Reinsurance technology firms agree to acquisition

Reinsurance technology firms agree to acquisition | Insurance Business

Reinsurance technology firms agree to acquisition

Whitespace Software, a provider of digital placing technology to the reinsurance market, has signed a definitive investment and acquisition agreement with Verisk subsidiary Sequel. Sequel’s investment and support will bolster Whitespace’s growth, the companies said.

Sequel’s investment will enable the Whitespace platform to accelerate development and significantly expand its capabilities. Whitespace will gain access to the support, people and capital resources of Sequel and Verisk, while maintaining its own brand and operational autonomy.

“Joining Sequel is a fantastic step forward for Whitespace, as this will accelerate development of our rapidly growing business,” said Marcus Broome, chief platform officer for Whitespace. “We offer our customers a unique proposition that will be further enhanced by collaborating with Sequel to create a compelling digital placement ecosystem for the London and global specialty reinsurance markets. Together, we can offer more effective products and solutions for our respective customers, and at a faster pace, significantly contributing to the growth, digital transformation, and overall success of our customers.”

“We’re really pleased to partner with Whitespace and accelerate the development of their digital vision,” said Ian Summers, CEO of Sequel. “The combination of Whitespace with our pricing, distribution and policy administration applications creates unique and powerful capabilities for the specialty market. Together, we can enable a seamless real-time quote-to-bind electronic placing and global distribution solution, with straight-through submissions for our existing and prospective customers. Our vision is to offer a best-in-class ecosystem to the market, fully aligned with and supportive of Lloyd’s Blueprint Two as well as other key market transformation initiatives.”