The Carlyle Group has closed its previously announced buy of The Innovation Group. No financial terms were disclosed. As a result of the transaction, the Innovation Group’s software business has been rebranded as 1insurer.
FARMINGTON, CT–(Marketwired – Jan 8, 2016) – The Innovation Group (Innovation Group) and 1insurer, the newly branded software business of Innovation Group, are pleased to announce the completion of the company’s acquisition by The Carlyle Group (Carlyle), a global alternative asset manager. Under the new Carlyle ownership, 1insurer has now completed its company rebranding across all global regions following a successful product rebrand in late 2015.
“The acquisition of Innovation Group by Carlyle, and the rebranding for 1insurer, are efforts that truly go hand-in-hand,” said Paul Nichols, CEO, 1insurer. “With Carlyle’s support, Innovation Group’s software business has been rebranded as 1insurer across all geographies, and we are continuing to unify all our key business operations under the direction of the new board. We continue to invest significantly in our product offerings to ensure a market position ahead of our competitors, and to deliver real value to our customers in every aspect of policy administration, claims management and data analytics.”
“We believe 1insurer is a company with significant market-relevant products and services, an international presence, experienced people and a solid international customer base,” said Zeina Bain, Managing Director, Carlyle Europe Partners and member of the board at Innovation Group/1insurer. “We are excited about working closely with management to realize 1insurer’s growth potential and continuing its success internationally through leveraging Carlyle’s experience and global ‘OneCarlyle’ network.”
The components of the 1insurer Suite, 1insurer Policy, 1insurer Claims and 1insurer Analytics, are flexible, integrated components which deliver increased efficiencies and enhanced revenue to 1insurer customers across the property and casualty (P&C) industry worldwide. 1insurer saw strong market momentum in 2015 with the company’s biggest ever complete software suite transaction for £46m in May 2015, and a significant analytics contract with American Family announced in October 2015. The new brand reflects the company’s “Rule of 1” positioning with products provided under a common design, built with customer-centricity, and which enable carriers to easily scale solutions to specific needs. 1insurer has adopted a “mobile first” product development and delivery strategy which will further enable a new range of digital technologies that will join the company’s existing product portfolio under the brand 1insurer Connect. This new offering enables customers, suppliers and agents to communicate and process business on a platform of choice, made especially important as an increasing volume of insurance business moves online and is conducted via a growing number of smart devices.
To support the company’s new brand, a web site has been launched at www.1insurer.com.
1insurer is a global provider of software-led solutions to insurers for more effective policy, claims management and analytics. Part of Carlyle Group, a global alternative asset manager with $188 billion of assets under management, the 1insurer Suite is operating in 8 of the top 10 global insurance markets across 4 continents. In every market, 1insurer’s technology empowers insurers to deliver better, faster results, making us the global partner of choice for locally delivered insurance solutions.
About The Carlyle Group
The Carlyle Group is a global alternative asset manager with $188 billion of assets under management across 126 funds and 160 fund of funds vehicles as of September 30, 2015. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments — Corporate Private Equity, Real Assets, Global Market Strategies and Investment Solutions — in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,700+ people in 35 offices across six continents.