Innovisk Capital Partners has announced that BHMS Investments and Abry Partners have signed an agreement to acquire a majority ownership position in the business from Willis Towers Watson (WTW).
Established in 2017, Innovisk seeds, develops and grows MGAs using data and analytics to aid product development and pricing, as well as improving efficiencies in underwriting operations and distribution.
BHMS and Abry, meanwhile, are private equity funds with previous experience in the insurance sector.
“Over the last four years, we have built a proprietary in-house technology platform and have nine underwriting businesses across the U.K. and U.S. with strong leadership in various stages of development,” said David Thomas, CEO of Innovisk.
“Innovisk has focussed on building a data capability and using it to work closely with carriers to develop profitable and sustainable premium. These businesses have seen solid growth and we are looking to accelerate and build on that success, with approximately $320 million of annual premium expected by year end.”
Kevin Angelis, Managing Partner at BHMS, also commented: “We immediately aligned with Innovisk’s vision and ambition and are excited to support the business with a material investment.”
“The new capital will provide Innovisk with the ability to continue to develop the business both organically and also through acquisitions of MGAs who share their culture and vision and to further find value in growing acquired portfolios utilizing Innovisk’s advanced technology and data capabilities.”
Nathan Ott, Partner at Abry, added: “The Innovisk team has built an impressive platform maniacally focused on underwriting quality enhanced by industry leading data, automation and risk analytics and is backed by a world-class panel of insurance carrier partners. We look forward to supporting David and team with the financial and strategic resources as they seek new opportunities to accelerate their growth.”
