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SAN MATEO, Calif. - Texas Windstorm Insurance Association has successfully migrated its Guidewire InsuranceSuite from an on-premises environment to Guidewire Cloud Platform, according to a press release statement issued Monday. The news comes as Guidewire (NYSE:GWRE), currently valued at $17.8 billion, continues to demonstrate strong market momentum with an 18.61% revenue growth over the last twelve months.
The deployment aims to power and simplify the association’s core and IT operations, enable faster adaptation to changing market demands, and enhance customer service delivery. Texas Windstorm has been a Guidewire customer since 2008.
"We congratulate Texas Windstorm on achieving this significant milestone in its cloud transformation journey," said Michael Mahoney, Guidewire Head of Professional Services.
Guidewire (NYSE:GWRE) describes itself as a platform trusted by property and casualty insurers. The company reports that more than 570 insurance brands across 42 countries utilize its products, which include core systems leveraging data and analytics, digital capabilities, and artificial intelligence.
The migration represents part of Texas Windstorm’s technology modernization efforts as it transitions to cloud-based operations for its insurance services.
Guidewire, headquartered in San Mateo, California, provides cloud platform services specifically designed for property and casualty insurers.
In other recent news, Guidewire Software is on the brink of surpassing $1 billion in annual recurring revenue, a significant milestone highlighted by JPMorgan, which has maintained its Overweight rating and $288 price target for the company. The financial firm noted the company’s strong performance in the software-as-a-service sector, with shares gaining over 40% year-to-date. Additionally, Guidewire has announced that its Marketplace has exceeded 20,000 partner integration downloads, marking a 32% year-over-year growth. The company has also introduced a new ratings and reviews feature to enhance customer feedback on integrations.
In leadership changes, Guidewire appointed David Peterson as the principal accounting officer, effective immediately. Peterson has been with the company since 2018, serving as chief accounting officer since 2020. Furthermore, Guidewire launched a new subscription service offering insurers faster access to pre-approved risk scores, aiming to streamline regulatory processes for property and casualty insurers. This service, starting with HazardHub Fire Suppression Score 2.0, is part of Guidewire’s effort to reduce regulatory hurdles in risk assessment.
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