+Simple, a European insurance distribution platform for small businesses, has announced the acquisition of OM Suscripción de Riesgos, a Spanish underwriting agency specialising in surety insurance and owned by Grupo Morera y Vallejo.
This strategic move aims to bolster +Simple’s presence in the Spanish insurance market while expanding its range of products and services, according to The Coverager.
OM Suscripción de Riesgos holds a significant share of approximately 15% in the Spanish surety insurance market, particularly focusing on SMEs in the construction sector.
The acquisition of OM by +Simple presents a synergistic opportunity, allowing +Simple to leverage OM’s expertise and market position to strengthen its foothold in Spain.
In other news from the Spanish insurance sector, Akur8 and MGS Seguros have announced an exciting collaboration aimed at revolutionising insurance pricing strategies within the Spanish market.
The partnership is driven by the shared goal of empowering insurance companies with innovative pricing solutions.
Akur8’s cutting-edge pricing platform will enable MGS Seguros’ actuarial and pricing teams to develop powerful and transparent pricing models for their auto and home insurance products.
The solution offers insurers increased predictive performance and speed-to-accuracy, leading to higher market reactivity and immediate business impact. With full transparency and control over the pricing models created, insurers can make better decisions faster, ensuring alignment with their business strategies.
Copyright © 2024 InsurTech Analyst
