Insurity said it has snatched up Virtual MGA, a Texas-based company with a cloud-based binding authority, underwriting and distribution product for wholesale brokers, syndicates and MGAs.
The companies declined to disclose details. Insurity completed the acquisition on July 7.
Insurity, a Connecticut-based provider of cloud products and services, and data analytics for large insurers, brokers and MGAs, said the purchase complements its existing product line.
Virtual MGA targets the Lloyd’s of London and U.S. excess and surplus markets. The idea that its signature product, with tailored MGA rating, underwriting and policy issuance features, would combine with Insurity’s analytics, billing and claims products.
Earlier this year Insurity acquired Spatial Key, a Texas-based provider of geospatial analytics, data enrichment, and risk intelligence products and services for the P/C insurance industry. The companies declined to disclose financial terms.