Cloud-native risk analytics provider QOMPLX has agreed to buy RPC Tyche, an insurance software modelling and consulting firm.

The deal, whose financial terms were not revealed, is said to enhance insurance analytics services.

The amalgamation of the two businesses is said to provide more comprehensive insurance underwriting, pricing, risk modeling, capital modeling, and reserving capabilities.

The deal is the result of QOMPLX’s proposed combination with SPAC Tailwind Acquisition. QOMPLX’s and Tailwind’s board have cleared the proposal, which is expected to close in the middle of this year after the nod of Tailwind stockholders.

Tyche’s core flagship software products include Tyche Capital Model, Tyche Model Generator, and the Tyche Pricing System.

The firm solutions will be combined with the broader QOMPLX data analytics platform and Q:Insurance tools as part of the deal.

This is said to strengthen QOMPLX’s position in offering core data platform and actuarial modelling tools for next-gen insurance underwriting, risk as well as capital modelling.

Tyche managing partner Alun Marriott said: “We believe our category leading actuarial modelling software and growing client portfolio across Europe and internationally will add exceptional value to customers, especially when combined with other QOMPLX Insurance offerings.”

According to QOMPLX, Tyche’s software will speed up its ability to model capital and pricing risk.

The merged entity is said to be “competitively positioned” with an integration of domain-agnostic and cloud-agnostic technologies.

The combination is also said to support the rationale for embracing QOMPLX’s cat modelling marketplace Q: HELM.

QOMPLX co-founder and CEO Jason Crabtree said: “Our existing data integration and analysis capabilities from Q: OS and Q: INSURANCE are highly complementary to Tyche’s modelling and pricing offerings. We are very excited about how the combined business and technology capabilities will help our customers further their actuarial and data science efforts as part of the modern data supply chain in insurance.

“The talents of Alun and his highly experienced team are central to our own business and will continue to be instrumental to supporting digital transformation efforts inside our (re)insurance partners in both Life and Non-life use cases.”

Tyche has a presence in London, Cambridge, Paris and Chicago.