UBS Equities-US Financials _Private Companies Compendium - US Financials_...-117626591

ab3 September 2025Global ResearchUS FinancialsPrivate Companies Compendium - US Financials Profiling 50 Private Companies Across Insurers, Exchanges, Banks and MortgageUBS research analysts identify key questions in their coverage areas using UBS Evidence Lab data, unique analysis, and expert insights via calls and events. To gain a broader perspective of the sectors under coverage, UBS has been systematically looking at private markets, and has built out a substantial body of private company profiles. Insights from private companies can include competitive dynamics and the demand environment, in addition to emerging trends and disruptive technologies, all of which impact public companies under UBS coverage.We profile 50 private companies including 10 Insurance Brokers like Alliant, Acrisure, HUB, Lockton, and USI Insurance Services. 20 InsurTech firms like Clearcover, Coalition, and Ethos Life. 4 Mutual Life Insurers including Mass Mutual and New York Life. We also included Breach Insurance among the Crypto Insurers. Separately, 10 Exchanges, Rating Agencies & Business Services like Carta and EquityZen. 4 Mortgage Originators, such as Freedom, Movement, Planet Home Lending and Veterans United. We also included EverBank Financial among the Mid-cap Banks. We profile their competitive position, management, company size, growth, M&A and major corporate actions, investors, and recent valuations. For more research on the sectors mentioned in this report you can refer to the following analysts: Brian Meredith (Insurance Non-Life), Alex Kramm (Exchanges & Rating Agencies), Doug Harter (Mortgage REITs), Nicholas Holowko (Mid-Cap Banks) and Michael Ward (Life Insurance). For more information and the full list of private companies UBS analysts have profiled thus far, please visit https://neo.ubs.com/privatecompaniesRead-throughs to public companiesUnderstanding private companies can give a fuller perspective of the landscape in which public companies operate. For Insurance Brokers, the fragmented nature of the business coupled with high margins and free cash flow generation lends itself to large levels of M&A activity, so we profile companies that are active acquirers and/or potential takeout candidates. For Insurtech, we believe that some firms will ultimately partner with, or be acquired by, traditional insurance companies looking to enhance digitalization, data-driven underwriting, and/or improve overall efficiencies. For Life insurers, mutual companies (owned by policyholders) are the biggest competitors to publicly traded insurers, so we believe it is important that investors look at these mutual companies in order to have a holistic view of what is happening with annuities, group benefits, PRT, and the general life sector. Within the Exchanges, rating agencies & business services space, we profile some of the companies that are competitors to the companies in our coverage universe, providing a more complete view of the competitive landscap