Guidewire Software Inc Stock Price, News & Analysis

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.

Guidewire Software, Inc. (NYSE: GWRE), a trusted platform for P&C insurers, has announced it will host a live webcast of its Analyst and Investor Meeting on Thursday, October 10, 2024. The event will feature:

• Updates on corporate and product strategy
• Customer momentum
• Financial information

Presentations are scheduled to begin at 1:15 p.m. ET (10:15 a.m. PT). The live webcast will be accessible under the "Webcasts and Presentations" section on the company's investor relations website at https://ir.guidewire.com. A webcast replay will be available at the same location for at least 60 days following the event.

Guidewire (NYSE: GWRE) has announced the appointment of Mark Anquillare to its Board of Directors, effective September 23, 2024. Anquillare, a veteran P&C insurance analytics leader, brings deep industry expertise to Guidewire's board. He previously served as president and chief operating officer of Verisk Analytics (Nasdaq: VRSK) until January 2023, and was Verisk's CFO from 2007 to 2016, leading the company through its 2009 IPO.

Michael Keller, chairman of Guidewire's board, expressed enthusiasm about Anquillare's appointment, highlighting the company's position as a trusted platform for P&C insurers globally. Keller emphasized Guidewire's focus on embedding data, analytics, and AI throughout insurers' core operations to drive smarter risk and claims decisions. Anquillare's experience is expected to provide valuable insight as Guidewire pursues this mission.

Guidewire (NYSE: GWRE) has become the first insurance technology company to sponsor the global Dive In Festival, scheduled for September 23-26, 2024. This marks the festival's 10th year, focusing on diversity and inclusion in the insurance industry. The 2024 theme, 'A Sustainable Future: The Next 10 Years,' aims to foster inclusive cultures that drive innovation and address global challenges.

The festival will feature over 130 hybrid events across 48 countries, allowing worldwide participation. Guidewire representatives will participate in events covering topics such as mental health, generational workplace adaptations, neurodiversity, and women's career phases.

Christina Colby, Guidewire's Chief Customer Officer, emphasized the importance of diversity in serving global populations and addressing challenges creatively. The company views its participation as aligning with its core values of expanding perspectives and welcoming new talent into the industry.

Guidewire (NYSE: GWRE) has released critical hurricane risk data and maps for the United States through its HazardHub service. The data covers national, state, and local levels, utilizing over 1,000 data points and risk scores for climate and extreme weather events. Key findings include:

1. Top 10 states for hurricane risk, with Florida, Louisiana, and South Carolina leading.
2. Percentage of housing units at risk of storm surge flooding in high-risk states.
3. Florida has nearly 1 in 3 homes (3 million) susceptible to storm surge flooding.
4. Louisiana has 52% of homes (910,000) at risk of hurricane storm surge flooding.

The HazardHub Hurricane Risk Scores and other data are available to insurers through Guidewire apps and the HazardHub API. Consumers can check their home's risks at freehomerisk.com.

Arch Insurance North America, a division of Arch Capital Group , has chosen Guidewire ClaimCenter as its new claims management system. This selection is part of Arch Insurance's technology modernization strategy aimed at enhancing its ability to meet customer needs. Deloitte Consulting LLP, a Guidewire PartnerConnect Consulting Global Premier member, will lead the implementation project.

Additionally, Arch Insurance International will implement ClaimCenter on Guidewire Cloud for the London Market. The company has also selected Guidewire Canvas, Explore, and Predict to integrate insights directly into its claims workflows. This expansion of Arch Insurance's relationship with Guidewire (NYSE: GWRE) signifies a significant step in modernizing their claims IT operations.