Genstar Capital Completes Acquisition of Insurity
SAN FRANCISCO, Nov. 30, 2011 /PRNewswire/ — Genstar Capital, LLC, a middle market private equity firm that focuses on investments in selected segments of the insurance and financial services, software, life sciences, healthcare, and industrial technology industries, today announced the completion of its previously announced acquisition of Insurity, the former LexisNexis Insurance Software Solutions business, a provider of software and services to the Property and Casualty insurance industry.
Headquartered in Hartford, CT, Insurity provides policy administration, claims, billing, and analytics software to more than 100 insurance companies. Insurity is the market leader in deploying policy administration software and full service solutions to the Commercial Lines insurance market.
Jeffrey Glazer, founder of the business, will serve as President and CEO of Insurity.
Ryan Clark, Managing Director at Genstar and Chairman of Insurity, said, “We are pleased to complete this important transaction which will enable Genstar to use both our software and insurance expertise to partner with the Insurity management team to bring a new level of innovation and service to this important insurance industry automation sector.” Joining Mr. Clark and Mr. Glazer on the Insurity Board from Genstar will be Managing Director Mark Hanson and Vice President Eli Weiss.
Genstar’s executive network of operating professionals in the insurance and software sectors will also play a key role in achieving further growth for Insurity. Dennis Chookaszian, former CEO of CNA, David Wroe, former CEO of AMS, and Steve Mankoff, former Senior Vice President and Founder of Siebel Systems, are all members of the Genstar Strategic Advisory Board and will serve on the company’s Board of Directors.
Mr. Glazer commented that the new Insurity announcement was getting a very positive response from customers and industry thought leaders stating that “we just reviewed our go forward product and service strategy with our customers across four regional customer advisory meetings with excellent feedback.” Deb Smallwood, Founder of Strategy Meets Action (SMA), added that “Insurity is going back to their core roots of success and with their combination of comprehensive insurance content coupled with their investment in product and technology advancements, the new Insurity is positioned to align to the business and technology capability needs of insurers.”
Ropes & Gray provided legal counsel to Genstar on the transaction.
About Genstar Capital, LLC
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for more than 20 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of operating executives and strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar has more than $3 billion of committed capital under management and targets investments focused on selected sectors within the life science, healthcare services, software and software services, insurance and financial services, and industrial technology industries.
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SOURCE Genstar Capital, LLC