DataCede, a Princeton, N.J.-based consulting and outsourced processing firm catering to insurance carriers, reinsurers, government regulators and state agencies, has completed its acquisition of Strategic Initiatives Management Group. Terms of the deal were not disclosed but as part of the transaction, Holly Bakke, once New Jersey’s Commissioner of Banking and Insurance a founder of Strategic Initiatives Management Group, will now head up DataCede’s regulatory and runoff consulting practice.
Joseph Zarandona, Chairman & CEO of DataCede Companies, has announced today the completion of the asset acquisition of Strategic Initiatives Management Group LLC from Managing Partners Holly Bakke, Esq. and Francesca Bliss. As part of this transaction, Ms. Bakke is immediately appointed as Managing Director of DataCede’s Regulatory & Runoff Consulting Practice and will be based at DataCede’s corporate headquarters in Princeton, NJ.
Berkshire Hathaway’s Warren Buffet has been quoted saying, “New Jersey insurance Commissioner Holly Bakke would be a success in any line of work.”
“I couldn’t agree more with Warren’s assessment,” says Joe Zarandona. “During her tenure as New Jersey’s Commissioner of Banking and Insurance, Ms. Bakke enacted groundbreaking auto insurance reforms that included the nation’s toughest penalties for auto insurance fraud, nationally recognized consumer protections, and innovative methods for trimming the rank of uninsured motorists.”
Francesca Bliss will assume the title of Principal Consultant and will work with state insurance guaranty associations and State Agencies. “Frankie” is currently President of the International Association of Insurance Receivers. She recently left the New York State Liquidation Bureau where she worked for many years prior to joining Strategic Initiatives.
“I will continue my policyholder’s advocacy and work for ways to protect them. DataCede has innovative, time-shared products and processes that assist troubled carriers, regulators, and state agencies to save time and expense,” said Ms. Bakke.
DataCede is an insurance operational consulting and outsourced processing firm offering comprehensive business and technical solutions for insurance carriers, reinsurers, government regulators and state agencies. The company capitalizes on its team of seasoned, experienced insurance professionals and a robust suite of fractional use IT systems and tools. DataCede’s outsourced solutions are fully configurable and allow scalability as business needs change. Headquartered in Princeton, New Jersey, the company maintains a presence in Parsippany, Philadelphia, Chennai, and London.