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Insurity Acquires Virtual MGA, Continuing Its Expansion of Critical Technology Solutions for the MGA Market
July 10, 2020
Accelerates Growth Opportunities in London’s Burgeoning MGA and Syndicate Marketplace
Hartford, CT – July 10, 2020 –Insurity, Inc., a leading provider of cloud-based core system solutions and data analytics for the world’s largest insurers, brokers, and MGAs, today announced that it has completed the acquisition of Austin, Texas-based Virtual MGA. The deal, which closely follows the June 22, 2020 acquisition of Epic-Premier, further expands Insurity’s cloud-based core systems offerings for the managing general agent (MGA) and broker markets.
Virtual MGA offers a leading cloud-based binding authority underwriting and distribution solution for the largest wholesale brokers, syndicates, and MGAs, with a significant focus on the Lloyd’s of London and US excess and surplus markets. Its tailored MGA rating, underwriting, and policy issuance solution combined with Insurity’s market-leading analytics, billing, and claims solutions will enable brokers and MGAs to expand their capabilities and services across the entire policy lifecycle with an integrated, end-to-end digital platform for all P&C standard and specialty insurance lines of business. By offering both the Virtual MGA and Epic-Premier solutions within a single portfolio, Insurity can address all aspects of an MGA’s front-office and back-office.
“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,” said Chris Lafond, CEO of Insurity. “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’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,” said Jake Hampton, president of Virtual MGA. “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.”
The acquisition was completed on July 7, 2020. The terms of the acquisition were undisclosed.
Insurity is a leading provider of cloud-based core system solutions and data analytics for the world’s largest insurers, brokers, and MGAs. Through its best-in-class digital platform and with unrivaled industry experience and thought leadership, Insurity is uniquely positioned to deliver exceptional value, empowering clients to focus on their core businesses, optimize their operations, and provide superior customer experiences. With users worldwide and more cloud-based deployments than any other core system provider in the insurtech space, Insurity is trusted by 15 of the top 25 property/casualty carriers in the US. For more information, visit www.insurity.com.
About Virtual MGA
With offices in Austin and London, Virtual MGA is focused solely on improving our clients’ effectiveness and efficiency in underwriting and distributing their products. The Virtual MGA platform is targeted at MGAs, Lloyd’s brokers, and Lloyd’s syndicates that operate in the contract binding authority specialty market. Virtual MGA excels at simplifying the underwriting process and providing the tools to underwrite, distribute, and actively manage the entire placement process. Virtual MGA’s mission is to make insurance placement easy, efficient, and error free. For more information, visit www.virtualmga.com.