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Effisoft (Paris/Miami), a vendor of reinsurance and regulatory software solutions for insurance and reinsurance companies across the globe, and Prima Solutions (Paris), a software provider for life, health, and property/casualty insurance companies, have announced their merger, which was concluded Dec. 13, 2018. An announcement of the merger says the combined companies will produce one of the largest and most comprehensive players in Europe, North America, and the Asia-Pacific region with cloud-based solutions covering all areas of the insurance market. The Carlyle Group is the majority shareholder of the newly combined company.
The announcement says that the merger will enable both groups to accelerate their development in the property/casualty, health and personal protection insurance markets. Characterizing the merger as part of an ambitious and coherent growth strategy, the statement says it completes Prima Solutions’ and Effisoft’s existing product range, diversifies the customer base and strengthens the group’s international positioning. The transactional and analytical offerings of Prima Solutions and Effisoft, available in the cloud, now cover all insurance processes end-to-end: Life, Non-Life, reinsurance, regulatory reporting, and analytics (including predictive simulations and actuarial calculations), the statement says.
The consolidated group has more than 300 employees, servicing more than 300 customers on 5 continents, with revenues of approximately €50 million.
“This merger of two key players is a major step for both our organizations; it broadens our customer base and our international footprint, thanks to a global offering that covers all the core business digitalization needs of our customers we now have further opportunities for growth across the board,” comments Hugues Delannoy, CEO, Prima Solutions. “This offer, available in the cloud and billable upon use, effectively targets players of all sizes in the insurance and reinsurance markets.”
100 Percent Digital Solution
“The proliferation of High Tech and regulatory evolution are inevitable in the insurance market. This merger enables us to become the first player to provide a 100 percent digital solution that addresses the overall business needs of the industry,” comments Julien Victor, CEO, Effisoft. “Moreover, our groups are complementary in nature in terms of both customer-base and geographic implementation coverage, and together we will share more than 20 years of experience in building comprehensive business software solutions for the insurance industry.”
Following this merger, the group will continue to be led by Hugues Delannoy and Julien Victor, with the support of The Carlyle Group.