As part of their continuing growth strategies, Prima Solutions and Effisoft today announce their merger to create a major global InsureTech company. This merger between Effisoft, the leading vendor of reinsurance and regulatory software solutions for insurance and reinsurance companies across the globe, and Prima Solutions, one of Europe’s leading software provider for Life, Health, and Property & Casualty insurance companies, will produce one of the largest and most comprehensive players in Europe, North America, and the Asia-Pacific region with cloud-based solutions covering all areas of the insurance market.
This merger, formally concluded on December 13, will enable both groups to accelerate their development in the property and casualty, health and personal protection insurance markets, sectors in strong demand for technological innovation. This merger is part of an ambitious and coherent growth strategy: it completes Prima Solutions’ and Effisoft’s existing product range, diversifies the customer base and strengthens the group’s international positioning. The group now offers a complete end-to-end solution for insurance and reinsurance companies and counts in excess of 300 insurance companies as clients.
The transactional and analytical offerings of Prima Solutions and Effisoft, available in the cloud, now cover all insurance processes end-to-end: Life, Non-Life, reinsurance, regulatory reporting, and analytics (including predictive simulations and actuarial calculations).
“This merger of two key players is a major step for both our organizations; it broadens our customer base and our international footprint, thanks to a global offering that covers all the core business digitalization needs of our customers we now have further opportunities for growth across the board. This offer, fully available in the cloud and billable upon use, effectively targets players of all sizes in the insurance and reinsurance markets,” stated Hugues Delannoy, CEO of Prima Solutions.
Julien Victor, CEO of Effisoft, added: “The proliferation of High Tech and regulatory evolution are inevitable in the insurance market. This merger enables us to become the first player to provide a 100% digital solution that addresses the overall business needs of the industry. Moreover, our groups are complementary in nature in terms of both customer-base and geographic implementation coverage, and together we will share more than 20 years of experience in building comprehensive business software solutions for the insurance industry.”
Following this merger, the group will continue to be led by Hugues Delannoy and Julien Victor, with the support of The Carlyle Group as the majority shareholder.
The consolidated group has more than 300 employees across the globe, servicing more than 300 customers across 5 continents, and generates revenues of approximately €50 million.
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