TRX Insurance Brokers is a small, China-based insurance brokerage that distributes insurance products to individuals and institutions across China. TRX acts as an intermediary between customers and insurance underwriters — it does not take on underwriting risk. TRX earns revenue by placing policies on behalf of insurance companies, which pay TRX a commission calculated as a percentage of the premium paid. TRX's revenue is driven by the volume and value of premiums placed, product mix, and the depth of TRX's relationships with insurance company partners. P&C insurance accounts for nearly all revenue, with liability insurance (primarily product liability and employer's liability) representing roughly 68% of commissions in FY24. Commercial property insurance and accidental insurance make up most of the remainder. TRX serves both institutional customers (liability, commercial property) and individual customers (accidental, auto). In FY24, TRX served roughly 580 institutional and 3,300 individual customers through 154 sales professionals across seven branch offices in major Chinese cities. TRX also markets through online advertising and partnerships with companies in financial services, media, and automotive. The business is asset-light, with costs driven primarily by sales force compensation and branch office overhead. Revenue is concentrated among a small number of insurer partners — three insurers accounted for nearly 79% of total FY24 revenue — and the identity of those partners has shifted from year to year, introducing meaningful revenue volatility.