(Image credit: Dollar Photo Club.)
Swiss based software and services company msg global solutions and LOGiQ3, a Toronto-based provider of expert life insurance and reinsurance services, have entered into a joint venture to acquire Tindall Associates (Chicago), a life reinsurance software and consulting services vendor. The companies have not released information on the terms of the transaction.
An msg global announcement characterizes Tindall as the leader in ceded and retroceded reinsurance systems in North America. The company is nearly 30 years old and has more than 100 customers. Together, TAI, msg global and LOGiQ3 will enjoy increased access to global distribution channels and product investment, according to the statement. Through LOGiQ3 and msg global solutions, TAI will also gain access to additional insurance and reinsurance expertise and a what the statement calls a full suite of reinsurance administrative solutions.
“TAI’s software products are well-known in North America as the standard for data and exchange for life reinsurance,” the msg global statement asserts. “TAI offers its customers the ability to process assumed as well as ceded and retroceded business on the same stand-alone system. Further, TAI retains a leadership position in life reinsurance reporting.” The TAI system, is suitable for multiple regions and currencies and enjoys wide acceptance throughout North America, Bermuda and the Caribbean, msg global reports.
Operations Will Remain Independent
TAI operations will remain independent, with support from msg global solutions and LOGiQ3 for any future software development, architecture or consulting services. The firm’s current leadership, along with its license model, will remain in place.
“This transaction is a clear signal to existing TAI customers regarding the quality of the solution they have already purchased, and a reflection of our solid commitment to a long-term product strategy,” comments Steve Jerger, CTO, TAI. “We believe this joint venture solidifies TAI’s mission to become the global ceded life reinsurance system of choice and the number-one ceded life reinsurance platform worldwide.”
Unique Competitive Position
Acquiring TAI will strengthen msg global’s North American business and leading position in the life reinsurance market, the vendor says. msg global sees the combination of its msg.LRM (life reinsurance module) solution and the TAI system within the partnership with LOGiQ3 as establishing a unique competitive position in North America for ceded and assumed life reinsurance software and services.
“Reinsurance has been a focus of the msg group since the 1980’s,” says Bernhard Lang, CEO, msg global solutions. “We’ve been well received and successful in the North American market. With the TAI solution we realize a complement to our reinsurance offering and can offer more services to our existing customers and serve new customers with specific needs for ceded and retroceded reinsurance and life reinsurance. The innovations we will bring to the TAI solution will also benefit the existing customer base of TAI.”
LOGiQ³, a joint venture partner to msg global solutions since May 2013, had acquired experience working with TAI and using the TAI system for its Reinsurance Administration outsourcing business over several years as a consulting and outsourcing services provider.
“This transaction enables LOGiQ3, msg global solutions and TAI to continue to partner with leading insurers and reinsurers to shape the industry through the world-class people, process, and tools that drive the industry forward on a global scale,” comments Simon Bell, COO, LOGiQ3. “We are thrilled with the opportunity to extend our comprehensive suite of insurance and reinsurance services to the TAI client base.”