Insurity Inc., a provider of cloud-based core system solutions and data analytics for insurers, brokers, and MGAs, has completed the acquisition of Austin, Texas-based Virtual MGA.
The deal, which closely follows the June 22 acquisition of Florida-based Epic-Premier Insurance Solutions Inc., further expands Insurity’s cloud-based core systems offerings for the managing general agent (MGA) and broker markets, the company said.
Virtual MGA offers a cloud-based binding authority underwriting and distribution solution for large wholesale brokers, syndicates, and MGAs, with a significant focus on the Lloyd’s of London and US excess and surplus markets. Its tailored MGA rating, underwriting, and policy issuance solution combined with Insurity’s analytics, billing, and claims solutions will enable brokers and MGAs to expand their capabilities and services across the entire policy lifecycle with an integrated, end-to-end digital platform for all property/casualty standard and specialty insurance lines of business, Insurity’s media release said.
The acquisition was completed on July 7, 2020. The terms of the acquisition were undisclosed.
Virtual MGA has offices in Austin and London.
Source: Insurity
Topics Mergers & Acquisitions Texas Agencies Insurance Wholesale
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