A Connecticut company that supplies software, data processing and analysis for property/casualty insurers and agents has snatched up a Canadian rival in a bid to diversify.
Insurity said it has acquired Quebec-based Oceanwide, Inc., an insurance software firm, for an undisclosed price. Plans call for redubbing the acquisition: “Oceanwide, An Insurity Company,” but it will otherwise keep its brand identity the same.
Insurity President and CEO Jeffrey Glazer said that the acquisition will allow his company to reach a much broader swath of the property/casualty insurance industry than it does now.
“This acquisition … positions Insurity to better serve smaller insurers, startups, specialty and niche players as well as the global insurance market,” Glazer said in prepared remarks.
Having Insurity/Oceanwide become one company will also allow their customers to take advantage of each other’s products. For example, Oceanwide customers can use Insurity’s Insurance Enterprise View system, plus its content and experience in bureau support and ISO lines of business. In turn, Insurity customers will be able to benefit from Oceanwide’s ability for rapid product deployment and its own industry software offerings.
“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,” Oceanwide CEO Mitchell Wasserman said in a prepared statement.