Paris-based insurance software solutions provider Prima Solutions has acquired analysis and predictive tool company Tricast.
The deal was supported by Prima Solutions’ newest shareholder, The Carlyle Group. Last month Carlyle bought the company, using its €657m Carlyle Europe Technology Partners III vehicle.
Founded in 2000, Tricast offers an insurance analysis platform, powered by data and predictive algorithms, to help improve market position and technical margins of users. The company is currently partnered with around 50 clients from across Europe, South America, the Middle East and Asia.
Through the investment, Prima will hope to develop its software offering and to leverage the customised technological and scientific capability. As well as this, the company hopes to expand its presence to new markets in Europe, the Middle East, Latin America and Asia.
The merge will also allow Prima to offer an insurance solution which can adapt to the on-demand insurance products linked through behavioural trends.
Prima Solutions president Hugues Delannoy said, “This strategic match enables us to greatly strengthen our software offer while proposing a complementary expertise to our clients, which is central to the improvement of technical margins. This acquisition demonstrates our determination to pursue our new growth strategy, particularly on an international scale by targeting new markets beyond our initial borders, with the support of our new shareholder.”
The European InsurTech sector has been getting more attention over the years, with it attributing to 22 per cent of the total funding in the sector last year. This is compared to it only accounting for 14 per cent in 2014.
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