Duck Creek expands global footprint across EMEA & APAC with acquisitions
Duck Creek Technologies, a provider of software as a service (SaaS) enterprise software to the property and casualty (P&C) insurance industry, has agreed to acquire reinsurance technology solutions Prima XL and Prima Compliance for Solvency II.
The acquisition of two cloud-based, software-as-a-service (SaaS) solutions expand Duck Creek’s global footprint across the European (EMEA) and Asia Pacific Australia (APAC) regions, alongside the company’s existing operations in the UK and Spain.
Upon completion, Prima Solutions’ personnel will join Duck Creek to support Prima XL and Prima Compliance sales, customer success, and operations. The Prima XL reinsurance management solution will be available to insurance organisations operating on Duck Creek systems and systems other than Duck Creek.
France-based Prima XL Prima Solutions’ flagship commercial reinsurance technology solution. It will further enhance Duck Creek’s value by simplifying reinsurance management. Prima Compliance for Solvency II is a compliance solution which Duck Creek intends to continue offering in the French marketplace.
Mike Jackowski (pictured), Duck Creek’s chief executive officer, said: “The insurance industry is undergoing a generational modernization of its technology infrastructure while organisations seek innovative ways to better manage the entire end-to-end insurance cycle in the cloud. Core systems for policy, rating, billing and claims are advancing at a rapid pace, and Duck Creek is a well-positioned leader here.
“In addition to our global core systems vision, by adding Prima XL to our product family, we are focused on accelerating insurance carriers’ technology goals by delivering evergreen, intelligent, cloud-based SaaS solutions that streamline and automate reinsurance operations.”
Julien Victor, CEO of Prima Solutions, who will join Duck Creek as managing director, reinsurance management to continue leading the growth and expansion of Prima XL and Prima Compliance under Duck Creek’s stewardship, said: “We are delighted to join the Duck Creek group. Existing and future clients will benefit from the international footprint of a leading insurance software vendor, combined with large and seasoned teams of functional and technical experts. I am convinced that this transaction will increase the leadership positions of Prima XL and Prima Compliance in their respective markets.”
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