Private equity interest in the insurance technology sector keeps gathering momentum as General Atlantic has made a strategic investment in Insurity, Inc., the companies announced today.
General Atlantic joins TA Associates and Genstar Capital as investors in Insurity, which offers a combination of policy admin, claims, billing, reinsurance and data integration services to 175 P&C insurers, according to the company.
“Today’s announcement of an equity investment in Insurity by General Atlantic is the latest in a string of recent announcements and M&A activity,” said Donald Light, director, North America property/casualty practice at Celent. “Since Insurity’s current PE investors [Genstar Capital and TA Associates] remain in place, General Atlantic is bringing additional capital and investor experience.”
Insurity has been hot on the M&A trail as well. In June, the company completed its acquisition of Tropics Software Technologies, a workers’ compensation technology firm. It also acquired cloud-based software provider Oceanwide in May 2015. Insurity plans to expand its reach as a result of the additions and capitalize on internal investments made to its core processing suite.
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