We dive deep into our sectors. Our research drives our insights and thesis-driven approach.

The Equal Ventures Insurance Index is a quarterly summary of price action and takeaways from the P&C insurance industry. We look at segments of relevant public equities to highlight key themes and trends underlying performance. This post summarizes performance of our indices in Q4 2024 and over 2024 more broadly. As always, our goal is to help support observers of the insurance industry in identifying key drivers and catalysts (and not to recommend any specific investments).

Every year, I tell myself that the upcoming year will FINALLY be the year where things will start to slow down and that I can achieve a bit more balance in my life. I’ve been telling myself this for nearly 15 years and really believed it heading into 2020 when we finally raised Equal 1 (boy, did I get that wrong…).

Our recent analysis on inflation’s impact on consumer behavior showcased how macro dynamics are driving value-seeking consumption. While major players like Costco, Walmart have benefited from this shift, TJ Maxx stands apart. TJ Maxx isn’t the only premium off-price retailer we are seeing yield success - we’re seeing this entire category outperform the broader retail market. While our last post established some of the catalysts supporting the category (the “why”), we wanted to dive further in the business model levers (the “how”) that are yielding this success. What makes premium off-price retailers structurally superior—and uniquely positioned—in today’s retail landscape?

A few years ago, virtual power plants (VPPs) seemed like an elegant solution in search of a problem—a technology waiting for the right moment when renewable energy deployment would cause real shortfalls in capacity and grid services. That moment has arrived. In 2024, several European countries and U.S. states are already experiencing critical grid challenges that VPPs are uniquely positioned to address. The real challenge now isn't proving that VPPs work—it's unlocking and orchestrating the vast potential of distributed energy resources at scale.

We’re thrilled to announce our investment in the Seed and Series A of Stand, a climate-resilient insurer that is transforming the property insurance market and today announced its launch.