiples nine times apart: retail brokers 4.9x and agency platforms 5.1x against 0.6x for lead marketplaces.
- Carrier multiples do not track the combined ratio: Slide Insurance ran a 57.6% combined ratio and clears 2.20x book while Lemonade published no combined ratio, grew in-force premium 32.4% and clears 8.27x.
- Munich Re agreed to acquire At-Bay at 2.07x gross written premium, against 4.74x paid by its ERGO arm for Next Insurance seventeen months earlier, and 57% below At-Bay's 2021 private mark.
- Accelerant closed at $13.59 on 12 August 2026, 35% below its July 2025 IPO price, and was bid at $20.25 the next day, a 49% premium that still sits below the issue price.
- The US P&C industry posted a 92.9% net combined ratio in 2025 and a 92.0% combined ratio in the first quarter of 2026, with property catastrophe reinsurance repricing down 16% at the 2026 mid-year renewals.
Methodology
Framework: The Risk Line. All multiples are Windsor Drake's own computation from primary market data, not licensed from a vendor. Enterprise value equals market capitalisation plus total debt less cash and short-term investments, using the close on 21 August 2026 and balance-sheet, revenue, equity and premium figures from each company's quarter ended 30 June 2026. Twenty-six companies were screened and 23 carried: fourteen that bear no underwriting risk on EV/Revenue and nine carriers on price to book and combined ratio, because net earned premium is not a service-revenue denominator. Roper Technologies, Oscar Health and Clover Health are excluded, each named with its reason. Exit Index counts are distinct events after deduplication on acquirer, target and a fourteen-day announcement window.
Frequently asked questions
What multiple do insurtech companies trade at in 2026?
There are two answers because there are two denominators. The fourteen listed companies in Windsor Drake's screen that carry no underwriting risk clear a median 4.9x EV/Revenue as of 21 August 2026, with a range of 0.1x to 11.1x. The nine risk-bearing carriers clear a median 2.6x price to book value, with a range of 1.89x to 8.27x.
Why are insurtech carriers not valued on revenue?
A carrier reports net earned premium as revenue, which is a gross risk-transfer flow rather than a service margin, and the investment portfolio behind it is reserve collateral rather than corporate cash. Both distortions run in the same direction. Practitioners price carriers on book value and combined ratio, and this report follows that convention.
What is the highest multiple position in insurtech?
Software sold to insurers. Guidewire clears 11.1x EV/Revenue on $1.42 billion of trailing revenue and $1.15 billion of annual recurring revenue, Verisk clears 9.1x with 83% of revenue on subscription, and CCC Intelligent Solutions clears 5.0x.
Why do insurance brokers trade so far above insurance marketplaces?
A broker owns a renewal book; a marketplace sells a lead once and has to buy the next one. Listed retail brokers clear a 4.9x median and agency platforms 5.1x, against 0.6x for the four listed lead marketplaces. The gap inside one distribution label is roughly ninefold.
What did buyers pay for insurtech assets in 2026?
Munich Re agreed to acquire At-Bay at a $575 million enterprise value against $278 million of 2025 gross written premium, 2.07x premium. In March 2025 Munich Re's ERGO acquired Next Insurance at a $2.6 billion valuation against $548 million of 2024 gross written premium, 4.74x. The same acquirer, seventeen months apart, at less than half the multiple.
How many insurtech transactions disclose a valuation multiple?
One of the 55 distinct insurtech transactions in the Windsor Drake Exit Index carries a disclosed revenue multiple and six disclose consideration. That is the disclosure norm in insurance distribution M&A, and it means the comparable set a seller builds is usually the only benchmark in the room.
Is 2026 a good year to sell an insurtech business?
The operating backdrop is at a cyclical best. The US P&C industry posted a 92.9% net combined ratio in 2025 and a 92.0% combined ratio in the first quarter of 2026, first-half global insured catastrophe losses ran 16% below the ten-year average, and NOAA puts a 75% probability on a below-normal Atlantic hurricane season. Whether that suits a specific business depends on which side of the risk line it sits and how reproducible its numbers are.
Who is acquiring insurtech companies?
Distribution consolidators, overwhelmingly. Sixteen of the 26 distinct insurtech transactions recorded in the Windsor Drake Exit Index for the third quarter of 2026 were agency and brokerage roll-up acquisitions. Six were carriers or reinsurers buying underwriting capability, two were software vendors and one was a sponsor buying directly.
Companies covered
Public and private companies referenced in this report.
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If you are evaluating a sale
Windsor Drake is a sell-side only M&A advisory firm for founder-led software, fintech, and technology companies with enterprise values between $5 million and $300 million. This research comes from the same desk that runs our sale processes. If you are weighing an exit in this market, a confidential valuation is the place to start: no obligation, senior attention, and a view grounded in the transactions this report tracks.
Windsor Drake’s fintech, payments, and financial services practice is advised by Bruce Goldstein, a FINRA registered investment banking professional with twenty-five years in financial services, formerly of KBW, Sandler O’Neill and Milestone Advisors.
Cite this report
Insurtech Valuations: Q3 2026. Windsor Drake Market Intelligence, 2026. windsordrake.com/market-intelligence/reports/insurtech-valuations-q3-2026. Windsor Drake Market Intelligence data is free to use with attribution to Windsor Drake (windsordrake.com).