Cision PR Newswire | September 18, 2020
Novacap, one of Canada's leading private equity firms, announced today that it has entered into a definitive agreement for the acquisition of a majority interest in GroupAssur Inc., a Canadian managing general agent ("MGA") specializing in the Property and Casualty ("P&C") insurance lines, and offering distinctive insurance products across Canada. Headquartered in Montreal, QC, with additional services offices, located in Quebec City and Brossard, QC and Markham, ON, GroupAssur provides comprehensive, innovative, and efficient insurance solutions to its country-wide network of Canadian brokers.
Azentio Software | July 02, 2021
Azentio Software, a Singapore-based software products company owned by Apax Funds, is pleased to announce the signing of a binding agreement to acquire Beyontec, a leading insurance technology company. The acquisition is conditional to the obtaining of all relevant regulatory approvals.
Beyontec employs over 300 people and serves over 65 customers in the United States, the Middle East, and Africa. The company provides a complete set of cloud-based accelerator tools and a core multi-line insurance administration system, and digital platform-based ecosystem solutions for the insurance sector.
Azentio's customer base and product suite will be expanded as part of the acquisition to become the leading banking, financial services, and insurance-led technology product business in high-growth markets. Azentio and Beyontec have significant synergies, enabling Azentio to provide a complete insurance product and end-to-end insurtech solutions for General, Health, Life, and Commercial insurance. In addition, the acquisition enables significant scale benefits and investments in next-generation insurance technology solutions.
In this transaction, Houlihan Lokey served as Beyontec's only financial advisor. Beyontec's legal advice was Katten Muchin Rosenman LLP. The company's legal counsel was Kirkland & Ellis LLP.
Azentio Software is a newly formed company in 2020 formed out from 3i Infotech, a global information technology company. Azentio Software offers mission-critical, vertical-specific software products to customers in the banking, financial services, and insurance industries, including critical products such as Kastle (universal banking platform), AMLOCK (compliance software suite), Premia Astra (core insurance software), Orion (enterprise resource planning software), and MFund Plus (asset management platform). Azentio has over 700 clients in more than 48 countries and a strong team of over 1,600 people spread throughout 9 locations worldwide.
Beyontec Solutions is an insurance solution provider specializing in general insurance, takaful, life insurance, medical insurance, and insurance broking. Beyontec's varied insurance expertise and knowledge have allowed it to develop transformational solutions that combine the best insurance practices worldwide. These include the Beyontec Suite, a core insurance administration solution, specialized accelerator tools, and a set of industry platform solutions.
Boost | May 21, 2021
Boost Insurance, the leading B2B digital insurance platform, today announced that it's completed a $20 million Series B financing round to fuel the growth of its platform, new development, and partner marketing. The round was led by RRE Ventures and included new investors Fin VC, Gaingels, Hack VC, and a worldwide publicly traded reinsurance company alongside existing investors Greycroft, Coatue, and Conversion Capital. Boost's funding since inception totals $37 million.
Founded in 2017, Boost's integrated insurance-as-a-service platform unlocks the $700 billion property and casualty insurance market, allowing innovative companies from any industry to create, embed, and manage insurance programs for his or her customers. Its simple API integration packages the required operational, compliance, and capital components to permit companies to deliver highly configurable insurance products to consumers through an embedded experience within their front-end environments.
Boost powers dozens of digital distribution clients across all industries and stages, including notable insurtechs Hippo, Aon's CoverWallet, Cowbell Cyber, and Wagmo, and leaders in diverse fintech, proptech, and other B2B and consumer segments. Companies that leverage Boost's infrastructure reduce the value of building and managing their insurance businesses by over 90%, with integrations taking as little as a fortnight . in comparison to the 12-48 months typically required to create a managing general agency (MGA), Boost's platform dramatically reduces the barriers to entry for both new entrants and high-growth emerging players in what has historically been a slow-moving and analog insurance industry.
Mordor Intelligence1 estimates that venture and growth investment within the insurtech segment is predicted to grow at a compound annual rate of growth of 48.8% from 2021 to 2028, reaching USD 60.9 billion by 2028, as tech-enabled companies across industries search for embedded insurance and financial products to diversify revenues and enhance their customer experience. Boost follows within the footsteps of companies like Plaid (banking-as-a-service) and Affirm (point-of-sale financing) in offering cost-effective, efficient digital solutions for insurance-as-a-service across commercial lines products (business owners policy and startup D&O insurance), personal lines products (renters insurance, pet insurance, and crypto wallet theft protection), and an e-commerce bundle (warranties, shipping, and package theft). Since its launch, Boost has insured over $5 billion useful across a good range of proprietary commercial and private lines insurance products.
Boost plans to double its team over subsequent 12-18 months to support growth across its insurtech and embedded partner channels while continuing to expand its API platform features. The corporate also expects to roll out a variety of additional insurance products in 2021 together with its partners within the insurtech and broader technology industries.
About Boost Insurance
Boost enables companies across all segments to create, embed and manage digital insurance products, and deliver them through an embedded experience within their front-end environments. Boost's infrastructure-as-a-service platform significantly reduces the value of building and managing an insurance firm by packaging the required operational, compliance, and capital components and making them accessible through easy API integration. Through its managing, general agency subsidiary, Boost Insurance Agency, Inc., Boost is licensed and authorized to supply any sort of insurance across all 50 states. Boost is appointed by 'A'-rated fronting carriers and has its dedicated reinsurance facility backed by global reinsurers.