Burnham Risk, the property and casualty division of Burnham Benefits, will acquire SeaTech
California-based employee benefits and insurance services provider Burnham Benefits has agreed to acquire SeaTech (formerly Pacific Unified Insurance), effective 1 September 2019.
However, both companies did not disclose the financial details. The acquisition will expand Burnham Risk, the property and casualty division of Burnham Benefits.
SeaTech is a Los Angeles-based full-service insurance brokerage with experience in property and casualty, risk management and employee benefits. After completion of the deal, SeaTech will become part of Burnham Risk Insurance and SeaTech CEO John Huttinger will join the company as a partner.
Established in 1990, SeaTech has developed IRIS platform to support reinsurance clients and brokers in Singapore and Hong Kong such as Leslie & Godwin, Nicholson Leslia Asia and Swire Blanch.
SeaTech offers AeGIS platform for general insurance
The company has also entered the General Insurance space with its insurance platform AeGIS. With the two platforms, SeaTech has continued to grow and evolve to meet complex business and regulatory needs of the region.
In 2003, the company implemented its first project in Mainland China by implementing a customised version of its AeGIS to be used as core insurance platform by its clients in Dalian.
In 2007, SeaTech built a version of AeGIS that suited the complex financial environments in the UK and which could also support its clients across the EU. With AeGIS’ success in London, the company introduced its Insurance Intelligence solution CUBUS, which helped its customers to gain insights into their businesses.
SeaTech’s clients include AIA Insurance, Asuransi Raksa, Indo Tambang Raya Megah, AIOI Indonesia, Starbucks Indonesia, Nutrifood, MNC, Garda Oto, Nonstop Honolulu and Liberty Mutual Insurance.
According to Burnham Benefits, the deal is an exciting chapter for the company to explore opportunities to build a new client base. The company previously focused its expertise and resources only on benefits.
With SeaTech’s property and casualty knowledge and industry relationships, Burnham Risk is expected to expand its division within the property and casualty marketplace by incorporating advanced technology and modern company culture approach.