U.S.-based Insurity Inc. acquires Montreal’s Oceanwide

Insurity, Inc. reports that its acquisition of Montreal-based insurance software firm Oceanwide Inc. will allow it to offer even greater value to existing customers of both companies while strengthening its market position and ability to address the broad needs of domestic and international insurance carriers, MGAs and program administrators.

The Oceanwide brand will be retained with the organization operating as Oceanwide, An Insurity Company.

The acquisition by Insurity – which provides core insurance processing and data integration and analysis solutions to property and casualty insurers – “brings together a complement of solutions and the financial resources to best serve the combined Insurity/Oceanwide client base in addition to the broader insurance market,” notes a company statement issued Tuesday.

“This acquisition enables us to offer a more robust portfolio of insurance solutions and positions Insurity to better serve smaller insurers, start-ups, specialty and niche players, as well as the global insurance market,” Jeffrey Glazer, Insurity president and CEO, says in the statement.

“A major asset that we bring to Insurity is our Bridge solution, which is configurable by end-users rather than developers,” comments Oceanwide CEO Mitchell Wasserman. “Combined with our cloud environment and the backing of Insurity with its financial strength and highly skilled resources, we are now able to accelerate the growth of the combined organization, and deliver a broader and deeper set of capabilities to the global insurance market,” Wasserman says.

Insurity’s reports that its solutions address the needs of all carriers, from 15 of the Top 20 insurers to small or regional commercial, personal or specialty lines writers, as well as MGAs.