Brookfield, Wis.-based Fiserv Inc. has acquired the assets of Unisure Inc. a provider of reinsurance software and related services, and has formed a strategic relationship with Unisure’s former parent, Paragon Strategic Solutions Inc.
The purchase price was not disclosed. The acquisition will add about $5 million in annual processing and services revenues for Fiserv, the company said in a statement.
Fiserv agreed to provide access to its entire line of reinsurance and related products to Paragon and its parent, Benfield Holdings Inc., the U.S. subsidiary of Benfield Group Limited, a leading global reinsurance intermediary. Fiserv will support Paragon’s Reinsurance Administration Outsource business with the Unisure reinsurance administration system.
Unisure, located in Cincinnati, Ohio, has 25 employees and will become part of the Fiserv Insurance Solutions Group. Unisure develops and markets the Universal Reinsurance System, a comprehensive, integrated software system designed to process and manage complex reinsurance contracts.
URS automates reinsurance administration from contract definition through claims, accounting and reporting, and handles complex, interrelated reinsurance structures and large transaction volumes, and operates on several platforms, including mainframe.
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