Cision PR Newswire | September 09, 2020
Vitech Systems Group announced today that Prudential Group Insurance has signed a long-term contract to use Vitech's V3locity® as Prudential's new core administration platform across its entire group insurance business. Prudential will use V3locity to administer a broad range of insurance products including Accident, Critical Illness, Hospital Indemnity, Term Life, Short and Long-Term Disability, Universal Life, Variable Universal Life and more. The insurer's decision to leverage V3locity across its entire group insurance business is aligned with Prudential's overall growth and transformation strategy and follows the successful implementation of V3locity for its voluntary benefits business in May 2019.
Cision PR Newswire | September 15, 2020
NexPhase Capital, LP, an operationally focused private equity firm and sub-advisor to the Moelis Capital Partners ("MCP") Opportunity Funds, today announced that it has entered into a definitive agreement to sell Insurance Technologies, LLC a provider of sales and regulatory automation solutions for the insurance and financial services industries, to Thomas H. Lee Partners. Through investments in people, processes, and products, NexPhase has worked closely with InsTech's management team to drive dynamic advancement of a truly digital sales lifecycle solution within a single platform. NexPhase has also supported the Company's efforts to further expand both the FireLight® and ForeSight® solutions, which have provided and continue to provide value to InsTech's clients and the insurance and financial services industries. Since partnering with the NexPhase team in 2014, the Company has experienced significant growth by expanding its carrier and distributor client bases.
Newfront | July 16, 2021
Newfront Insurance, a cutting-edge technology-enabled brokerage, and ABD Insurance and Financial Services, a renowned pioneer in employee benefits, insurance, and financial services, have agreed to merge, revolutionizing the insurance experience for customers and insurance professionals alike. The merged firm, known as Newfront, is valued at $1.35 billion and is scheduled to complete by the end of August.
The merger of these two market leaders will create 600 jobs, service over 10,000 customers, and place more than $2 billion in premiums each year. In addition, the new business, Newfront, will offer clients a more transparent, data-driven, and real-time experience, resulting in a reduced total cost of risk and better insights for our clients.
Spike Lipkin as CEO, Kurt de Grosz as Executive Chairman, Brian Hetherington as President, and Gordon Wintrob as CTO will continue to lead Newfront from its San Francisco headquarters. To create the modern insurance experience, the merged company's veteran leadership team relies on expertise from insurance brokerage leaders and Silicon Valley innovators such as Uber, Intuit, and Twitter.
Newfront's financial adviser was Perella Weinberg Partners LP, and its legal advisor was Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP. Reagan Consulting, Inc. acted as ABD's financial adviser, while Weil, Gotshal & Manges LLP served as its legal advisers.
Risk management, insurance brokerage, human resources, and retirement consulting are all ABD Insurance and Financial Services services. Our advisors provide guidance and develop innovative solutions to assist clients of all sizes, stages of growth, and industries in addressing risk.
ABD, headquartered in San Mateo, has offices in California, Washington, Illinois, and New York and employs over 400 people who serve clients across the United States and throughout the world.
Newfront, founded in 2017, is one of the nation's fastest-growing insurance brokerages, due in large part to unique technology that makes the insurance transaction less cumbersome, more transparent, and more successful for customers and brokers. Newfront was recently selected to the 2020 CB Insights list of the most innovative financial services companies in the United States. In addition, Forbes named it one of the Top 50 Fintech companies for 2021.