UK insurtech linked to Aviva/AIG sold through MBO, creating new firm
UK-based insurtech Azur has agreed to sell its technology services business to its senior managers, backed by prominent angel investors. The new company will be called Azur Technology and will focus on the development of digital systems for underwriters and brokers.
Azur Group recently sold its underwriting business to Aviva. A key consideration in Aviva’s evaluation and purchase of the Azur MGA was SmartHome, a digital home insurance product built by Azur’s technology team.
The sale of the underwriting business created an opportunity for Azur Technology to launch as an independent company with customers including Howden/Dual, Zurich, Aviva and Starfish Specialty, management explained.
Charlie Blackburn, CEO of Azur Technology, said: “We feel this is a terrific time to help insurance companies grow and increase their margins. The SaaS technology we have been deploying over the last few years is ready for wide-scale adoption and the ecosystem of best-of-breed InsurTechs and data services is well established. Our Azur colleagues have helped us understand how underwriters need the tools to be set up, and how to partner to achieve change together.”
Azur Technology brings Salesforce’s flexible platform to insurers to provide full insurance policy, claims, and billing capabilities, natively and securely. The Salesforce AppExchange includes a broad set of pre- integrated apps such as Stripe, Xero, and FinancialForce, and Insurance platforms such as Guidewire.
Azur Technology will operate SmartHome for both Aviva and AIG during the runoff period.
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