Akur8, the next-generation insurance pricing solution, has announced its acquisition of Arius®, an award-winning property and casualty (P&C) reserving software.
Arius, developed by Milliman, Inc., has a strong presence in the U.S. and serves over 150 insurance and consulting clients.
The acquisition marks a significant expansion for Akur8 as it aims to enhance its actuarial capabilities and offer a comprehensive platform for insurance carriers worldwide.
The deal’s financial details were not disclosed. However, Akur8 highlighted that this acquisition will broaden its product portfolio by integrating Arius’s reserving software, thus strengthening its foothold in the global insurance technology market.
The acquisition will also reinforce Akur8’s longstanding relationship with Milliman, as the latter has increased its equity interest in Akur8 as part of the transaction.
Akur8 aims to offer a fully integrated pricing and reserving platform for non-life insurance companies through this move.
Arius brings significant value to this partnership with its well-established reserving capabilities and a strong portfolio of clients in North America, including one-third of the U.S. and Canadian Tier 1 and Tier 2 carriers.
Milliman, a global leader in actuarial and risk management solutions, developed Arius® to set industry standards in P&C reserving. The software is widely recognised for its innovative tools that help insurers manage risk and improve financial performance. Arius’ acquisition allows Akur8 to combine pricing and reserving under one platform, offering enhanced support for actuaries and underwriters.
In a statement about the acquisition, Akur8 CEO Samuel Falmagne said, “The insurance industry faces increasingly complex challenges, necessitating advanced solutions. Actuaries and insurance professionals must navigate changing regulatory environments and ensure accurate reserving while managing risk and maintaining profitability. The Arius acquisition effectively addresses these concerns and is a significant milestone for Akur8. It strengthens our market standing, expands our product portfolio and customer base, and reinforces our strong relationship with Milliman. Our ultimate vision is a fully integrated, next generation pricing and reserving platform that redefines actuarial best practices and combines the strengths of both Akur8 pricing and Arius, providing a best-in-class, comprehensive platform that elevates business performance and competitiveness. We are delighted to welcome the Arius team to the Akur8 family and know that together we will deliver even greater value to our clients.”
Ken Scalf, Principal, P&C Insurance Software Solution at Arius, remarked, “This acquisition combines Arius’s strength in reserving with Akur8’s cutting-edge approach to pricing, empowering us to deliver more comprehensive and forward-thinking solutions to our clients. Together, we can drive significant advancements in the actuarial field and better meet the evolving needs of insurers worldwide.”
Charles Hoffman, Principal & Director of Software Development at Arius, said, “Joining forces with Akur8 enables Arius to benefit from their SaaS and AI expertise, accelerating our product development and driving greater innovation for our clients. We’re excited to embark on this new chapter together.”
Dermot Corry, CEO at Milliman added. “We have been working with Akur8 for five years as they have developed their pricing tool, and over the course of that collaboration we recognized a significant opportunity for Arius to be paired with Akur8’s pricing software,” said Milliman CEO Dermot Corry. “This is a natural extension of Milliman’s existing relationship with Akur8 and should result in benefits for our shared clients. We are particularly grateful for the contributions of our Arius colleagues and wish them the best of luck as part of Akur8’s impressive team. Milliman increased its equity interest in Akur8 as part of the transaction.”
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