InsurTech software developers Prima Solutions and Effisoft have completed a merger deal as part of a growth strategy to accelerate their development in the property and casualty (P&C), health and personal protection re/insurance markets.
Prima Solutions and Effisoft claimed that their consolidation will produce one of the largest and most comprehensive players in the Europe, North America and Asia-Pacific regions, offering cloud-based solutions for all areas of the re/insurance market.
Effisoft is a Paris-based international group that designs software solutions for insurance and reinsurance professionals and specialises in optimising reinsurance operations and regulatory compliance with Solvency II.
Meanwhile, Prima Solutions supports P&C and life and health (L&H) insurers with its Prima Insure software platform, which provides web enabled, multilingual solutions to address the entire life cycle of a policy.
The companies each said that the merger complemented their existing product range, diversified their customer base, and strengthened their international positioning.
They added that the consolidated group can now cover all insurance processes end-to-end, including life, non-life, reinsurance, regulatory reporting, and analytics (including predictive simulations and actuarial calculations).
“This merger of two key players is a major step for both our organizations; it broadens our customer base and our international footprint, thanks to a global offering that covers all the core business digitalization needs of our customers we now have further opportunities for growth across the board,” said Hugues Delannoy, Chief Executive Officer (CEO) of Prima Solutions.
“This offer, available in the cloud and billable upon use, effectively targets players of all sizes in the insurance and reinsurance markets,” he added.
Julien Victor, CEO of Effisoft, also commented: “The proliferation of High Tech and regulatory evolution are inevitable in the insurance market. This merger enables us to become the first player to provide a 100% digital solution that addresses the overall business needs of the industry.
“Moreover, our groups are complementary in nature in terms of both customer-base and geographic implementation coverage, and together we will share more than 20 years of experience in building comprehensive business software solutions for the insurance industry.”
The group will continue to be led by Delannoy and Victor following the merger, with the support of The Carlyle Group as the majority shareholder.
The consolidated company now has more than 300 employees, services over 300 customers across 5 continents, and generates revenues of approximately €50 million.
