Insurtech and intelligent solutions provider Duck Creek Technologies has agreed to acquire Prima XL, France-based Prima Solutions’ flagship commercial reinsurance technology solution, including Prima Compliance for Solvency II – a compliance solution Duck Creek intends to continue offering in the French market.
The acquisition of Prima XL and Prima Compliance – both cloud-based, software-as-a-service (SaaS) solutions – will enhance Duck Creek’s value to customers by simplifying reinsurance management. It will also expand the company’s presence in the European and APAC regions.
Duck Creek will retain core talent and operations in France to complement existing operations in the UK and Spain. Upon completion of the transaction, Prima Solutions personnel will join Duck Creek to support Prima XL and Prima Compliance sales, customer success, and operations.
“The insurance industry is undergoing a generational modernisation of its technology infrastructure while organisations seek innovative ways to better manage the entire end-to-end insurance cycle in the cloud,” said Mike Jackowski, Duck Creek CEO. “Core systems for policy, rating, billing, and claims are advancing at a rapid pace, and Duck Creek is a well-positioned leader here.
“By adding Prima XL to our product family, we are focused on accelerating insurance carriers’ technology goals by delivering evergreen, intelligent, cloud-based SaaS solutions that streamline and automate reinsurance operations.”
The Prima XL reinsurance management solution will be available to insurance organisations operating on Duck Creek systems and systems other than Duck Creek.