Insurity Adds Strategic Investment Partner, General Atlantic
Robert Regis Hyle | June 29, 2016
Insurity announces that General Atlantic, a global growth equity firm, has made a strategic growth investment in the insurance solution provider. Insurity provides a suite of software and analytics solutions spanning policy administration, claims, billing, reinsurance, and data integration to property and casualty insurers.
“We are delighted to have General Atlantic as an investor and partner,” says Jeffrey Glazer, CEO of Insurity (upper right photo). “General Atlantic’s deep sector expertise and experience partnering with high growth companies will enable us to further strengthen our leadership position in the insurance software market.”
And what does the influx of capital mean for the future of Insurity? “It provides us capital to invest organically in expanding our core products and continue to pursue strategic acquisitions,” he says.
Paul Stamas (lower right photo) is a principal with General Atlantic and focuses on investments in the Financial Services and Financial Technology sectors. He feels the insurance market is still in the early and middle stages of replacing legacy systems.
“We think the insurance technology market has a good growth tailwind and Insurity has established itself as a market leader in the P&C space, particularly in the commercial and specialty lines,” he says. Insurity is in production with over 175 insurers, including many of the largest carriers in the U.S.
When asked what attracted Insurity to General Atlantic, Glazer says, “We share a common belief that investing in our current customers is as important as additional acquisitions in our market.”
Insurity has expanded its product offering in recent years through strategic acquisitions that complement the company’s core products and services. Earlier this month, the company acquired Tropics Software Technologies, an insurance software firm that focuses on the workers’ compensation market for carriers, state, and self-insured funds as well as other specialty workers’ compensation organizations.
In 2015, Insurity acquired Oceanwide, a cloud-based solution provider that delivers core processing solutions that support commercial and specialty insurance line carriers and MGAs via a SaaS model.
Stamas believes General Atlantic brings more to Insurity than just capital. “We have a strong track record in technology investment across all industries, particularly in financial services,” he says. “More importantly, some of the things we hope to do are around organizational design to help Insurity optimize the sales and product process against the market opportunity. We also hope to be extra arms and legs around the table to help with internal initiatives and strategic direction.”
In the company’s next phase of growth, Insurity plans to expand its reach as a result of the acquisitions and to capitalize on recent internal product developments. In particular, the company has made significant investments in its core processing suite and has continued to develop and roll out Insurance Enterprise View (IEV), an enterprise data solution.
Stamas maintains Insurity has an exciting data product in the IEV solution. “It works across systems, not just with Insurity systems but any vendor’s solution,” he says. “On the M&A side, Insurity has been active in the market, most recently with the acquisition of Tropics Software Technologies, which we helped fund. The Tropics product is complementary to Insurity’s core solutions, which should expand the client base.”
Insurity has been a successful growth company and General Atlantic’s track record has been in global growth investments. “We look to partner with great management teams in great markets with great products and try to accelerate their growth trajectory,” says Stamas.
In addition to the technology solutions Insurity provides the market, Stamas wonders about the future role Insurity might play in a broader set of innovation in and around the insurance sector.
“There are potentially a few disruptions happening around insurance distribution, insurance underwriting, and insurance data, and one thing Insurity puts us in a position to do is to investigate and potentially invest in some of those trends through the Insurity platform,” says Stamas . “Insurity has robust and trusted carrier relationships. We are going to investigate the most innovative parts of the insurance technology sector alongside Insurity.”
General Atlantic joins TA Associates and Genstar Capital as investors in Insurity. Both investment partners expressed support for the addition of General Atlantic.
“Insurity has seen considerable success expanding its products and services to address the broad needs of its customer base through both key acquisitions and internal investment,” says Harry Taylor, a managing director at TA Associates. “We are pleased to continue to support Insurity, in partnership with General Atlantic and Genstar, as it builds upon its leadership position in the property and casualty insurance market.”
Ryan Clark, a managing director and president of Genstar Capital adds, “We are proud of the progress of Jeffrey and the Insurity team who have executed so well since our original investment. We see even a brighter future ahead for Insurity and welcome the addition of General Atlantic to the team."
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