North American insurance technology provider Vertafore has acquired MGA Systems, a provider of purpose-built software for MGAs.
Vertafore’s mission is to modernise and simplify the insurance lifecycle so that its customers can “focus on what matters most”.
The company said the acquisition of MGA Systems will give its customers access to policy administration and rating solutions that will be integrated into Vertafore’s suite.
The InsurTech said this strengthens Vertafore’s already robust offering for MGAs and empowers them to expand into new territories and deploy products for their clients with speed.
According to Vertafore, rhe MGA market has seen consistent growth over the last several years, continuing to expand in the face of headwinds and disruptions across the broader economy. Therefore, Vertafore’s acquisition of MGA Systems will allow for accelerated investment and innovation in both companies’ solutions to address the evolving and increasing needs of insurance professionals.
Amy Zupon, CEO of Vertafore, said, “As the MGA market continues to grow, it is more important than ever for MGAs to have integrated technology solutions that strengthen their ability to make informed risk and pricing decisions.
“MGA Systems has been at the forefront of the industry’s work in this area. I am very pleased to welcome the MGA Systems team into the Vertafore family, along with the wealth of talent, passion, and expertise they bring.”
Tokio Marine HCC – a specialty insurance group part of the Tokio Marine Group – partnered with Vertaforeearlier this year to streamline how agents and brokers transact surety bond business online.
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