Prima Solutions, a company which provides property and casualty insurers with the Prima Insure software platforms, has acquired Canada-based ICOD, a software solutions provider for life and health insurance.
Recognized as an established leader with its SN Assurance suite, ICOD offers a best-in class solution deliverable in SaaS or on premise.
The transaction, which closed on September 20th, accelerates Prima’s expansion into the Life and Health insurance market which is still largely using legacy technologies.
The ICOD acquisition offers many synergies including: complementing Prima’s existing product offering, diversifying its customer base and expanding the platform for rapid growth in both Europe and North America.
Prima Solutions Chairman Hugues Delannoy said: “This acquisition provides a unique opportunity to accelerate our growth strategy and gain scale both in France and internationally. The transaction offers immediate synergies and reinforces our plan to diversify our product offering to take advantage of the fast growing demand in the Life and Health insurance segment for a modern scalable platform.”
ICOD founding president Pascal Gosset said: “Having already worked closely together with Prima on several occasions, our shared vision has led us to join forces to position ourselves as one of the strategic technology providers in the Property and Casualty and the Life and Health insurance markets.
“The combination of both organizations will allow clients continue to benefit from the same high level of quality service and expertise while also gaining access to increased product offerings through a single software provider.”
Source: Company Press Release