Insurity Acquries Leonis Client VirtualMGA
AUSTIN and HARTFORD – July 7, 2020 – Insurity LLC, a leading provider of cloud-based core system solutions and data analytics for the world’s largest insurers, brokers, and MGAs, today announced that it has completed the acquisition of Austin, Texas-based Virtual MGA further expands Insurity’s cloud-based core systems offerings for the managing general agent (MGA) and broker market.
Virtual MGA offers a leading cloud-based binding authority underwriting and distribution solution for the largest wholesale brokers, syndicates, and MGAs, with a significant focus on the Lloyd’s of London and US excess and surplus markets. Its tailored MGA rating, underwriting, and policy issuance solution, combined with Insurity’s market-leading analytics, billing, and claims solutions, will enable brokers and MGAs to expand their capabilities and services across the entire policy lifecycle with an integrated, end-to-end digital platform for all P&C standard and specialty insurance lines of business. By offering both the Virtual MGA and Epic-Premier solutions within a single portfolio, Insurity can address all aspects of an MGA’s front-office and back-office.
“The Virtual MGA acquisition is an exceptional complement to our suite of cloud-based analytics and core system solutions, enabling us to further support the full range of our clients’ software and analytics needs and substantially grow our presence in the London wholesale broker and syndicate E&S marketplaces,” said Chris Lafond, CEO of Insurity. “We are excited to offer their existing clients, as well as new broker, syndicate, and MGA clients, the full breadth and depth of the Insurity portfolio.”
“Insurity’s wealth of technology and particularly their API experience, along with its extensive client base of the world’s leading insurance carriers, provides us with resources and opportunities to bring our solutions to new markets,” said Jake Hampton, president of Virtual MGA. “Further, Insurity’s cloud leadership and technology allows us to immediately enhance our client offerings in the areas of data visualization and analytics, and to accelerate our platform’s development roadmap. Insurity’s rich suite of data, analytics, claims, and billing solutions is an exceptional fit for our clients’ needs and enables us to better address their future needs.”
Leonis Partners acted as the exclusive financial advisor for VirtualMGA in executing this transaction. “Leonis knowledge of our industry and its ecosystem of buyers along with their ability to creatively tailor a process enabled us to generate an optimal outcome even amidst the backdrop of a nationwide pandemic,” said Jake Hampton. “We could not have found a better partner to navigate the current environment and deliver a premier result.”
Insurity is a leading provider of cloud-based core system solutions and data analytics for the world’s largest insurers, brokers, and MGAs. Through its best-in-class digital platform and with unrivaled industry experience and thought leadership, Insurity is uniquely positioned to deliver exceptional value, empowering clients to focus on their core businesses, optimize their operations, and provide superior customer experiences. With users worldwide and more cloud-based deployments than any other core system provider in the insurtech space, Insurity is trusted by 15 of the top 25 property/casualty carriers in the US. For more information, visit www.insurity.com.
With offices in Austin and London, Virtual MGA is focused solely on improving our clients’ effectiveness and efficiency in underwriting and distributing their products. The Virtual MGA platform is targeted at MGAs, Lloyd’s brokers, and Lloyd’s syndicates that operate in the contract binding authority specialty market. Virtual MGA excels at simplifying the underwriting process and providing the tools to underwrite, distribute, and actively manage the entire placement process. Virtual MGA’s mission is to make insurance placement easy, efficient, and error free. For more information, visit www.virtualmga.com.
About Leonis Partners
Leonis Partners serves as a full-service advisor to entrepreneurs and their businesses. Calling on decades of experience from some of the largest leading global financial institutions, Leonis crafts highly calibrated solutions to achieve our clients’ needs as it pertains to M&A, Capital Raising, Fairness & Valuation Opinions, and other Special Situations. Our experience and track-record in each of these core areas continues to provide our clients with superior results. The firm is headquartered in New York. For more information on Leonis Partners, visit www.leonispartners.com.