The combination of Insurity and Virtual MGA is expected to offer clients solutions covering the entire policy lifecycle across all P&C and speciality lines of business
Insurity, a cloud-based solutions and data analytics provider, has acquired Virtual MGA, a provider of underwriting solutions, for an undisclosed amount.
Virtual MGA offers cloud-based binding authority underwriting and distribution solutions for wholesale brokers, syndicates and managing general agencies (MGAs), with a particular focus on Lloyd’s of London and US excess and surplus markets.
The firm’s MGA rating, underwriting and policy issuance solutions, when combined with Insurity’s analytics, billing and claims solutions are claimed to enable brokers and MGAs in expanding their capabilities and services across the entire policy lifecycle with integrated, end-to-end digital platform for all P&C standard and speciality insurance lines of business.
Insurity CEO Chris Lafond said: “The Virtual MGA acquisition is an exceptional complement to our suite of cloud-based analytics and core system solutions, enabling us to further support the full range of our clients’ software and analytics needs and substantially grow our presence in the London wholesale broker and syndicate E&S marketplaces.
“We are excited to offer their existing clients, as well as new broker, syndicate, and MGA clients, the full breadth and depth of the Insurity portfolio.”
Insurity aims to combine the capabilities of Virtual MGA and Epic-Premier into a single portfolio
Insurity stated that the deal along with its recent acquisition of Epic-Premier will enable it to offer solutions to address all the aspects of an MGA’s front-office and back-office work within a single portfolio.
Virtual MGApresident Jake Hampton said: “Insurity’s wealth of technology and particularly their API experience, along with its extensive client base of the world’s leading insurance carriers, provides us with resources and opportunities to bring our solutions to new markets.
“Further, Insurity’s cloud leadership and technology allows us to immediately enhance our client offerings in the areas of data visualization and analytics, and to accelerate our platform’s development roadmap.
“Insurity’s rich suite of data, analytics, claims, and billing solutions is an exceptional fit for our clients’ needs and enables us to better address their future needs.”
In June this year, Insurity acquired Epic-Premier, a provider of end-to-end core system software solutions for a client base including MGAs, programme managers, and wholesale brokers.