Commercial property and casualty (P&C) underwriting technology company Insurance Quantified has purchased Groundspeed Analytics for an undisclosed sum.

Groundspeed Analytics provides ingestion and data solutions for the commercial P&C market.

The deal is expected to boost Insurance Quantified’s position in the underwriting technology sector and advances its goal to maximise the value of data for insurers offering commercial P&C plans.

It will result in the creation of a major underwriting technology provider for the commercial P&C space.

The portfolios of both Insurance Quantified and Groundspeed Analytics include technology that enables their clients to take faster and more informed underwriting decisions.

With the completion of the deal, Insurance Quantified’s end-to-end underwriting workbench, SubmissionIQ, as well as Groundspeed’s ingestion and data offering will continue to be delivered separately.

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The merged entity aims to further develop its software-as-a-service (SaaS) technology capabilities and data solutions for the commercial P&C industry.

In addition, Groundspeed Analytics CEO Eric Kobe will become part of Insurance Quantified’s leadership team.

Insurance Quantified will also set up an office in Ann Arbor, Michigan, US, where Groundspeed Analytics was established.

Insurance Quantified CEO Brian Modesitt said: “This is a powerful combination.

“We look forward to leveraging our collective strengths to deliver even greater value to our clients, which together include more than 15 of the most innovative and respected carriers and MGAs in the insurance industry.

“With the company’s size, breadth, and backing from Two Sigma, Insurance Quantified stands alone as a trusted partner that the industry can count on over the long term for underwriting technology.”