Welcome to our dedicated page for Guidewire Software news (Ticker: GWRE), a resource for investors and traders seeking the latest updates and insights on Guidewire Software stock.
Guidewire Software Inc (NYSE: GWRE) provides mission-critical software solutions for property and casualty insurers worldwide. This dedicated news hub offers investors and industry professionals centralized access to official announcements, strategic developments, and operational updates from the insurtech leader.
Track comprehensive coverage of GWRE's innovations in claims management systems, cloud-based policy administration tools, and data analytics integrations. The resource aggregates essential updates including earnings reports, product launches, executive appointments, and partnership announcements relevant to insurance technology stakeholders.
Discover timely information about InsuranceSuite enhancements, InsuranceNow cloud migrations, and digital engagement platform expansions. Content maintains strict editorial standards to ensure accuracy and compliance with financial disclosure regulations.
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Workplace Safety and Insurance Board (WSIB) has successfully migrated its PolicyCenter and BillingCenter systems to Guidewire Cloud. This implementation, led by Wipro, aims to enhance the company's underwriting, policy administration, and billing management operations. The cloud migration transfers system maintenance responsibility to Guidewire, enabling WSIB to stay current with technology innovations and focus on value-added work. The project was completed on time and on budget, with users reporting positive feedback about the systems' stability and ease of use. WSIB plans to leverage new cloud-only features and integrate with third-party insurtech solutions through the Guidewire Marketplace.
Guidewire (NYSE: GWRE) has been ranked #24 out of 150 in the 2024 IDC FinTech Rankings by IDC Financial Insights, marking its fourth consecutive appearance on the annual list. The company stands as the only P&C insurance platform provider worldwide ranked in the top 25. The ranking evaluates global financial technology providers based on calendar year revenues from financial institutions and fintechs. The 22nd annual ranking recognizes organizations that support financial services companies in their digital transformation initiatives.
Guidewire (NYSE: GWRE) has announced an expanded strategic partnership with Shift Technology for insurance-based decisioning solutions. The collaboration will integrate Shift's AI-powered fraud detection technology with Guidewire's solutions to enhance efficiency and claims handler productivity.
Shift Technology, a PartnerConnect Technology Premier partner, specializes in AI-driven decisioning for insurance, serving over 115 insurance customers across 25 countries. The company has been pioneering AI-powered fraud detection since 2014 and adopted large language models and generative AI in 2020. Guidewire's investment in Shift's Series D financing supports ongoing technological innovation and market expansion.
Guidewire (NYSE: GWRE) and GhostDraft have announced new Built by Guidewire cloud-native integrations available in the Guidewire Marketplace for BillingCenter, ClaimCenter, and PolicyCenter users on Guidewire Cloud. The integration with GhostDraft 360, a unified customer communications platform, enables insurers to create personalized communications across multiple channels within Guidewire, enhance customer satisfaction, and reduce IT dependency by empowering business users with intuitive tools. The pre-built integrations are standardized to accelerate cloud delivery and maintenance.
Accident Compensation (ACC), New Zealand's accident insurance scheme provider, has announced its migration of Guidewire PolicyCenter and BillingCenter to Guidewire Cloud for its workers' compensation operations. ACC, a Guidewire customer since 2016, aims to simplify operations by shifting system maintenance to Guidewire. The implementation includes adopting Guidewire Explore for real-time PolicyCenter data management, with Tenzing serving as a key implementation partner.
Guidewire (NYSE: GWRE) announced significant updates to its PartnerConnect program, introducing enhanced tiers for both Consulting and Technology partners. The company restructured its Global level into Premier and Strategic categories, with Capgemini, EY, and PwC achieving Global Strategic status. The Guidewire Marketplace now features over 250 partner integrations, with 13 companies publishing new integrations in Q4. Four new Technology partners joined at the Growth level, while three partners were promoted to Advantage tier. Additionally, four Consulting partners achieved seven new specializations, bringing the total to 246 specializations across 27 system integrator partners.
Guidewire (NYSE: GWRE) has announced that its InsuranceSuite has been recognized as a Leader in the 2024 Gartner Magic Quadrant for SaaS P&C Core Platforms, North America. InsuranceSuite was positioned highest on the ability to execute and furthest on completeness of vision axes.
Key highlights include:
- This is the first year Gartner has produced this Magic Quadrant
- Guidewire was evaluated among 14 vendors in the P&C insurance space
- 65% of all production deployments are now on vendors' cloud offerings
- Over 130 InsuranceSuite customers have selected Guidewire Cloud
Guidewire's InsuranceNow has been recognized as a Challenger in the same Magic Quadrant. It is purpose-built for regional and super-regional P&C insurers and managing general agents in the U.S., with over 44 customers selecting Guidewire Cloud.
Guidewire Software has priced an upsized offering of $600 million in 1.25% convertible senior notes due 2029. The offering, increased from the initially announced $500 million, is set to settle on October 18, 2024. The notes will mature on November 1, 2029, with an initial conversion rate of 4.0875 shares of common stock per $1,000 principal amount, representing an initial conversion price of approximately $244.65 per share.
Guidewire estimates net proceeds of about $583.7 million from the offering. The company plans to use approximately $51.1 million for capped call transactions, $200.5 million to retire a portion of its outstanding 2025 Notes, and the remainder for general corporate purposes. The notes will be redeemable at Guidewire's option under certain conditions after November 5, 2027.
Guidewire Software (NYSE: GWRE) has announced its intention to offer $500 million in convertible senior notes due 2029, with an option for an additional $75 million. The notes will be senior, unsecured obligations with semi-annual interest payments, maturing on November 1, 2029. Noteholders can convert under certain circumstances, with Guidewire settling in cash or a combination of cash and common stock.
The company plans to use the proceeds to fund capped call transactions, retire a portion of its outstanding 1.25% Convertible Senior Notes due March 2025, and for general corporate purposes. The capped call transactions are expected to reduce potential dilution to Guidewire's common stock upon note conversion. This offering is subject to market conditions and will be made to qualified institutional buyers under Rule 144A of the Securities Act.
Guidewire (NYSE: GWRE) has announced that Norima Consulting has joined Guidewire PartnerConnect as a Consulting alliance partner at the Select level, serving insurance companies in North America. Norima Consulting specializes in digital transformation, cloud, and data engineering to optimize business processes for insurers.
The partnership aims to enhance Guidewire core system and cloud implementations, providing expertise in analysis, quality assurance, test automation, and data migration. Norima's team is proficient in Guidewire products and Marketplace integrations, serving both large and regional insurers.
David Kuik, CEO of Norima Consulting, expressed enthusiasm about joining PartnerConnect, highlighting the potential for improved business processes and operational outcomes for shared customers. Lisa Walsh, Group VP of Global Consulting Alliances at Guidewire, welcomed Norima and emphasized the anticipated benefits of increased agility and speed for their mutual clients.
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