Israel-based Sapiens International has signed an agreement to acquire the US property and casualty (P&C) solution provider Maximum Processing.
The deal is expected to complete by the end of this month.
Maximum Processing has developed Stingray system, a P&C insurance administration suite for the tier 4-5 US market, managing general agents (MGAs), third-party administrators (TPAs) and insurance brokers.
Stingray system is a modular, web-based and P&C insurance solution for policy, billing, claims and reinsurance administration.
It can also be used for statistical bureau, DMV, imaging, credit card, general ledger, comparative raters, CLUE, 4SightBI, reporting and other third-party interfaces.
Around 30 insurer customers are currently using the Stingray system across North America.
Sapiens president and CEO Roni Al-Dor said: "Our growth strategy continues to include a combination of organic growth and M&A activity.
"The acquisition of Maximum Processing supports Sapiens’ commitment to strengthen our position and offerings in the North American P&C market and increase our overall market share in the region, while we continue expansion of our global presence, customer base and local delivery capabilities."
Maximum Processing president Sean Pitcher said: "As part of the Sapiens team, we will have a much broader and deeper reach into the property and casualty market in North America."
Sapiens provides core and end-to-end solutions to the global general insurance, property and casualty, life, pension and annuities, reinsurance and retirement markets.
Image: Holon Azrieli Center, headquarters of Sapiens. Photo: courtesy of Elvenking89.