Private investment house Ardian has sold InsurTech business RGI after a three-year holding.
The firm sold it to fellow private equity firm Corsair Capital, however, no financial terms were disclosed.
RGI is a software products and technology services company that serves the insurance industry. Founded in 1987, it covers the entire insurance policy spectrum through its 800 employees. It serves more than 100 clients across the world.
During its time under Ardian’s ownership, the business expanded on a global basis and acquired French business Kapia Solutions as an add-on.
Ardian’s head of expansion in Italy Paolo Bergonzini said, “We have supported with passion the development of RGI’s business over the last three years. Together we have had much success thanks to RGI leadership in the reference sector and to its top management, with whom we have always had a relationship of trust and collaboration.”
Corsair now plans to “further develop and expand” RGI’s business opportunities, according to managing director Raja Hadji-Touma.
The exit comes a matter of weeks after Ardian sold off a €1bn infrastructure portfolio to secondaries investors APG and AXA.
There has been a recent surge in InsurTech investments, with this being the eighth of the year already. Earlier this week, insurance policy auction site honcho closed its crowdfunding campaign on £735,740, following 556 contributions. Also closing this week was Francisco Partners and Chrysalis Ventures acquisition of health insurance marketplace Connecture.
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