Insurance Quantified Acquires Groundspeed Analytics

The acquisition strengthens Insurance Quantified’s market leadership in underwriting technology and furthers its mission to maximize the value of data for commercial P&C insurers.

(Image source: Groundspeed Analytics homepage.)

Insurance Quantified, a New York-based commercial property/casualty underwriting technology provider, today announced it has acquired Groundspeed Analytics (Ann Arbor, Mich.), a provder of ingestion and data solutions for the commercial P&C industry. Insurance Quantified characterizes the acquisition as strengthening its market leadership in underwriting technology and furthering its mission to maximize the value of data for commercial P&C insurers.

Brian Modesitt, CEO, Insurance Quantified.

A statement from Insurance Quantified asserts that both companies have made great strides introducing technology that enables faster, more informed underwriting decisions. Together, the united technology capabilities, market success, and committed backing of Two Sigma creates an unparalleled underwriting technology partner for commercial P&C insurers, the statement says.

“This is a powerful combination,” comments Brian Modesitt, CEO, Insurance Quantified. “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.”

Insurance Quantified reports that its end-to-end underwriting workbench, SubmissionIQ, and Groundspeed’s ingestion and data solution will continue to be offered separately. The combined company also expects to expand its SaaS technology capabilities and data offerings for the commercial P&C industry.

Eric Kobe, CEO, Groundspeed Analytics.

“By combining forces, we are able to accelerate delivery of our product roadmap,” comments Eric Kobe, CEO, Groundspeed Analytics. “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.”

Kobe will join the Insurance Quantified leadership team, according to the company’s statement. Insurance Quantified says it will also open an office in Ann Arbor, Michigan, where Groundspeed was founded.

“I am convinced this combination will add significant value for Groundspeed’s clients,” comments Jeff Mason, founder and Executive Chairperson, Groundspeed Analytics. “I am impressed with Insurance Quantified’s vision and capabilities, and I am certain Groundspeed’s clients will be too.”

The acquisition was completed on June 20, 2023. Sheppard, Mullin, Richter & Hampton LLP, served as legal counsel and Alvarez & Marsal served as financial and tax advisor to Insurance Quantified.

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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