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Insurity (Hartford), a provider of cloud-based software for property/casualty carriers, brokers, and MGAs has announced that TA Associates (Boston), a global growth private equity firm, is making a strategic growth investment in the company. TA, along with Insurity’s current investor, GI Partners, plan to further accelerate Insurity’s growth and expand the delivery of the P&C insurance industry’s most configurable, cloud-native, and intuitively analytical software platforms.
Founded in 1985, Insurity has a team of nearly 1,500 team members globally. Insurity boasts among its customers 15 of the top 25 P&C carriers in the U.S. and 7 of the top 10 P&C MGAs. Insurity reports that it leads the industry with more than 250 cloud-based customers, a 97 percent customer retention rate, and over 50 go-lives within the past year.
With an original investment in Insurity dating back to 2014, TA executed a successful sale to GI Partners in 2019. Insurity characterizes TA’s current investment as representing a renewed commitment to Insurity’s growth, as a testament to the company’s significant momentum and future direction.
“We are thrilled to have TA renew their investment in Insurity,” comment Chris Lafond, CEO, Insurity. “In the past two years, we have built leading cloud-based and data-driven products, expanded our total addressable market, acquired eight leading companies, and onboarded 16 system integrator partners. Insurity is proud to work with over 500 customers. We are pleased to partner with both TA and our existing investor, GI, as they collectively provide us with greater access to resources to best serve the P&C insurance industry.”
“At TA, we have always seen Insurity as a company with outstanding growth potential,” says a statement from Harry Taylor, Managing Director, TA Associates, and Amit Jain, SVP, TA. “They have built a comprehensive portfolio of offerings from underwriting to advanced data and analytics capabilities, along with a deep commitment to customer success. We are excited to partner with GI Partners and Insurity’s world-class team to help accelerate growth and expansion.”
Differentiated Cloud Platform
Insurity Board members, Travis Pearson, Managing Director and Co-Head of Private Equity at GI Partners, and Sendil Rajendran, Director at GI Partners, state, “Our continued investment reflects our deep commitment to Insurity’s growth, and we look forward to collaborating with TA. In 2019, we invested in Insurity due to its differentiated cloud platform, relentless focus on customer success, and a leadership team that is committed to driving innovation in P&C insurance software. We have now seen Insurity launch new cloud-based software products, seamlessly deliver and implement them across the policy lifecycle, and enable P&C insurance carriers to quickly capitalize on new and emerging opportunities. Insurity’s products, strategy, and team make it well-positioned for further acceleration.”