Cloud-based core system Insurity has acquired Texas-based Virtual MGA, an authority underwriting and distribution solution.
The deal will help Insurity expand its cloud-based core systems offering for the managing general agent (MGAs) and broker markets.
Virtual MGA is a cloud-based binding authority underwriting and distribution solution for wholesale brokers, syndicates and MGAs. The company claims to has a significant focus on the Lloyd’s of London and US excess and surplus markets.
By combining its services with Insurity, brokers and MGAs will be able to expand their capabilities and services across the entire policy lifecycle with an integrated, end-to-end digital platform for all P&C standard and specialty insurance lines of business.
Virtual MGA president Jake Hampton said, “Insurity’s wealth of technology and particularly their API experience, along with its extensive client base of the world’s leading insurance carriers, provides us with resources and opportunities to bring our solutions to new markets.
“Further, Insurity’s cloud leadership and technology allows us to immediately enhance our client offerings in the areas of data visualization and analytics, and to accelerate our platform’s development roadmap. Insurity’s rich suite of data, analytics, claims, and billing solutions is an exceptional fit for our clients’ needs and enables us to better address their future needs.”
Earlier in the year, Insurity acquired geospatial analytics and data enrichment hub SpatialKey.
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