Insurance Quantified, a commercial P&C underwriting technology provider, has acquired the ingestion and data solutions firm, Groundspeed Analytics.
According to Insurance Quantified, the acquisition will strengthen its market leadership in underwriting technology and further its mission to maximise the value of data for commercial P&C insurers.
The deal was completed on June 20, 2023, with Sheppard, Mullin, Richter & Hampton LLP, serving as legal counsel to Insurance Quantified, and Alvarez & Marsal serving as financial and tax advisor.
In a written statement, Insurance Quantified said, “Both companies have made great strides in 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.”
Brian Modesitt, CEO of Insurance Quantified, commented, “This is a powerful combination. 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.”
Eric Kobe, CEO of Groundspeed Analytics, added, “By combining forces, we are able to accelerate the delivery of our product roadmap.
“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, which will also open an office in Ann Arbor, Michigan, where Groundspeed was founded.
Jeff Mason, founder and Executive Chairperson of Groundspeed Analytics, said, “I am convinced this combination will add significant value for Groundspeed’s clients.
“I am impressed with Insurance Quantified’s vision and capabilities, and I am certain Groundspeed’s clients will be too.”
