PRC Corp., a subsidiary of ChoicePoint® , entered into an agreement to purchase 100 percent of the stock of Insurity Solutions Inc., from an internal management group and private investors. The deal is PRC’s second major acquisition during the last three months.
In a press release, PRC emphasized that the acquisition will blend an Internet-based delivery system for the commercial property and casualty market with a complete rating and policy issuance system. In addition, both companies will be able to extend products and solutions to a broader audience, including carriers, MGAs, brokers, financial services institutions and new economy distributors. PRC also described that the acquisition is a key step in evolving PRC’s business model to a true one-stop shop for an insurance distributor’s processing requirements.
In November 2000, PRC acquired the processing and interface management service assets of Red Wing, Minn.-based VIS’N Service Corp. ChoicePoint is a provider of credential verification and identification services, serving the information needs of insurance, business, government and individual customers. PRC Corp. is a provider of software solutions and services to the commercial property and casualty market.
Insurity Solutions Inc., headquartered in Cumming, Ga. with offices in Richardson, Tex., is a provider of Internet-based rating, underwriting, and policy-servicing tools designed for a multi-user environment, to include internal company staff, agents, and insureds. The company also provides unit statistical reporting services for workers’ compensation carriers and MGAs as an Information Technology outsourcing solution. Clientele consists of carriers, brokers, MGAs, and select strategic partners.
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