M&A activity among insurance core software vendors continues at a rapid pace. The latest development is today's announcement that Insurity has acquired Tropics, adding the workers' compensation software provider to its suite.
The acquisition of Tropics comes just more than a year after Insurity acquired Oceanwide. The unification of the three companies means that more than 175 insurance companies are now operating systems under the Insurity umbrella.
The companies share some commonalities, including expertise in the commercial insurance sector and Microsoft-based architecture. That makes it easy for the combined entity to offer a suite of services to meet multiple insurance needs.
“As insurers increasingly expect their core systems suite vendors to offer them a broad range of capabilities, acquisitions like this that combine specialty components with a broad suite including portals and business intelligence can enable the creation of more value for clients," commented Matt Josefowicz, CEO of insurance tech analyst firm Novarica.
Tropics, like Oeanwide, will style itself Tropics, an Insurity Company, going forward. There will be no changes to the branding of Tropics products.
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