Whitespace Software, a provider of digital placing technology to the re/insurance market, has signed an investment and acquisition agreement with Verisk business Sequel in an effort to accelerate growth.
Whitespace is designed to provide market participants with a scalable digital placing platform capable of enabling customers to adopt a more efficient way of working.
Sequel’s investment will enable Whitespace to accelerate development and expand its capabilities.
Whitespace will also benefit from the full support and access to the technology, people and capital resources that Sequel and Verisk can offer, while maintaining its own brand and operational autonomy.
“Joining Sequel is a fantastic step forward for Whitespace, as this will accelerate development of our rapidly growing business,” said Marcus Broome, chief platform officer of Whitespace.
“We offer our customers a unique proposition that will be further enhanced by collaborating with Sequel to create a compelling digital placement ecosystem for the London and global specialty (re)insurance markets.
“Together, we can offer more effective products and solutions for our respective customers, and at a faster pace; significantly contributing to the growth, digital transformation, and overall success of our customers.”
Ian Summers, Chief Executive Officer of Sequel, added, “We’re really pleased to partner with Whitespace and accelerate the development of their digital vision.
“The combination of Whitespace with our pricing, distribution and policy administration applications creates unique and powerful capabilities for the specialty market.
“Together, we can enable a seamless real-time quote-to-bind electronic placing and global distribution solution, with straight-through submissions for our existing and prospective customers. Our vision is to offer a best in class ecosystem to the market, fully aligned with and supportive of Lloyd’s Blueprint Two as well as other key market transformation initiatives.”