MRI Software, a US-based software solutions provider to the real estate industry, has purchased Multifamily Insurance Partners for an undisclosed sum.
The acquisition will enable MRI Software to offer renters insurance coverage to clients who own and manage apartments.
Following the completion of the transaction, the acquired business will operate as MRI Multifamily Insurance.
The rebranded business will allow property owners and operators to implement resident insurance compliance programmes for apartment renters, enabling them to fill insurance gaps and reduce losses.
Commenting on the deal, MRI Software senior vice president of residential solutions David Carner said: “Acquiring Multifamily Insurance Partners enhances MRI’s comprehensive residential offering.
“It enables MRI to make resident insurance available as part of a single, fluid leasing and onboarding process that protects both property owners and residents.
“Offering renters insurance via online portals gives MRI clients more options for creating a fully automated system that addresses the preferences and habits of modern renters; and a tightly integrated and intuitive insurance compliance program is crucial for property owners and managers to know their buildings are protected from any risk.”
Property managers and owners will be able to choose insurance either via MRI Multifamily Insurance or from its existing partners, according to MRI.
Multifamily Insurance Partners CEO Jim Sweeney stated: “Our clients will still benefit from our longstanding expertise and industry relationships, with the added benefit of MRI’s innovation, end-to-end offering and trusted position in the market.”
Multifamily Insurance Partners offers resident insurance programmes that have been implemented by more than one million apartments so far.