Insurance broker Marsh has agreed to acquire Torrent Technologies Inc., which serves Write Your Own (WYO) insurers participating in the National Flood Insurance Program (NFIP).
Torrent’s approximately 100 employees will combine with Marsh’s existing flood insurance specialists and remain headquartered in Kalispell, Montana, to create a Flood Center of Excellence, offering a suite of flood insurance products and services.
The transaction is subject to customary closing conditions. Terms were not disclosed.
“Torrent Technologies is widely recognized as having the most advanced and unique suite of cloud-based technology solutions that interface with WYO insurers and the NFIP, including real-time, paperless claims handling and web-based pricing tools,” said Peter Zaffino, president and CEO of Marsh. “We are excited about the opportunities this partnership presents for us as we look to further innovate in the flood insurance segment.”
The 10-year old tech company’s products include TorrentFlood, which is cloud software for processing of flood policies by carriers and agencies, and GetFlood, a web tool that gives agents and consumers real-time price estimates and online payment options for flood policies.
It also offers FloodAssure, which helps lenders manage their flood compliance risk.
The two firms have an existing relationship. In 2013, Marsh began using Torrent’s platform to access the NFIP.
“We have always been impressed with Marsh’s flood experience and strong commitment to the NFIP,” said Travis Pine, chairman and CEO of Torrent.
Topics InsurTech Mergers & Acquisitions Flood Tech
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