Insurity, Inc., a provider of tech solutions for property and casualty insurers, has acquired Montreal-based insurance software firm Oceanwide, Inc.
Insurity, which specializes in core processing applications and data integration, hopes to leverage Oceanwide’s client base, as well as its “proven rapid deployment and SaaS offerings.” The American solutions provider believes that Oceanwide’s expertise in specialty lines, small carriers and MGAs will nicely complement its own experience as a large carrier.
Oceanwide will retain its current brand when continuing to serve customers, although it will now operate as “Oceanwide, An Insurity Company.” Oceanwide leadership looks forward to the benefits that this partnership will provide to both organizations.
“We are excited to become part of the Insurity organization and see this as a tremendous opportunity for our team, our customers, and the industry overall,” Oceanwide CEO Mitchell Wasserman said in a statement. “A major asset that we bring to Insurity is our Bridge solution which is configurable by end users rather than developers. Combined with our cloud environment and the backing of Insurity with its financial strength and highly skilled resources, we are now able to accelerate the growth of the combined organization, and deliver a broader and deeper set of capabilities of the global insurance market.”
Outside insurance leaders are also encouraging of the transaction, and believe it will provide increased value for P&C insurers who can now take advantage of both companies’ specializations in one place.
“We see this acquisition as a major step in Insurity’s strategy and market positioning. There is considerable strength in both organizations and by bringing them together Insurity is able to offer a strong portfolio of solutions that includes rapid deployment, a strong user implementation and configuration tool set, rich content, deep ISO experience, and data management and analytics solutions optimized for P&C insurers,” said Matthew Josefowicz, president and CEO of Novarica.
Morgan Partners oversaw the deal as Oceanside’s exclusive financial advisor.
