HARTFORD, Conn.--(BUSINESS WIRE)--Insurity, Inc., a provider of core insurance processing and data integration and analysis solutions, today announced its acquisition of Montreal, Quebec based insurance software firm Oceanwide, Inc. (Oceanwide). The considerable talent and experience combined with the software solution assets of the two organizations enables Insurity to offer even greater value to existing Insurity and Oceanwide customers while strengthening its market position and ability to address the broad needs of domestic and international carriers, MGAs, and Program Administrators. The Oceanwide brand will be retained with the organization operating as ‘Oceanwide, An Insurity Company.’
The acquisition brings together a complement of solutions and the financial resources to best serve the combined Insurity/Oceanwide client base in addition to the broader insurance market. Oceanwide customers gain the benefit of Insurity’s Insurance Enterprise View (IEV), and the company’s rich content and depth of experience in bureau support and ISO lines of business. Likewise, Insurity customers can take advantage of Oceanwide’s proven rapid deployment and SaaS offerings.
“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,” commented Oceanwide CEO Mitchell Wasserman. “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 to the global insurance market.”
Matthew Josefowicz, president and CEO of Novarica, commented on the acquisition, saying, “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.”
Jeffrey Glazer, Insurity president and CEO, added, “Oceanwide has an outstanding reputation in the industry for its solutions, customer service, and personnel. This acquisition enables us to offer a more robust portfolio of insurance solutions and positions Insurity to better serve smaller insurers, startups, specialty, and niche players as well as the global insurance market.”
Morgan Partners acted as exclusive financial advisor to Oceanwide in the transaction. For more information about Morgan Partners, visit www.morganpartners.com.
Insurity, Inc. 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.