HARTFORD, Conn.--(BUSINESS WIRE)--Insurity, a leading provider of cloud-based software for property and casualty (P&C) carriers, brokers, and MGAs today announced that TA Associates, a leading global growth private equity firm, is making a strategic growth investment in the company. TA, along with Insurity’s current investor, GI Partners, plan to further accelerate Insurity’s growth and expand the delivery of the P&C insurance industry’s most configurable, cloud-native, and intuitively analytical software platforms.
Founded in 1985 and headquartered in Hartford, CT, Insurity has built a team of nearly 1,500 team members globally. The team’s deep industry expertise and software offerings supporting the entire policy lifecycle have enabled it to build a strong customer base of P&C carriers, brokers, and MGAs. Insurity’s customers include 15 of the top 25 P&C carriers in the U.S. and 7 of the top 10 P&C MGAs. Insurity also leads the industry with more than 250 cloud-based customers, a 97% customer retention rate, and over 50 go-lives in the past year.
With an original investment in Insurity dating back to 2014, TA executed a successful sale to GI Partners in 2019. Today, TA’s renewed commitment to Insurity’s growth is a testament to the company’s significant momentum and future direction.
“We are thrilled to have TA renew their investment in Insurity,” said Chris Lafond, CEO, Insurity. “In the past two years, we have built leading cloud-based and data-driven products, expanded our total addressable market, acquired eight leading companies, and onboarded 16 system integrator partners. Insurity is proud to work with over 500 customers. We are pleased to partner with both TA and our existing investor, GI, as they collectively provide us with greater access to resources to best serve the P&C insurance industry.”
“At TA, we have always seen Insurity as a company with outstanding growth potential,” said Harry Taylor, Managing Director at TA, and Amit Jain, Senior Vice President at TA. “They have built a comprehensive portfolio of offerings from underwriting to advanced data and analytics capabilities, along with a deep commitment to customer success. We are excited to partner with GI Partners and Insurity’s world-class team to help accelerate growth and expansion.”
Insurity Board members, Travis Pearson, Managing Director and Co-Head of Private Equity at GI Partners, and Sendil Rajendran, Director at GI Partners, added, “Our continued investment reflects our deep commitment to Insurity’s growth, and we look forward to collaborating with TA. In 2019, we invested in Insurity due to its differentiated cloud platform, relentless focus on customer success, and a leadership team that is committed to driving innovation in P&C insurance software. We have now seen Insurity launch new cloud-based software products, seamlessly deliver and implement them across the policy lifecycle, and enable P&C insurance carriers to quickly capitalize on new and emerging opportunities. Insurity’s products, strategy, and team make it well-positioned for further acceleration.”
Lazard is serving as the exclusive financial advisor and Kirkland & Ellis LLP is providing legal counsel to Insurity. Goodwin Procter LLP is providing legal counsel to TA.
For more information, please contact Laura Krause at Laura.Krause@Insurity.com.
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 US and has over 250 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. Insurity is a portfolio company of GI Partners. For more information, visit www.insurity.com.
About TA Associates
TA is a leading global growth private equity firm. Focused on targeted sectors within five industries – technology, healthcare, financial services, consumer and business services – the firm invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 550 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in high quality growth companies. TA has raised $47.5 billion in capital since its founding in 1968. The firm’s more than 100 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA can be found at www.ta.com.
About GI Partners
Founded in 2001, GI Partners is a private investment firm with over 100 employees and offices in San Francisco, New York, Chicago, Greenwich, and Scottsdale. The firm has raised over $29 billion in capital from leading institutional investors around the world to invest in private equity, real estate, and data infrastructure strategies. The private equity team invests primarily in companies in the healthcare, IT infrastructure, services, and software sectors. The real estate team focuses primarily on technology and life sciences properties as well as other specialized types of real estate. The data infrastructure team invests primarily in hard asset infrastructure businesses underpinning the digital economy. For more information, please visit www.gipartners.com.