Vertafore has announced that it has acquired MGA Systems, a provider of purpose-built software for Managing General Agents (MGAs).
The acquisition will give Vertafore customers access to policy administration and rating solutions that will be integrated into Vertafore’s suite.
The MGA market has seen consistent growth over the several years, expanding in despite disruptions across the broader economy. Vertafore says its acquisition of MGA Systems will allow for accelerated investment and innovation in both companies’ solutions to address the evolving needs of insurance professionals.
The company says this will strengthen its already robust offering for MGAs and empower these vital entities in the independent insurance channel to expand into new territories and deploy products for their clients with speed.
MGA Systems provides two solutions for MGAs. IMS, a management system with a full suite of policy administration and back-office functionality customizable to specific client needs, and NetRate, a full featured ISO-based rating platform.
Vertafore says it remains dedicated to expanding the customisation and open architecture strategy that have made MGA Systems’ software critical to the success of its customers.
Amy Zupon, CEO of Vertafore, said: “As the MGA market continues to grow, it is more important than ever for MGAs to have integrated technology solutions that strengthen their ability to make informed risk and pricing decisions.”
“MGA Systems has been at the forefront of the industry’s work in this area. I am very pleased to welcome the MGA Systems team into the Vertafore family, along with the wealth of talent, passion, and expertise they bring.”
John Bennis, president of MGA Systems, said: “On behalf of our customers and employees, I am thrilled that MGA Systems has found a home in Vertafore.”
“Our community of MGAs is extremely important to us, and I am proud of the tools that we have been able to deliver on their behalf. Vertafore shares our passion for modern insurance solutions, and this acquisition will allow additional investment in our existing products and further enhance them through integration into the Vertafore ecosystem.”