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Earlier this month, our team shared a bit more about Equal’s approach to “Before Day Zero” – our approach to working with a select group of top tier entrepreneurs and operators at the earliest stages of their ideation journeys. This often takes the form of us working alongside founders before they have landed on their next idea – working with them as they sort through market opportunities, diligence ideas, and develop their own convictions.

Walk into Target and pick up a New York Yankees hoodie or a Pokémon lunchbox. Chances are, the brand on the label didn’t make it, ship it, or even sell it to the store. Somewhere far from that shelf, an intellectual property owner signed a licensing deal, quietly turning their name into a high-margin product without ever touching the supply chain.

While I started my career working with enterprise clients and government agencies, I’ve progressively moved earlier as the years have moved on. As I migrated from consulting, to PE, to multi-stage, to early-stage and then seed, I saw how different the “work” is at each of these stages. Over the last two years, we’ve been fortunate to get involved with some outstanding companies PRIOR to their seed. Not their pre-seed, but rather pre-incorporation. We call this “Before Day Zero”.

Today, I’m proud to announce that applications are now open for the 4th Annual Emerging Manager Circle Summit, which will take place October 29th in Brooklyn, NY.

The Equal Ventures Insurance Index is a quarterly summary of market performance and trends in the P&C insurance sector. Our indices include relevant public equities from insurance and insurtech, from which we draw insights about key themes underlying the market over the past quarter. This post summarizes the performance of our indicies in Q2 2025. As always, our goal in this post is to help support observers of the insurance industry in identifying trends and catalysts that affect the P&C industry (and never to recommend any specific investments).