Sword Insurance, a unit of French-owned Sword Group, has agreed to be acquired by US private equity firm Thomas H Lee Partners (THL).

Sword Insurance provides software and services to property and casualty insurance industry. It offers web-based distribution technologies, global policy administration solutions and business intelligence tools.

Thomas H Lee Partners managing director Charles Brizius said Sword Insurance’s products, AgencyPortal and Open+, are best-in-class products and integral components of an insurance carrier’s technology solution.

"We believe that there is an enormous market opportunity available through continued investment in customer service and expanded product solutions to meet insurance carriers’ evolving technology needs," Brizius said.

Sword Group executive chairman Jacques Mottard said the firm is pleased that this transaction recognizes its value as a provider of software and services to insurance carriers and are confident of their future success.

The transaction is expected to close next month, subject to regulatory approvals. Additional terms of the transaction were not disclosed.