In a £40 million deal, broker technology support firm Open GI has acquired TGSL Group, a policy administration and rating platforms in the UK general insurance market
Employees of TGSL across its UK offices and locations in Poland and Macedonia will become part of Open GI as part of the transaction.
According to Open GI group CEO Chris Guillaume, the tech firm is committed to “expanding and deepening” its investment in technology while supporting the evolving general insurance market landscape.
“Open GI continually strives to develop smarter solutions for ratings, policy administration and digital e-commerce for our customers,” Guillaume said. “The combination of Open GI with TGSL will significantly advance that goal and present something truly new to the market.”
“We are really excited about this acquisition and the future ahead,” he added.
Ray Vincent, TGSL Group CEO, said Open GI is the “perfect long-term home” for his company and that the deal has the right timing.
“I am certain that Chris and the team will take the combined business to even greater heights and the customers, staff and insurance market overall will gain from this strategic acquisition,” Vincent said.