Insurity snaps up US firm to expand presence in MGA market
Insurity, a provider of cloud-based solutions and data analytics for insurers, brokers and MGAs, has acquired Austin, Texas-based Virtual MGA.
The deal further expands the company's offerings for the managing general agent (MGA) and broker markets.
Virtual MGA offers cloud-based binding authority underwriting and distribution solution for wholesale brokers, syndicates, and MGAs, with a focus on the Lloyd’s of London and US excess and surplus markets.
By offering both the Virtual MGA and Epic-Premier solutions within a single portfolio, Insurity aims to address all aspects of an MGA’s front-office and back-office.
“The Virtual MGA acquisition is an exceptional complement to our suite of cloud-based analytics and core system solutions, enabling us to further support the full range of our clients’ software and analytics needs and substantially grow our presence in the London wholesale broker and syndicate E&S marketplaces,” said Chris Lafond, CEO of Insurity. “We are excited to offer their existing clients, as well as new broker, syndicate, and MGA clients, the full breadth and depth of the Insurity portfolio.”
Jake Hampton, president of Virtual MGA, added: “Insurity’s wealth of technology and particularly their API experience, along with its extensive client base of the world’s leading insurance carriers, provides us with resources and opportunities to bring our solutions to new markets. Further, Insurity’s cloud leadership and technology allows us to immediately enhance our client offerings in the areas of data visualization and analytics, and to accelerate our platform’s development roadmap. Insurity’s rich suite of data, analytics, claims, and billing solutions is an exceptional fit for our clients’ needs and enables us to better address their future needs.”
