{"scope": "industry", "title": "Insurance - Specialty", "sector": "Financial Services", "industry": "Insurance - Specialty", "intelligence": {"score": 43, "label": "Distribution bias", "tone": "negative", "stance": "Demand a stronger confirmation bar", "brief": "Priced common-share disposals are concentrated enough to warrant review, but they are not treated as a standalone bearish forecast.", "confidence": 93, "confidence_label": "Deep evidence", "filings": 100, "companies": 14, "insiders": 59, "signal_events": 49, "acquisition_events": 8, "disposal_events": 41, "acquisition_share": 16.3, "disposal_share": 83.7, "acquisition_value": 6546029.6088, "disposal_value": 125476711.4203, "net_value": -118930681.8115, "acquisition_value_label": "$6.5M", "disposal_value_label": "$125.5M", "net_value_label": "-$118.9M", "data_quality": 51, "priced_common_share": 49, "latest_date": "2026-09-09", "latest_signal_date": "2026-09-08", "oldest_date": "2026-06-22", "evidence_classes": [{"key": "common_equity", "label": "Common equity", "count": 74, "bar_width": 100.0}, {"key": "equity_award", "label": "Equity compensation", "count": 9, "bar_width": 12.2}, {"key": "derivative", "label": "Options and derivatives", "count": 6, "bar_width": 8.1}, {"key": "other", "label": "Other securities", "count": 11, "bar_width": 14.9}], "roles": [{"label": "Director", "count": 43, "bar_width": 100.0}, {"label": "Other executive", "count": 22, "bar_width": 51.2}, {"label": "CEO and chair", "count": 17, "bar_width": 39.5}, {"label": "Finance leadership", "count": 8, "bar_width": 18.6}, {"label": "Large holder", "count": 5, "bar_width": 11.6}, {"label": "Other or unspecified", "count": 5, "bar_width": 11.6}], "supports": ["8 distinct acquisition events survive duplicate and security-type controls.", "Participation spans 59 named insiders rather than one filing source.", "The latest qualifying evidence is fresh, dated 08 Sep 2026."], "risks": ["Qualifying disposal events outnumber acquisitions, although disposals receive a lower directional weight."]}, "timeline": [{"start": "2026-06-29", "label": "29 Jun", "acquisitions": 4, "disposals": 4, "qualified_acquisitions": 0, "qualified_disposals": 4, "total": 8, "height": 42.1, "acquisition_height": 50.0, "disposal_height": 50.0}, {"start": "2026-07-06", "label": "06 Jul", "acquisitions": 0, "disposals": 2, "qualified_acquisitions": 0, "qualified_disposals": 2, "total": 2, "height": 10.5, "acquisition_height": 0.0, "disposal_height": 100.0}, {"start": "2026-07-13", "label": "13 Jul", "acquisitions": 0, "disposals": 4, "qualified_acquisitions": 0, "qualified_disposals": 4, "total": 4, "height": 21.1, "acquisition_height": 0.0, "disposal_height": 100.0}, {"start": "2026-07-20", "label": "20 Jul", "acquisitions": 2, "disposals": 4, "qualified_acquisitions": 1, "qualified_disposals": 3, "total": 6, "height": 31.6, "acquisition_height": 33.3, "disposal_height": 66.7}, {"start": "2026-07-27", "label": "27 Jul", "acquisitions": 3, "disposals": 3, "qualified_acquisitions": 0, "qualified_disposals": 2, "total": 6, "height": 31.6, "acquisition_height": 50.0, "disposal_height": 50.0}, {"start": "2026-08-03", "label": "03 Aug", "acquisitions": 3, "disposals": 6, "qualified_acquisitions": 0, "qualified_disposals": 6, "total": 9, "height": 47.4, "acquisition_height": 33.3, "disposal_height": 66.7}, {"start": "2026-08-10", "label": "10 Aug", "acquisitions": 3, "disposals": 7, "qualified_acquisitions": 1, "qualified_disposals": 2, "total": 10, "height": 52.6, "acquisition_height": 30.0, "disposal_height": 70.0}, {"start": "2026-08-17", "label": "17 Aug", "acquisitions": 13, "disposals": 6, "qualified_acquisitions": 0, "qualified_disposals": 5, "total": 19, "height": 100.0, "acquisition_height": 68.4, "disposal_height": 31.6}, {"start": "2026-08-24", "label": "24 Aug", "acquisitions": 11, "disposals": 2, "qualified_acquisitions": 3, "qualified_disposals": 1, "total": 13, "height": 68.4, "acquisition_height": 84.6, "disposal_height": 15.4}, {"start": "2026-08-31", "label": "31 Aug", "acquisitions": 4, "disposals": 9, "qualified_acquisitions": 3, "qualified_disposals": 4, "total": 13, "height": 68.4, "acquisition_height": 30.8, "disposal_height": 69.2}, {"start": "2026-09-07", "label": "07 Sep", "acquisitions": 1, "disposals": 1, "qualified_acquisitions": 0, "qualified_disposals": 1, "total": 2, "height": 10.5, "acquisition_height": 50.0, "disposal_height": 50.0}, {"start": "2026-09-14", "label": "14 Sep", "acquisitions": 0, "disposals": 0, "qualified_acquisitions": 0, "qualified_disposals": 0, "total": 0, "height": 0.0, "acquisition_height": 0, "disposal_height": 0}], "peers": [{"label": "Banks - Diversified", "score": 70, "confidence": 78}, {"label": "Insurance - Diversified", "score": 67, "confidence": 69}, {"label": "Insurance - Property & Casualty", "score": 60, "confidence": 94}, {"label": "Mortgage Finance", "score": 59, "confidence": 80}, {"label": "Banks - Regional", "score": 57, "confidence": 95}, {"label": "Insurance Brokers", "score": 55, "confidence": 87}, {"label": "Asset Management", "score": 53, "confidence": 94}, {"label": "Credit Services", "score": 51, "confidence": 95}, {"label": "Insurance - Reinsurance", "score": 50, "confidence": 71}, {"label": "Insurance - Life", "score": 49, "confidence": 96}, {"label": "Financial Conglomerates", "score": 45, "confidence": 75}, {"label": "Insurance - Specialty", "score": 43, "confidence": 93}, {"label": "Capital Markets", "score": 42, "confidence": 95}, {"label": "Financial Data & Stock Exchanges", "score": 29, "confidence": 93}], "leaders": {"constructive": [{"symbol": "ITIC", "name": "Investors Title Company", "score": 80, "confidence": 43}, {"symbol": "NMIH", "name": "NMI Holdings Inc", "score": 66, "confidence": 61}, {"symbol": "AGO", "name": "Assured Guaranty Ltd", "score": 64, "confidence": 41}], "cautious": [{"symbol": "ESNT", "name": "Essent Group Ltd", "score": 12, "confidence": 86}, {"symbol": "MTG", "name": "MGIC Investment Corp", "score": 17, "confidence": 69}, {"symbol": "FAF", "name": "First American Corporation", "score": 19, "confidence": 62}, {"symbol": "ACT", "name": "Enact Holdings Inc", "score": 20, "confidence": 55}, {"symbol": "RYAN", "name": "Ryan Specialty Group Holdings Inc", "score": 22, "confidence": 63}, {"symbol": "FNF", "name": "Fidelity National Financial Inc", "score": 25, "confidence": 44}, {"symbol": "AMSF", "name": "AMERISAFE Inc", "score": 28, "confidence": 18}, {"symbol": "JRVR", "name": "James River Group Holdings Ltd", "score": 28, "confidence": 25}], "active": [{"symbol": "ESNT", "name": "Essent Group Ltd", "score": 12, "confidence": 86}, {"symbol": "MTG", "name": "MGIC Investment Corp", "score": 17, "confidence": 69}, {"symbol": "NMIH", "name": "NMI Holdings Inc", "score": 66, "confidence": 61}, {"symbol": "FAF", "name": "First American Corporation", "score": 19, "confidence": 62}, {"symbol": "ACT", "name": "Enact Holdings Inc", "score": 20, "confidence": 55}, {"symbol": "ITIC", "name": "Investors Title Company", "score": 80, "confidence": 43}, {"symbol": "RYAN", "name": "Ryan Specialty Group Holdings Inc", "score": 22, "confidence": 63}, {"symbol": "FNF", "name": "Fidelity National Financial Inc", "score": 25, "confidence": 44}]}, "method": "Group reads measure breadth and conviction across controlled company-level insider evidence; they are classifications, not forecasts."}