Vertafore®, the leader in modern insurance technology, has announced that it acquired MGA Systems, a leading provider of purpose-built software for MGAs.
In an increasingly competitive business environment, MGAs require solutions that can keep pace as they seek to expand into new specialized lines of business and retain their current customers. The acquisition of MGA Systems gives Vertafore customers access to policy administration and rating solutions that will be integrated into Vertafore’s suite. This strengthens Vertafore’s already robust offering for MGAs and empowers these vital entities in the independent insurance channel to expand into new territories and deploy products for their clients with speed.
MGA Systems provides two market leading solutions for MGAs. IMS is a management system with a full suite of policy administration and back-office functionality customizable to specific client needs, and NetRate is a full featured ISO-based rating platform. These solutions have allowed customers of MGA Systems to experience accelerated product time to market, with support and expertise that integrates deep knowledge of the industry and the underlying technology. Vertafore remains dedicated to expanding the customization and open architecture strategy that have made MGA Systems’ software critical to the success of its customers.
“On behalf of our customers and employees, I am thrilled that MGA Systems has found a home in Vertafore,” said John Bennis, president of MGA Systems. “Our community of MGAs is extremely important to us, and I am proud of the tools that we have been able to deliver on their behalf. Vertafore shares our passion for modern insurance solutions, and this acquisition will allow additional investment in our existing products and further enhance them through integration into the Vertafore ecosystem.”
“This acquisition is another milestone in our commitment to drive transformation and create an integrated ecosystem of products,” said James Thom, chief product officer of Vertafore. “I’m excited that Vertafore will be integrating the power of NetRate into AIM while continuing to drive more value for MGAs and program administrators within IMS. I look forward to our teams working together as we invest in our solutions.”
Coming on the heels of Vertafore’s acquisition of AgencyZoom™, the addition of MGA Systems is the next step in Vertafore’s vision to simplify and automate its products and services across the entire insurance distribution channel.
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