CT InsureTech, the technology business that processes delegated authority data for much of the Lloyd’s and London insurance market, has been acquired by Vencora, a Toronto-based software holding company and a portfolio company within Volaris Group, an operating group of Constellation Software. The deal, announced November 3, closes a sale process that began in August, when Charles Taylor confirmed it was separating its insuretech division from the rest of the group.
The transaction brings a change of corporate parent for a business that sits at the operational centre of London market delegated authority. Through its Delegated Data Manager (DDM) platform, CT InsureTech was the centralized bordereaux processing service for the Lloyd’s and London company market since 2018. The original London Market Group contract brought around 60 Lloyd’s managing agents, approximately 250 brokers, and over 3,500 global coverholders into scope.
DDM has since moved to an elective model, giving brokers and managing agents the freedom to choose their preferred bordereaux solution. CT InsureTech’s Tide platform remains one of the market’s most embedded options for bordereaux management, delegated authorities control, and claims process optimisation.
Vencora describes itself as a buy-and-hold-forever acquirer, a structure that is worth understanding in the context of insurance technology. Most insurtech acquisitions involve private equity cycles of three to seven years, after which businesses are sold on, merged, or restructured.
Constellation Software, which owns Vencora through its Volaris Group, operates differently. It acquires vertical market software businesses and holds them indefinitely, with portfolio companies retaining operational autonomy.
The parallel within Vencora’s existing insurance portfolio is SSP, the broker technology platform acquired in 2021, which came to Constellation after years of PE ownership. When that acquisition was announced, SSP users publicly expressed hope for investment under Constellation’s ownership after the uncertainties of the private equity cycle.
The business will continue operating through three units: CTI Insurance Modernisation, covering pricing, risk selection and fraud detection; CTI Digital Transformation, handling core system implementation and legacy migration; and CTI London Market and Managed Services, the unit most directly relevant to Lloyd’s market participants.
For Charles Taylor, the sale is part of a broader reshaping of its portfolio. The group simultaneously sold its US third-party administration (TPA) business to AvonRisk, retaining its core claims solutions and insurance management divisions. Separating the insuretech arm gives Charles Taylor a cleaner focus while, in Vencora, CTI gains an owner whose model is built around long-term software investment rather than near-term returns.
Vencora CEO Kevin Bradley said the company is “committed to supporting the business to enhance its products, develop its people, and help ensure customers continue to benefit from stable, innovative solutions.”
Nathan Partington, Vencora’s portfolio manager, added that the group looks forward to expanding its presence in the United Kingdom, Europe, and Latin America, a region where CT InsureTech already holds a significant market position, having built out its operations in Buenos Aires and Mexico City alongside its London headquarters.
No financial terms were disclosed.
