Insurity and General Atlantic Announce Strategic Partnership
HARTFORD, Conn. and NEW YORK, June 29, 2016
Insurity, Inc., a provider of core insurance processing software and data integration and analytics solutions, announced today that General Atlantic, a leading global growth equity firm, has made a strategic growth investment in the company. General Atlantic joins TA Associates and Genstar Capital as an investor.
Insurity is a leading insurance technology company that provides a suite of innovative software and analytics solutions spanning policy administration, claims, billing, reinsurance, and data integration to property and casualty insurers. The company is in production with over 175 insurers, including many of the largest carriers in the U.S.
“We are delighted to have General Atlantic as an investor and partner,” said Jeffrey Glazer, Chief Executive Officer of Insurity. “General Atlantic’s deep sector expertise and experience partnering with high growth companies will enable us to further strengthen our leadership position in the insurance software market.”
“Insurity has become a leading solutions provider as carriers seek to replace obsolete or disjointed legacy systems with integrated, scalable end-to-end solutions,” said Paul Stamas, Principal at General Atlantic, who will join Insurity’s board of directors. “We are excited to partner with them to continue to drive growth and create value for their clients.”
Insurity has expanded its product offering in recent years through strategic acquisitions that complement the company’s core products and services. In June 2016, the company acquired Tropics Software Technologies, an insurance software firm that focuses on the workers’ compensation market for carriers, state and self-insured funds as well as other specialty workers’ compensation organizations; and in May 2015, Insurity acquired Oceanwide, a cloud-based solution provider that delivers core processing solutions that support commercial and specialty insurance line carriers and MGAs via a SaaS model.
In the company’s next phase of growth, Insurity plans to expand its reach as a result of these acquisitions and to capitalize on recent internal product developments. In particular, the company has made significant investments in its core processing suite and has continued to develop and roll out Insurance Enterprise View (IEV), the market’s most comprehensive enterprise data solution.
“Insurity has seen considerable success expanding its products and services to address the broad needs of its customer base through both key acquisitions and internal investment,” said Harry Taylor, a Managing Director at TA Associates. “We are pleased to continue to support Insurity, in partnership with General Atlantic and Genstar, as it builds upon its leadership position in the property and casualty insurance market.”
Ryan Clark, a Managing Director and President of Genstar Capital added that “We are proud of the progress of Jeffrey and the Insurity team who have executed so well since our original investment. We see even a brighter future ahead for Insurity and welcome the addition of General Atlantic to the team.”
Insurity Inc. enables property & casualty insurers to modernize their enterprise and achieve their business goals. Insurity’s core processing applications and data integration and analytics solutions are backed by rich insurance expertise and are in production with over 100 insurers, processing billions of dollars of premium each month. Insurity’s solutions address the needs of all carriers – from the Top 20 insurers to small or regional commercial, personal, or specialty lines writers, as well as MGAs.
About General Atlantic
General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic combines a collaborative global approach, sector-specific expertise, long-term investment horizon, and a deep understanding of growth drivers to partner with great management and build exceptional businesses worldwide. General Atlantic has more than 100 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, and Singapore.
About TA Associates
TA Associates is one of the largest and most experienced global growth private equity firms. The firm has invested in more than 460 companies around the world and has raised $24 billion in capital. With offices in Boston, Menlo Park, London, Mumbai and Hong Kong, TA Associates leads buyouts and minority recapitalizations of profitable growth companies in the business services, consumer, financial services, healthcare and technology industries.
About Genstar Capital
Genstar Capital is a leading private equity firm that has been actively investing in high quality companies for more than 20 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of operating executives and strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar manages funds with total capital commitments of over $5 billion and targets investments focused on selected sectors within the software, industrial technology, financial services, and healthcare industries.