Combined assets strengthen Insurity's market position through the combination of enterprise capability, configurable rating, comprehensive tooling, and an ISO relationship unique in the industry.
HARTFORD, CT (March 5, 2013) – Insurity, Inc., a provider of core insurance processing software and services, today announced its acquisition of Hartland, WI based insurance software firm AQS, Inc. With Insurity absorbing the considerable assets of AQS, including the unique relationship with ISO, the company can now offer significantly more value to existing Insurity and AQS clients as well as the broader P&C insurance market.
As a result of the acquisition, Insurity can now deliver the powerful combination of a proven enterprise policy processing platform with advanced configuration and tooling capabilities, together with AQS' relationship with ISO and the Verisk ISO Rating Service. This one of a kind solution set positions Insurity as the only insurance industry solution provider able to deliver the combination of enterprise capability, configurable rating, comprehensive tooling, and a unique ISO relationship.
One of the most significant additions to Insurity's expanded solutions and services is the ability to offer clients the benefits of the distinctive position AQS holds in the marketplace, a result of the company's ownership of the software and tools associated with Verisk's ISO Rating Service product. The ISO Rating Service is a comprehensive, automated rate-management system featuring a powerful combination of advanced technology and product-management tools.
"We continue to be committed to provide ISO advisory content through the ISO Rating Service platform and we are pleased to have a strategic relationship with Insurity," said Verisk Analytics President and Chief Operating Officer Scott G. Stephenson. "As a leading provider of ISO enabled policy administration solutions, Insurity is a valued member of our alliance network."
"This is an exciting transaction for the marketplace. With this acquisition, Insurity is now positioned with an even stronger market offering. The combination of a modern platform, rich insurance content, and extensive industry experience creates a compelling value proposition for insurers," commented Karen Furtado, Partner, Strategy Meets Action.
"We're thrilled to have the talented and dedicated AQS staff join the Insurity team," said Jeffrey Glazer, President and CEO, Insurity. "Both organizations share a common history and commitment to focus on enabling customers to achieve their business goals through the most effective use of technology. Our customers look to us for robust solutions, but they also want to be able to choose from a wider range of options and have a greater level of control. We've listened to our customers, we've learned, and we're responding."
Sherman & Company served as financial advisor to AQS, Inc. on the transaction.