Towers Watson, a global professional services firm specializing in risk management and HR consulting, has acquired the Canadian insurance technology leader Brovada for US$15.24 million.
Brovada’s objective is to enhance communication channels between brokers and their P&C insurance carriers, as well as act as a “connectivity platform” that aligns with old and new policy administration systems to make transactions quicker and simpler.
“Brovada … will fit well with Towers Watson’s portfolio of software,” Eric Speer, global leader for Towers Watson’s risk and financial services sector, said in a statement. “The addition of the BrovadaOne platform will enable us to offer insurers a broader suite of products via software-as-a-service and cloud-based technologies.”
That BrovadaOne is focused on connecting insurance carriers with broker management systems to process requests for new business and policy changes in a streamlined and automated fashion. The company, founded in 2003, is headquartered in Rothesay, NB, but also operates out of Moncton and Toronto.
This transaction will allow Brovada to expand to expand its presence to new regions and markets.
“Joining Towers Watson will enable Brovada to accelerate the reach of our software into new markets and continue that growth,” said Karl Greenlaw, founder and CEO of Brovada. “Additionally, our two firms have a common commitment to excellent client service and innovation that will benefit both our clients and employees.”
The deal is expected to close in upcoming weeks.
