Branch Insurance Exchange reports Q1 2026 results

Branch Insurance Exchange, the reciprocal managed by insurance startup Branch, has released its Q1 2026 results, ending the quarter with $20.3 million in written premiums, a 7% increase compared to the same period last year.

The reciprocal reported a net underwriting loss of $3.6 million for the quarter, compared to $6.5 million loss in Q1 2025.

Branch Insurance Exchange posted positive operating cash flow of $2.3 million in Q1 2026, its second consecutive positive quarter after a $1.8 million surplus in Q4 2025. The reciprocal has burned cash from operations every year on record – $2.1 million in 2021, $1 million in 2022, $56.9 million in 2023, $63.3 million in 2024, and $15 million in 2025. Cash and equivalents rose to $50.7 million at quarter-end from $46 million at year-end 2025, supported by $3 million in subscriber surplus contributions.

Branch Financial has issued $173.5 million in surplus notes to the Exchange across 14 tranches between 2020 and 2024.