LexisNexis Risk Solutions has entered into a definitive agreement to sell its P&C Insurance Software Solutions business to Genstar Capital, a San Francisco-based private equity firm, for an undisclosed amount.
Based in Connecticut the business unit has approximately 400 employees and provides policy administration software to more than 100 property/casualty insurers.
By joining the Genstar portfolio, Insurance Software Solutions will be able to leverage a wide range of specialist resources and operating expertise to support its future expansion and development.
Following the deal , Jeffrey Glazer, CEO, Insurance will be leaving LexisNexis to lead the Insurance Software Solutions business, which Genstar expects will be renamed Insurity.
As a part of this aqusition, the insurance data and analytics business will be led by Bill Madison and Peter Lynch responsible for the LexisNexis Insurance Exchange.
Both Madison and Lynch will report to James Peck, CEO, LexisNexis Risk Solutions.
Peck said the data and analytics business is the focus of Insurance portfolio as the firm continue to help customers make faster, more accurate underwriting and policy-pricing decisions, reduce claims losses and improve their client’s experience.
The transaction is subject to customary conditions and regulatory consents and is expected to close by the end of 2011.