(Image credit: Gloria Villa/Unsplash.)
Duck Creek Technologies (Boston) a global technology solutions provider to the property/casualty insurance industry, has announced that it has agreed to acquire Prima XL, Paris-based Prima Solutions’ flagship commercial reinsurance technology solution. Prima XL will further enhance Duck Creek’s value to current and future customers by simplifying reinsurance management, a Duck Creek statement says. The transaction terms also include an agreement by Duck Creek to purchase Prima Compliance for Solvency II, a compliance solution which Duck Creek intends to continue offering in the French marketplace.
With the proposed acquisition of these two cloud-based, SaaS solutions, Duck Creek says it will expand its global operations and local presence in the European (EMEA) and Asia-Pacific-Australia (APAC) regions, retaining core talent and operations in Paris to complement the company’s existing operations in the United Kingdom and Spain. Upon completion of the proposed transaction, dedicated Prima Solutions’ personnel will join Duck Creek to support Prima XL and Prima Compliance sales, customer success, and operations. The Prima XL reinsurance management solution will be available to insurance organizations operating on Duck Creek systems and systems other than Duck Creek.
Evergreen, Intelligent, SaaS Solutions
“The insurance industry is undergoing a generational modernization of its technology infrastructure while organizations seek innovative ways to better manage the entire end-to-end insurance cycle in the cloud,” comments Mike Jackowski, CEO, Duck Creek. “Core systems for policy, rating, billing and claims are advancing at a rapid pace, and Duck Creek is a well-positioned leader here. In addition to our global core systems vision, by adding Prima XL to our product family, we are focused on accelerating insurance carriers’ technology goals by delivering evergreen, intelligent, cloud-based SaaS solutions that streamline and automate reinsurance operations.”
Upon completion of the acquisition Julien Victor, CEO, Prima Solutions, will join Duck Creek as managing director, reinsurance management, responsible for continuing to lead the growth and expansion of Prima XL and Prima Compliance under Duck Creek’s ownership.
“We are delighted to join the Duck Creek group,” comments Victor. “Existing and future clients will benefit from the international footprint of a leading insurance software vendor, combined with large and seasoned teams of functional and technical experts. I am convinced that this transaction will increase the leadership positions of Prima XL and Prima Compliance in their respective markets.”