MIB Group has brokered a deal with a subsidiary of Reinsurance Group of America (RSA) to acquire APEXA for an undisclosed sum.
APEXA is a Canadian contracting and compliance service provider for advisors, MGAs, and carriers in the life insurance space.
The deal is aimed at expanding MIB’s digital solutions’ product portfolio and customer base in Canada.
APEXA’s platform is said to provide visibility and efficiency to the contracting and compliance process by connecting clients via a single digital interface.
MIB CEO Brian Winikoff said: “We are thrilled to add APEXA to our growing portfolio of digital solutions and to expand our reach in the Canadian market. APEXA’s innovative and unique platform has gained tremendous adoption in Canada and is well-positioned to expand with additional services in Canada and potentially the US.
“We look forward to working with APEXA’s management team and partners to continue to advance APEXA’s offering and reach its full potential.”
MIB claimed that 95% of ‘major’ Canadian life insurers and their partner MGAs use APEXA’s platform to connect with more than 50,000 independent advisors.
APEXA vice president and chief client officer Dylan Friedmann said: “APEXA was created in partnership with Canadian carriers and MGAs to simplify the advisor contracting and compliance processes.
“We are excited to join MIB, who shares a similar heritage and culture as well as a mission focused on providing innovative tools to advance the life insurance industry.”
US-based MIB offers data, insights, and digital solutions to support underwriting and actuarial decision making.