Insurity, Inc., the leading software platform for the Property & Casualty insurance industry, announced today a definitive agreement for a recapitalization transaction with GI Partners, a leading middle-market alternative asset manager.
In partnership with the company’s senior management team, GI Partners plans to accelerate Insurity’s growth as the company aims to expand its leadership in policy administration and related software solutions and leverage GI Partners’ experience in add-on acquisitions to help drive organic and inorganic growth.
Insurity’s current investors are TA Associates, General Atlantic, and Genstar Capital. The transaction is expected to be completed in the third quarter of 2019.
Headquartered in Hartford, Insurity provides policy administration, claims, billing, and data analytics software to more than 200 insurance clients. Insurity was founded in 1985 and deploys its policy administration software and full-service solutions to Property & Casualty markets, including global, national, regional insurance carriers, brokers, large MGAs, and municipalities and government entities, among others.
Travis Pearson, Managing Director of GI Partners, said: “Insurity represents a highly attractive opportunity for us to invest in a company and leadership team deeply committed to making its clients more successful through innovation and service. We were attracted to the company’s differentiated technology platform, its ability to deliver high levels of customer value, and its track record of operational excellence. This transaction will enable Insurity to continue expanding its solutions platform to offer a new level of experience to clients, as well as develop enhanced solutions to strengthen their businesses.”
Chris Giglio, Chief Executive Officer of Insurity, said: “We are very excited to have GI Partners as a new investor. Their team has the proven operational and transactional experience to support high-growth software companies. We look forward to working with GI Partners to continue the innovation of our platform in order to deliver the highest-quality products and services to our customers. We have built a robust business and are a leader in cloud technology whose insurance-focused solutions simplify our clients’ business, and we believe our partnership with GI Partners will take us to the next level.”
Harry D. Taylor, Managing Director at TA Associates, said, “TA, General Atlantic, and Genstar have had an outstanding working partnership with Insurity’s management team during our ownership and that collaboration helped to drive this successful investment. We wish the team success as they begin a new partnership with GI Partners to develop their next stage of growth.”
Jefferies LLC acted as sole financial advisor to GI Partners. Lazard acted as lead financial advisor to Insurity and BofA Merrill Lynch acted as a co-advisor on the transaction.
Source: Company Press Release