BISYS announced the acquisition of The Insurance Exchange of America Inc. (IXA), a New Jersey-based insurance brokerage firm, currently supporting more than 3,000 insurance producers with an array of sales programs and access to multiple insurance products. Terms of the transaction were not disclosed.
According to BISYS the acquisition will expand BISYS’ presence in the New York, New Jersey, and Connecticut insurance markets by strengthening IXA’s relationships IXA developed with thousands of producers.
The acquisition of IXA is BISYS’ third insurance-related acquisition in less than 12 months. BISYS is investing significant capital and management in its insurance services division. According to the company, during fiscal third quarter ended March 31, 2001, the revenues generated by BISYS’ Insurance and Education Services Group increased approximately 82 percent, and operating earnings increased almost 100 percent.
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