HARTFORD, Conn.--(BUSINESS WIRE)--Insurity, Inc., a provider of core insurance processing and data solutions, today announced that TA Associates, a leading global growth private equity firm based in Boston with more than 45 years of experience investing in innovative software and technology businesses, has closed a significant investment in the business. Representatives of TA Associates are joining representatives of Genstar Capital, a private equity firm and current investor, on the Board of Directors. Financial terms of the transaction were not disclosed.
Jeffrey Glazer, CEO of Insurity, noted, “Genstar Capital and TA Associates are aligned with us regarding our business growth direction in the property and casualty market through our portfolio of solutions. The investment by TA provides us with further opportunities to expedite the Insurity strategy already being delivered, as well as extend our capabilities on behalf of our current and future customers.”
“With a track record of delivering successful outcomes for its customers, Insurity is precisely the type of profitable, growing business in which TA seeks to invest,” commented Harry D. Taylor, a Managing Director at TA Associates, who will join Insurity’s Board of Directors. “The P&C market continues to expand investment in technology solutions that help enable insurers’ growth through timely delivery of differentiated products. We look forward to working closely with Insurity as they continue providing the solutions that this market needs.”
Kenneth T. Schiciano, a Managing Director at TA Associates, and Jeffrey A. Del Papa, a Principal at TA Associates, also will join Insurity’s Board of Directors.
Together with Genstar Capital, a leading private equity firm based in San Francisco, Insurity has made significant investments in its customers and its solutions. Insurity will leverage the investment by TA Associates to accelerate growth both organically and through acquisitions.
J. Ryan Clark, Managing Director of Genstar, who heads the firm’s financial services practice, said, “This is a very successful investment for Genstar in large part because of our collaboration with a management team that has flawlessly executed on a number of objectives. We are excited by the opportunity to continue as an investor with Insurity along with TA Associates and are confident in management’s ability to further execute Insurity’s strategy.”
Spurrier Capital Partners served as financial advisor to Insurity and Ropes & Gray served as legal counsel. Goodwin Procter LLP provided legal counsel to TA Associates.
About TA Associates
TA Associates is one of the largest and most experienced global growth private equity firms. The firm has invested in more than 440 companies around the world and has raised $18 billion in capital. With offices in Boston, Menlo Park, London, Mumbai and Hong Kong, TA Associates leads buyouts and minority recapitalizations of profitable growth companies in the technology, financial services, business services, healthcare and consumer industries. More information about TA Associates can be found at www.ta.com.
About Genstar Capital
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for more than 20 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of operating executives and strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar manages funds with total capital commitments of over $3 billion and targets investments focused on selected sectors within the industrial technology, financial services, software, and healthcare industries.
About Insurity, Inc.
Insurity enables property & casualty insurers to modernize their enterprise and achieve their business goals. Insurity’s core processing applications and data integration and analysis solutions are backed by rich insurance expertise and are in production with over 100 insurers, processing billions of dollars of premium each month. Insurity’s solutions address the needs of all carriers – from 15 of the Top 20 insurers to small or regional commercial, personal, or specialty lines writers, as well as MGAs. For more information about Insurity, call 860-616-7721 or visit www.insurity.com. Connect with Insurity on Twitter, LinkedIn and Facebook.