Advisen, a New York-based global insurance data and analytics provider, has acquired Web Connectivity, a UK-based provider of messaging products and services for the commercial (re)insurance markets in London and Bermuda.
The acquisition between both companies will allow Advisen to develop technologies and solutions for offering increasing amounts of structured data to suppliers, buyers and brokers of commercial (re)insurance.
Advisen has been engaged in the US at creating more structured, digitized data in the commercial insurance industry with its business intelligence (BI) product, data services, data management, and business process outsourcing (BPO) offering.
Web Connectivity’s gateway and middleware offer the London and Bermudian (re)insurance markets innovative methods of receiving, reviewing and responding to structured data, be that in relation to placing, accounting and settlement, or claims.
The existing management teams at both Advisen and Web Connectivity will remain intact, the companies said.
Web Connectivity managing director James Willison said this acquisition provides the company an even greater foundation for the operations and product development initiatives.
"We are gaining an infrastructure to support our growing customer service efforts, as well as an opportunity to add to our growth momentum by establishing a strong footprint in the US," Willison said.
Terms of the transaction were not disclosed.