Insurity, a provider of cloud-based core system solutions and data analytics for insurers, brokers, and MGAs, has acquired Texas-based Virtual MGA for an unknown sum.
The deal follows the company’s acquisition of Epic-Premier last month, and is saidto further expand its cloud-based core systems offerings for MGA and broker markets.
The acquired company provides a cloud-based binding authority underwriting and distribution solution for wholesale brokers, syndicates, and MGAs, with focus on the Lloyd’s of London and US excess and surplus markets.
Combined with Insurity’sanalytics, billing, and claims solutions, Virtual MGA’s MGA rating, underwriting, and policy issuance solution is expected to allow brokers and MGAs to expand their capabilities.
Additionally, the brokers and MGAs will be able toscale up services across the entire policy lifecycle with an integrated, end-to-end digital platform for all P&C standard and specialty insurance lines of business.
InsurityCEO Chris Lafondsaid: “The Virtual MGA acquisition is an exceptional complement to our suite of cloud-based analytics and core system solutions, enabling us to further support the full range of our clients’ software and analytics needs and substantially grow our presence in the London wholesale broker and syndicate E&S marketplaces.
“We are excited to offer their existing clients, as well as new broker, syndicate, and MGA clients, the full breadth and depth of the Insurity portfolio.”
Insurityexpects to address all aspects of an MGA’s front-office and back-office by offering both the Virtual MGA and Epic-Premier solutions within its portfolio.
Virtual MGApresidentJake Hampton said: “Insurity’s wealth of technology and particularly their API experience, along with its extensive client base of the world’s leading insurance carriers, provides us with resources and opportunities to bring our solutions to new markets.
“Insurity’s rich suite of data, analytics, claims, and billing solutions is an exceptional fit for our clients’ needs and enables us to better address their future needs.”