Goosehead Insurace Inc.

Goosehead Insurance, Inc. (GSHD, “Goosehead” or “the Company”) is a rapidly growing independent personal lines insurance agency that operates a differentiated, technology-driven distribution model. Founded in 2003, Goosehead operates in a two-segment approach consisting of corporate-owned and franchise offices to deliver customized insurance solutions across home, auto, and other personal lines products. Goosehead partners with over 150 national and regional carriers, allowing agents to offer clients a broad selection of coverage options rather than a single underwriter’s product. Goosehead’s value proposition lies in its scalable technology platform and focus on client experience, which has driven strong policy retention and recurring commission revenue (no underwriting risk). While the Company faced a challenging macro backdrop in recent years, marked by elevated interest rates and a soft housing market, management’s continued investments in franchise expansion and digital infrastructure have positioned Goosehead for sustained long-term growth. We believe investor concerns around Goosehead’s weak 2025 are overstated and underestimate the durability of Goosehead’s model, as its franchise network and technology advantages continue to compound over time.