In April 2021, Insurance Information Technologies, Inc. (Instec) was acquired by Insurity, a leading provider of cloud-based software for P&C carriers, brokers, and MGAs which is backed by GI Partners.
Instec delivers mid-size P&C carriers a SaaS-based policy administration platform that insurance P&C carriers and MGAs can leverage to build out new insurance products, refresh existing ones, or acquire new books of business. Instec’s out-of-the-box content, delivered 90 to 120 days ahead of the effective date, enables carriers to rate, quote, and issue policies faster than competitors. As a part of Insurity, Instec customers will now be able to access Insurity’s broader platform which includes billing, claims, data, and analytics solutions.
Technology M&A Practice served as the exclusive sell-side M&A advisor to Instec in connection with the transaction.
Ray Simon, CEO of Instec, said “Instec customers will benefit from Insurity’s comprehensive ecosystem, including its $100 billion data consortium, advanced analytics, and digital products. Further, Instec customers will also benefit from more than 1,100 team members at Insurity who are dedicated to innovating on behalf of P&C carriers. We are excited for this new chapter in Instec’s journey.”
“It was a pleasure to work closely with the Instec executive team and other key stakeholders in enabling the sale of Instec,” said Karan Kapoor, Managing Director and Co-Head of Technology M&A Practice. “Our Technology M&A practice remains an active advisor to vertically focused SaaS businesses and this is the most recent example of our continued momentum in Fintech and InsurTech verticals. In addition to our tech sector expertise, we also leveraged our proven track record with employee stock option plan (ESOP) transactions, guiding the principals and fiduciaries of Instec through the complex financial and other implications of selling a company owned by an ESOP.”
“We are pleased to welcome Instec to Insurity,” said Chris Lafond, CEO of Insurity. “This is a win for P&C carriers as they are focused on rapidly introducing innovative insurance products. Instec’s strong experience and offerings, and Insurity’s proven solutions will empower insurers to cut the time to introduce new types of coverage across diverse risks.
About Instec
Instec is a SaaS based insurance software provider that provides policy lifecycle management, streams operations from first quote to last endorsement, offers insurance rating and manages policy administration, enabling insurance industries to integrate custom and bureau-based content and create their own innovative products. Instec is a market leader in providing cloud-based software for complex commercial insurance. Instec’s unique approach to insurance solutions enables mid-size P&C carriers to migrate, launch, or expand complex commercial offerings from start to first quote in as little as four weeks. Instec is trusted by the large global insurance carriers, brokers, and MGAs. Vedder Price LLP served as legal advisor to Instec.
About Insurity
Insurity is a leading provider of cloud-based software and analytics for insurance carriers, brokers, and MGAs. Insurity is trusted by 15 of the top 25 P&C Carriers in the U.S. and has over 200 cloud-based deployments. Through its best-in-class digital platform and with unrivaled industry experience and thought leadership, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Gibson, Dunn & Crutcher LLP served as a legal advisor to Insurity.
