Software-as-a-service provider Acturis Group has entered into an agreement to acquire the electronic broker trading system Brovada from Willis Towers Watson.
Brovada is a connectivity platform which streamlines the communications between insurance agents, brokers, and P&C insurance carriers. As one of the leading electronic trading enablers in the Canadian general insurance market, Brovada is used by more than 2,000 brokers and most insurers.
“We are extremely excited to welcome the Brovada team to the Acturis Group,” said Acturis Group co-CEO Theo Duchen. “We have followed Brovada for a long time as the embedded and enterprise-critical nature of the connectivity which Brovada provides is of great importance to the Canadian insurance market.”
“We already have a very strong partnership with both Willis Towers Watson, through our hosting of WTW’s Radar Live rating software for several clients, and with Brovada, through its comprehensive integration to Power Broker, which this acquisition can only enhance,” explained Acturis Group co-CEO David McDonald.
McDonald added that Brovada is a leading electronic trading player in the Canadian market, with “an unrivalled understanding of the connectivity between broker systems and insurers.”
“Our acquisition of Brovada will deepen and extend this connectivity and promote electronic trading in the Canadian market, which is a critical theme for brokers and insurers alike,” said McDonald. “This will significantly expand the group’s presence in Canada and in the electronic trading domain which is an important area for the group.”
“We are extremely happy with the Acturis acquisition of Brovada,” commented Willis Towers Watson insurance consulting and technology Duncan Anderson.
“The Brovada team and I are absolutely thrilled to be joining the Acturis Group. This is a tremendous opportunity to leverage significant synergies and continue to offer best-in-class solutions to our clients and the Canadian market,” added Brovada managing director Kim Amaral.
In 2019, Acturis acquired the Victoria, BC-based Zycomp Systems, marking its first entry into the Canadian broker software market. Zycomp is the developer of popular broker management system Power Broker.
