Acquisition Brings Expanded Service and New Markets for both Companies; Web Connectivity Management Team and Standard of Care to Remain Unchanged
New York, NY – March 22, 2011 – Advisen Ltd., a global insurance data and analytics provider based in New York, announced today that it is acquiring UK-based Web Connectivity Limited, a leading provider of messaging products and services for the commercial (re)insurance markets in London and Bermuda
Terms of the transaction were not disclosed.
The collaboration will allow both companies to further develop technologies and solutions for offering increasing amounts of structured data to suppliers, buyers and brokers of commercial (re)insurance. The growing use of structured data among (re)insurance companies is enhancing communication and providing deeper and more actionable business analytics to the industry, facilitating Straight Through Processing and reduced frictional costs in the (re)insurance process.
Web Connectivity is widely known for its high standard of customer care, evidenced by a consistently high level of satisfaction from its client base. The company emphasized that this standard, which has helped to firmly establish their position as an industry leader, is expected to further improve with the expanded support services resulting from the acquisition. The existing management teams at both Advisen and Web Connectivity will remain intact, the companies said.
“We are confident that this acquisition provides Web Connectivity an even greater foundation for our operations and product development initiatives”, said James Willison, managing director of Web Connectivity. “We are gaining an infrastructure to support our growing customer service efforts, as well as an opportunity to add to our growth momentum by establishing a strong footprint in the U.S.”
Advisen has been at the forefront in the U.S. of creating more structured, digitized data in the commercial insurance industry with their business intelligence (BI) product, data services, data management, and business process outsourcing (BPO) offering. Web Connectivity’s gateway and middleware offer the London and Bermudian (re)insurance markets innovative methods of receiving, reviewing and responding to structured data, be that in relation to Placing, Accounting and Settlement, or Claims.
“The aspect of Web Connectivity’s business that has most impressed us is their technology competency”, said Tom Ruggieri, CEO of Advisen. “We feel that this will further Advisen’s efforts to encourage greater use of structured data in our industry. Our greatest achievements come when our clients gain financial success, and that success comes from greater connectivity”.
About Advisen
Advisen’s data, analytics and news offerings are game-changers for 100,000 commercial P&C professionals. For Underwriters, Reinsurers, Brokers and Risk Managers, the resources of Advisen provide productivity and insight into underwriting, marketing, broking and purchasing commercial insurance. Configurable applications allow Advisen to customize each solution and/or craft special offline delivery, too. Our result is a measurable increase in your book of business and more favorable insurance transactions. Visit us at www.advisen.com or contact [email protected] to learn more.
About Web Connectivity
Web Connectivity, launched in 2003, focuses on enabling companies to exchange structured and/or unstructured information using ACORD data and messaging standards. Its EnabledB2B Gateway allows instant communication with other parties using the ACORD Messaging Framework, and the Reinsurance and Large Commercial (“RLC”) and Document Repository Interface (“DRI”) standards. A winner of multiple ACORD awards, 29 in total, Web Connectivity offers front office and back office Message Management Tools allowing electronic communication between brokers and carriers. For more information see the Company’s website at www.webconnectivity.co.uk
