SAN FRANCISCO 9 November 2011–/PRNewswire/–Genstar capital, LLC, a middle market private equity firm focusing on investments in selected segments of the insurance and financial services, software, life sciences, healthcare, and technology industry, today announced the signing of a definitive agreement to acquire LexisNexis insurance solutions business software, a provider of software and services for property and Casualty insurance industry. "
Insurity, headquartered in Hartford, Connecticut, provides policy administration, claims, billing, and analysis software for more than 100 insurance companies. Insurity's customers, who wrote the personal and commercial lines insurance, representing over $ 12 billion of commercial insurance premiums that are processed through the Insurity suite of products.
J. Ryan Clark, Managing Director of Genstar, said, "we're excited to partner with Jeffrey and experienced management team to capitalize on the industry leading Insurity's software and services to encourage the growth of organic assets as well as through acquisitions. The combination of our capital resources and operations expertise and strong management skills and experience will be the team's position to accelerate growth and Insurity profitability. " Managing Director of Genstar Mark Hanson remarked, "Genstar hoping to bring technology and industry expertise to companies to help bring down the level of other market segment leadership and service."
Mr. Glazer, who currently serves as CEO, insurance coverage, LexisNexis, stated that he was "very happy to meet again with the team and eager to give the Insurity new capabilities for robust and main base of their customers. With Genstar's capital, industry advisors, and technology expertise, can continue to improve the position of Insurity leadership core and the ability of software and services to expand its relationship with its customers and attract new customers. "