Insurity, a provider of cloud-based software for P&C carriers, brokers, and MGAs, has completed the acquisition of Instec, a company that offers cloud-based software and enterprise solutions to mid-size P&C carriers, MGAs, and specialty writers. Insurity is backed by GI Partners, a middle market private equity firm..
“We are pleased to welcome Instec to Insurity,” said Chris Lafond, CEO of Insurity. “This is a win for P&C carriers and MGAs as they are focused on rapidly introducing innovative insurance products. Instec’s strong experience and offerings, and Insurity’s proven solutions will empower insurers to cut the time to introduce new types of coverage across diverse risks. P&C carriers and MGAs will be able to introduce new products in half the time. Quickly offering coverage for new risks will accelerate innovation by providing insurance for a wide group of new and emerging businesses.”
“We are thrilled to join a team who shares our values and are dedicated to innovation on behalf of P&C carriers,” said Ray Simon, CEO of Instec. “Instec customers will benefit from Insurity’s comprehensive ecosystem, including its $100 billion data consortium, advanced analytics, and digital products, in addition to our shared focus on serving the MGA market. Further, Instec customers will also benefit from more than 1,100 team members at Insurity who are dedicated to innovating on behalf of P&C carriers. We are excited for this new chapter in Instec’s journey.”