Aon picks up Tyche financial modeling platform to integrate insurer offering
Broker Aon has bought the actuarial software platform Tyche from tech and software group RPC Tyche with an eye to offering a single platform for insurance clients to integrate capital modelling, pricing and reserving.
Tyche is the key product in a line-up of financial modeling platforms by RPC Tyche for actuaries, quantitative analysts and risk teams. The platform already has served major life, non-life, and composite insurers and pension firms, as well as leading professional services providers, sides to the deal claim.
The terms of the acquisition were not disclosed. Some 140 Tyche employees will team up with Aon in the deal, sides indicated.
Nick Frankland, chairman of Aon's insurance consulting team, said: "This innovative new offering, combined with our existing global capabilities, will help to bring significant value to Aon's re/insurer clients and deliver new software and consulting solutions to previously underserved markets. As our clients face increasingly complex risks and evolving regulatory requirements, Tyche's expertise is designed to underpin insurers' decision-making frameworks."
Alun Marriott (pictured), managing partner of Tyche, said: "Tyche has built a highly respected and utilized range of risk and capital modelling platforms and consultancy services, and combining with Aon can take us to the next level in terms of capabilities, distribution and delivery. By uniting our passion for technology-driven insight, we will bridge gaps and enhance solutions to benefit clients."
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