Insurity eyes rapid growth with new strategic private equity investment

Insurity is embarking on a renewed expansion drive having received a strategic growth investment from private equity firm TA Associates that the insurance systems software firm said will help drive the delivery of its configurable, cloud-native, analytical platform. Founded in 1985, Hartford, Connecticut-based Insurity’s customers include 15 of the top 25 property and casualty carriers in the US as well as seven of the nation’s top 10 P&C-focused MGAs. TA had previously invested in Insurity back in 2014, but sold its stake to GI Partners in 2019. Now, with the new strategic growth investment, TA Associates and GI Partners will support the acceleration of Insurity’s growth. Insurity said TA’s new investment “is a testament to the company’s significant momentum and future direction”. “We have always seen Insurity as a company with outstanding growth potential,” said TA’s Harry Taylor and Amit Jain, managing director and senior vice president respectively. “They have built a comprehensive portfolio of offerings from underwriting to advanced data and analytics capabilities, along with a deep commitment to customer success. We are excited to partner with GI Partners and Insurity’s world-class team to help accelerate growth and expansion.” Insurity currently has over 250 cloud-based customers, a 97 percent customer retention rate, and over 50 go-lives in the past year, the company said, with its staff count now north of 1,500. “In the past two years, we have built leading cloud-based and data-driven products, expanded our total addressable market, acquired eight leading companies, and onboarded 16 system integrator partners. Insurity is proud to work with over 500 customers,” said Chris Lafond, Insurity’s CEO. “We are pleased to partner with both TA and our existing investor, GI, as they collectively provide us with greater access to resources to best serve the P&C insurance industry,” Lafond added. GI Partners’ Travis Pearson and Sendil Rajendran, managing director and co-head of private equity, and director respectively, said their company’s continued investment reflects its commitment to the software firm’s growth. “We look forward to collaborating with TA,” Pearson and Rajendran, both of whom sit on Insurity’s board, said. “In 2019, we invested in Insurity due to its differentiated cloud platform, relentless focus on customer success, and a leadership team that is committed to driving innovation in P&C insurance software. “We have now seen Insurity launch new cloud-based software products, seamlessly deliver and implement them across the policy lifecycle, and enable P&C insurance carriers to quickly capitalize on new and emerging opportunities. “Insurity’s products, strategy, and team make it well-positioned for further acceleration,” Pearson and Rajendran added. Lazard is serving as Insurity’s exclusive financial advisor, while Kirkland & Ellis LLP is providing legal counsel to the software company. Goodwin Procter LLP is providing legal counsel to TA.