Business Wire | January 12, 2024
Riskonnect, the leader in integrated risk management (IRM) solutions, today announces its acquisition of Ventiv Technology, a market-leading provider of risk, insurance, and underwriting technology solutions. The acquisition fuels growth and innovation for Riskonnect and drives value for customers by enabling the organizations to bring all aspects of risk under one roof.
Riskonnect’s acquisition of Ventiv will enhance value for the 2,500+ combined customers globally. Ventiv is known for its innovation in RMIS Analytics (Artificial Intelligence/Machine Learning, Benchmarks, Geospatial), claims administration, billing, and policy solutions. Customers rely on Riskonnect for the breadth and depth of its integrated risk management platform. The combined offerings will create a comprehensive suite of risk management tools that streamlines data management, provides actionable insights tailored to specific business sectors, and turns risk into a strategic advantage.
“We’re thrilled to welcome the entire Ventiv team to Riskonnect. The acquisition adds substantial value for our customers, giving users of both companies access to a broader range of products and services that are intentionally designed to meet the diverse needs of modern risk management,” said Jim Wetekamp, Riskonnect’s CEO. “We’re bringing a value enhancing suite of tools to market that equips organizations to confidently answer the increasingly imperative question – ‘how at risk are we?’. Our complementary technologies and shared commitment to helping customers stay ahead of the rapidly evolving risk landscape positions all our key stakeholders for success.”
The companies’ combined expertise and technology across incident tracking, claims administration, claims management, governance, risk, and compliance (GRC), business continuity and resilience, and predictive analytics creates a one-stop-shop for organizations seeking end-to-end risk solutions.
“We share Riskonnect’s mission to transform the way companies manage risk,” said Salil Donde, Ventiv’s CEO. “Pooling our resources and expertise enables us to continue to innovate on AI-driven predictive analytics and expand our reach globally to best serve the present and future needs of our customers.”
Riskonnect’s current majority investor, TA Associates (TA), a leading global private equity firm, supported the acquisition of Ventiv with additional investment capital. TA will continue as the majority owner. Union Square Advisors LLC served as the exclusive financial advisor to Ventiv and Davis Polk & Wardwell served as legal advisor. Kirkland & Ellis LLP served as legal advisor to Riskonnect.
“By joining forces, Riskonnect and Ventiv Technology, both recognized as industry leaders in the Redhand RMIS Report, are not only consolidating their technological expertise but also strengthening their commitment to providing leading RMIS solutions to customers seeking to optimize their risk management strategies,” said Patrick O’Neill, president and founder of Redhand Advisors.
Riskonnect is the leading integrated risk management software solution provider. Our technology empowers organizations with the ability to anticipate, manage, and respond in real-time to strategic and operational risks across the extended enterprise. More than 2,500 customers across six continents use our unique risk-correlation technology to gain previously unattainable insights that deliver better business outcomes. Riskonnect has more than 1,100 risk management experts in the Americas, Europe, and Asia.
About Ventiv Technology
Ventiv Technology is a leading global provider of risk management information systems (RMIS), enterprise risk management (ERM), insurance claims, billing, and policy administration technology integrated with its market-leading analytics and predictive models. Ventiv Technology’s SaaS and on-premise solutions are deployed by insurers, brokers, insured corporate entities, federal and regional governments, public entities, third-party claims administrators (TPAs), and risk pools across a variety of industries, including transportation and logistics, retail, financial services, leisure and hospitality, energy, aviation, and manufacturing among several others.
Chubb | December 08, 2023
Chubb, the world's largest publicly traded property & casualty insurance company, has announced an innovative collaboration with NetSPI, a global leader in proactive security, to strengthen clients' cyber-risk profile via enhanced attack surface management and penetration testing solutions.
Chubb policyholders in the U.S. and Canada can take advantage of NetSPI's full portfolio of proactive security solutions, including Breach and Attack Simulation (BAS), Attack Surface Management (ASM), as well as a suite of comprehensive penetration testing offerings, at preferred pricing, subject to applicable insurance laws. NetSPI's suite of solutions can be tailored to support any size business across all industries.
"This collaboration with NetSPI provides clients with peace of mind, enabling them to identify vulnerabilities, security issues, and exposure to risk before it escalates into a claim," said Craig Guiliano, Vice President of Cybersecurity Threat Intelligence at Chubb. "This value-added solution is part of Chubb's efforts to proactively identify cyber exposures that are difficult to detect using common scanning tools and to more broadly strengthen our policyholders' security posture."
"We're thrilled to empower Chubb clients to proactively confront cyber threats,"
said Aaron Shilts, President and CEO of NetSPI.
Too often we see companies forced to react after incurring losses from cyberattacks that can severely impact their finances and reputation. Chubb understands the value of ensuring clients enhance their security apparatus and minimize their susceptibility to risk.
[Source -PR Newswire]
An advantage to the Chubb policyholder stemming from this partnership is the access to NetSPI's industry-leading proactive security technology and expertise allowing Chubb policyholders to keep pace with an ever-evolving risk environment.
As part of this collaboration, select Chubb clients are eligible to access NetSPI's Attack Surface Management (ASM) platform at no cost. This solution continuously evaluates client attack surfaces for exposures and vulnerabilities. It utilizes its penetration testing expertise to decrease the probability and impact of a costly cyberattack, provide actionable insights for attack surface reduction, and decrease false positives to help teams prioritize remediation.
Chubb offers insurance coverage for data breaches, network security, and other cyber risks, for over 20 years. With these new policyholder offerings, Chubb Cyber Insurance further provides more value-added benefits at a time when organizations are playing defense against the threats of data breaches, business interruption and reputational risk following a cyber incident.
Chubb policyholders interested in learning more about NetSPI's offerings and rates can submit a request via Chubb Cyber Services page here.
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 40,000 people worldwide.
Chubb Insurance Company of Canada has offices in Toronto, Calgary, Montreal and Vancouver and provides its products and services through licensed insurance brokers across Canada.
NetSPI is the global leader in proactive security, delivering the most comprehensive suite of penetration testing, attack surface management, and breach and attack simulation solutions. Through a combination of technology innovation and human ingenuity NetSPI helps organizations discover, prioritize, and remediate security vulnerabilities. Its global cybersecurity experts secure the world's most prominent organizations, including nine of the top 10 U.S. banks, four of the top five leading cloud providers, four of the five largest healthcare companies, three FAANG companies, seven of the top 10 U.S. retailers & e-commerce companies, and many of the Fortune 500. NetSPI is headquartered in Minneapolis, MN, with offices across the U.S., Canada, the UK, and India.
PR Newswire | January 10, 2024
illumifin, a leading third-party insurance administration and technology provider, today announced it has acquired Administrative Partners of America (APA), the Third-Party Administrator (TPA) of AmeriLife, a national leader in developing, marketing, and distributing life and health insurance, annuities, and retirement planning solutions.
As one of the largest independent marketing organizations (IMO) in the U.S., AmeriLife and APA administer approximately 230,000 policies that generate $3.1 billion of premiums in life insurance, annuities and Medicare Supplement products annually. APA employs nearly 200 associates in Clearwater, Florida, and Salt Lake City, Utah, all of whom will transition to illumifin as part of the sale.
Peter Goldstein, President and Chief Executive Officer of illumifin, commented, "This is our second life and annuities acquisition that complements our existing TPA business and further transforms illumifin. We are constantly identifying new opportunities that will enhance our value proposition and make us a key strategic partner to our clients. AmeriLife has a solid platform with key client overlap that strengthens our relationships and opens the door for significant expansion opportunities. We are very excited to build a partnership with AmeriLife to help support their future growth efforts."
Scott R. Perry, Chairman and Chief Executive Officer of AmeriLife, added, "illumifin is a great home for our TPA operations, and APA's customers will benefit greatly from access to a broad set of capabilities and scalable services across all lines of business. We're equally as excited to begin a new era of partnership with illumifin, and – together with our carrier partners – introduce new products to market, fuel our collective growth, and continue transforming our industry for years to come."
illumifin was formed by Abry Partners, a leading Boston-based private equity firm, and Hoplon Capital, an asset manager focused on digital transformation and disruption.
illumifin provides third party administration and technology services to individual and group insurers. The company, launched in 2021, blends insurance industry knowledge, technology leadership and operational execution to prepare insurers for the digital future. illumifin is a diverse, passionate and empowered team of insurance specialists committed to the growth and success of its customers. With illumifin, there's a brighter future.
AmeriLfe's strength is its mission: to provide insurance and retirement solutions to help people live longer, healthier lives. In doing so, AmeriLife has become recognized as a leader in developing, marketing, and distributing life and health insurance, annuities, and retirement planning solutions to enhance the lives of pre-retirees and retirees across the United States. For more than 50 years, AmeriLife has partnered with top insurance carriers to provide value and quality to customers served through a distribution network of over 300,000 insurance agents and advisors and 120 marketing organizations and insurance agency locations nationwide.
About Abry Partners
Abry is one of the most experienced and successful sector-focused private equity investment firms in North America. Since its founding in 1989, the firm has completed over $90 billion of leveraged transactions and other private equity or preferred equity placements. Currently, the firm manages over $5 billion of capital across its active funds.
About Hoplon Capital
Hoplon pursues proprietary investments focused on the digital economy that are disruptive in their respective end markets including insurance, financial services, IT and consulting services, healthcare, digital infrastructure and media industries.