PartnerRe Ltd. disclosed it has acquired Claim Analytics, a Canadian-based company focused on predictive analytics products and services for insurers.
Financial terms were not disclosed.
The Bermuda-based reinsurer said the deal for Claim Analytics’ assets will help boost its technology capabilities in a key growth area.
“This acquisition strengthens our product offering predominantly in life and health, an important strategic area of diversification and growth for the company, and aligns with PartnerRe’s overall client-focused strategy,” PartnerRe President and CEO Emmanuel Clarke said in prepared remarks.
Plans call for Claim Analytics employees to join PartnerRe’s existing analytics team. They’ll remain in Toronto, Canada, where their company is based, and continue to do business as PartnerRe Analytics.
Clarke said that PartnerRe has already been using predictive analytics for its clients, and he argued that the Claim Analytics acquisition builds on this practice and allows for expanded product offerings.
Claim Analytics initially formed in 2001 with a focus on providing predictive modeling products to insurers in North America. PartnerRe noted in its deal announcement that its acquisition “has successfully combined experienced actuaries with experts in data analytics” to develop and sell innovative products.