GI Partners has agreed to recapitalize Hartford, Connecticut-based Insurity, a software platform for the property and casualty insurance industry. No financial terms were disclosed. The deal is expected to close in the third quarter of this year. Insurity is backed by TA Associates, General Atlantic and Genstar Capital.
HARTFORD, CT, June 21, 2019 – Insurity, Inc., the leading software platform for the Property & Casualty insurance industry, announced today a definitive agreement for a recapitalization transaction with GI Partners, a leading middle-market alternative asset manager. In partnership with the company’s senior management team, GI Partners plans to accelerate Insurity’s growth as the company aims to expand its leadership in policy administration and related software solutions and leverage GI Partners’ experience in add-on acquisitions to help drive organic and inorganic growth.
Insurity’s current investors are TA Associates, General Atlantic, and Genstar Capital. The transaction is expected to be completed in the third quarter of 2019.
Headquartered in Hartford, Insurity provides policy administration, claims, billing, and data analytics software to more than 200 insurance clients. Insurity was founded in 1985 and deploys its policy administration software and full-service solutions to Property & Casualty markets, including global, national, regional insurance carriers, brokers, large MGAs, and municipalities and government entities, among others.
Travis Pearson, Managing Director of GI Partners, said: “Insurity represents a highly attractive opportunity for us to invest in a company and leadership team deeply committed to making its clients more successful through innovation and service. We were attracted to the company’s differentiated technology platform, its ability to deliver high levels of customer value, and its track record of operational excellence. This transaction will enable Insurity to continue expanding its solutions platform to offer a new level of experience to clients, as well as develop enhanced solutions to strengthen their businesses.”
Chris Giglio, Chief Executive Officer of Insurity, said: “We are very excited to have GI Partners as a new investor. Their team has the proven operational and transactional experience to support high-growth software companies. We look forward to working with GI Partners to continue the innovation of our platform in order to deliver the highest-quality products and services to our customers. We have built a robust business and are a leader in cloud technology whose insurance-focused solutions simplify our clients’ business, and we believe our partnership with GI Partners will take us to the next level.”
Harry D. Taylor, Managing Director at TA Associates, said, “TA, General Atlantic, and Genstar have had an outstanding working partnership with Insurity’s management team during our ownership and that collaboration helped to drive this successful investment. We wish the team success as they begin a new partnership with GI Partners to develop their next stage of growth.”
Jefferies LLC acted as sole financial advisor to GI Partners. Lazard acted as lead financial advisor to Insurity and BofA Merrill Lynch acted as a co-advisor on the transaction.
Insurity, Inc. offers innovative and flexible insurance technology that allows clients to meet their business goals and offer a simplified experience. With the market’s most advanced cloud operations, Insurity’s platform offers scalable, highly secure and reliable solutions that increase speed to value. Insurity’s solutions and deep understanding of the insurance business address the needs of all carriers – from the Top 20 insurers to small or regional commercial, personal, or specialty lines writers, as well as MGAs. For more information, visit www.insurity.com.
About TA Associates
TA Associates is one of the most experienced global growth private equity firms. Focused on targeted sectors within five industries – technology, healthcare, financial services, consumer, and business services – TA invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 500 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in high quality growth companies. TA has raised $32.5 billion in capital since its founding in 1968 and is committing to new investments at the pace of over $2 billion per year. The firm’s more than 85 investment professionals are based in Boston, Menlo Park, London, Mumbai, and Hong Kong. More information about TA Associates can be found at www.ta.com.
About GI Partners
Founded in 2001, GI Partners is a private investment firm based in San Francisco, California. The firm has raised over $17 billion in capital from leading institutional investors around the world to invest in private equity, real estate, and data infrastructure strategies. The private equity team invests primarily in companies in the Healthcare, IT Infrastructure, Services, and Software sectors. The real estate team invests across a broad range of platforms and strategies. The data infrastructure team invests primarily in hard asset infrastructure businesses underpinning the digital economy. For more information on GI Partners and its entire portfolio, please visit www.gipartners.com.