Hartford, Connecticut-based Insurity Holdings, a provider of insurance policy administration, claims, billing, and analytics software, has attracted General Atlantic as new investor.
The private equity firm joins existing PE backers TA Associates and Genstar Capital with an undisclosed investment in the 1985-founded business.
Genstar was Insurity’s first private equity investor, providing $49.75m in equity funding back in 2011, while TA joined in November 2014 with an undisclosed investment.
Insurity says it enables property & casualty insurers to modernise their enterprise and achieve their business goals.
It provides a suite of innovative software and analytics solutions spanning policy administration, claims, billing, reinsurance, and data integration to property and casualty insurers.
The company claims to be in production with over 175 insurers, including many of the largest carriers in the US.
General Atlantic principal Paul Stamas said, “Insurity has become a leading solutions provider as carriers seek to replace obsolete or disjointed legacy systems with integrated, scalable end-to-end solutions.
“We are excited to partner with them to continue to drive growth and create value for their clients.”
As part of the deal, Stamas will join Insurity’s board of directors.
General Atlantic has made a number of previous investments in the financial services sector including wealth management platform IIFL, payments business BillDesk, payments processing provider Network International, and online retail broker Optionshouse, among others.
Copyright © 2016 FINTECH GLOBAL