Property/casualty insurance software firm Insurity has completed its acquisition of Instec, a cloud software maker for mid-size property/casualty carriers, managing general agencies and specialty insurers.
Neither side disclosed financial details.
Insurity said the deal further increases its support for mid-size P/C carriers, enables it to expand into the $40 billion program business, and broadens its offerings for MGAs.
Instec’s products help firms migrate, launch or expand complex commercial offerings from project initiation to first quote in just weeks. Its offerings include an SaaS-based policy administration platform, early delivery of rate information, and quick rate, quote and policy issuance capabilities.
As a part of Insurity, Instec policy administration customers will be able to access Insurity’s cloud-based billing, claims, data, and analytics products.