Core systems replacement is common across the insurance industry, and some vendors jockeying for position have found strength in unity.
Hartford-based commercial insurance core systems provider Insurity has acquired Oceanwide, a Montreal-based vendor serving the same market, following moves this year by Sapiens, Patriot National, Applied Systems and more.
Particularly attractive to Insurity was the cloud experience -- particularly in software-as-a-service -- posessed by Oceanwide, which has been rebranded "Oceanwide, An Insurity Company."
“Oceanwide has an outstanding reputation in the industry for its solutions, customer service, and personnel. This acquisition enables us to offer a more robust portfolio of insurance solutions and positions Insurity to better serve smaller insurers, startups, specialty, and niche players as well as the global insurance market," Insurity CEO Jeffrey Glazer says.
At the same time, Oceanwide customers gain the benefit of Insurity’s Insurance Enterprise View (IEV) data and analytics software, as well as the company’s rich content and depth of experience in bureau support and ISO lines of business.
“We are excited to become part of the Insurity organization and see this as a tremendous opportunity for our team, our customers, and the industry overall,” commented Oceanwide CEO Mitchell Wasserman
Morgan Partners acted as exclusive financial advisor to Oceanwide in the transaction.
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