Insurance Quantified, a leading commercial property and casualty (P&C) underwriting technology provider, has announced its acquisition of Groundspeed Analytics, renowned for being the market frontrunner in ingestion and data solutions within the commercial P&C industry.
This strategic combination enhances Insurance Quantified’s dominance in underwriting technology and aligns with its mission to amplify the value of data for commercial P&C insurers.
The acquisition signals a strengthened partnership in the realm of underwriting technology. Insurance Quantified and Groundspeed Analytics have both been instrumental in introducing innovative technologies that streamline and inform underwriting decisions. Their collaborative venture, backed by Two Sigma, paves the way for an unrivalled tech partner for commercial P&C insurers.
Insurance Quantified, known for its comprehensive underwriting workbench, SubmissionIQ, and Groundspeed Analytics with its industry-leading ingestion and data solution, will retain their individual product offerings. Additionally, the newly amalgamated company plans to expand its Software as a Service (SaaS) technology capabilities and data offerings within the commercial P&C industry.
Brian Modesitt, CEO of Insurance Quantified, voiced his optimism, stating, “This is a powerful combination. We look forward to leveraging our collective strengths to deliver even greater value to our clients, which together include more than 15 of the most innovative and respected carriers and MGAs in the insurance industry. With the company’s size, breadth, and backing from Two Sigma, Insurance Quantified stands alone as a trusted partner that the industry can count on over the long term for underwriting technology.”
Eric Kobe, CEO of Groundspeed Analytics, also expressed excitement about the merged entities, adding, “By combining forces, we are able to accelerate delivery of our product roadmap. We are excited about the possibilities this acquisition brings to provide enhanced solutions to our valued customers with strong financial backing to execute on our long-term vision.”
Following the acquisition, Insurance Quantified plans to open an office in Ann Arbor, Michigan, where Groundspeed was founded. Eric Kobe is slated to join the leadership team at Insurance Quantified. Jeff Mason, founder and Executive Chairperson of Groundspeed Analytics, expressed his confidence in the deal, commenting “I am convinced this combination will add significant value for Groundspeed’s clients. I am impressed with Insurance Quantified’s vision and capabilities, and I am certain Groundspeed’s clients will be too.”
The acquisition was finalised on June 20, 2023. Insurance Quantified was provided legal counsel by Sheppard, Mullin, Richter & Hampton LLP, while Alvarez & Marsal served as the financial and tax advisor.
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