London, UK (Apr. 13, 2021) – Acturis Group is pleased to announce that it has entered into an agreement to acquire Brovada from Willis Towers Watson.
Brovada is a leading electronic trading enabler in the Canadian general insurance market used by over 2,000 brokers and most insurers. Brokers use the BrovadaOne Connectivity product to enable digital communication from their broker management system straight to the insurer’s portals, creating significant efficiencies for brokers and insurers alike. For Insurers, the BrovadaOne product enables insurers to digitally connect with a multitude of different broker systems, avoiding expensive underwriter re-keying and helping insurers provide a digital interface to a broad range of external systems.
Acturis Group is a leading global insurance software provider with offices in 6 countries and over 850 staff worldwide. In 2019, Acturis entered the Canadian broker software market through its acquisition of the Power Broker platform, one of the largest broker systems in Canada. Acturis is currently launching its market leading Acturis SaaS platform in the Canadian market.
Theo Duchen, Co-CEO of the Acturis Group comments: “We are extremely excited to welcome the Brovada team to the Acturis Group. We have followed Brovada for a long time as the embedded and enterprise-critical nature of the connectivity which Brovada provides is of great importance to the Canadian insurance market.”
David McDonald, Co-CEO of Acturis Group continues: “We already have a very strong partnership with both Willis Towers Watson, through our hosting of WTW’s Radar Live rating software for several clients, and with Brovada, through its comprehensive integration to Power Broker, which this acquisition can only enhance. Furthermore, Brovada is a leading electronic trading player in the Canadian market with an unrivalled understanding of the connectivity between broker systems and insurers. Our acquisition of Brovada will deepen and extend this connectivity and promote electronic trading in the Canadian market, which is a critical theme for brokers and insurers alike. This will significantly expand the Group’s presence in Canada and in the electronic trading domain which is an important area for the Group.”
Duncan Anderson, Insurance Consulting and Technology, Willis Towers Watson adds: “We are extremely happy with the Acturis acquisition of Brovada. Strategically, the Acturis business is strongly aligned to Brovada’s solutions and we are confident that the Brovada business and colleagues will thrive within the Acturis Group. We will continue to work closely with Brovada and the wider Acturis Group on several exciting projects.”
Kim Amaral, Managing Director of Brovada concludes: “The Brovada team and I are absolutely thrilled to be joining the Acturis Group. This is a tremendous opportunity to leverage significant synergies and continue to offer best-in-class solutions to our clients and the Canadian market.”
Acturis is the leading, award winning Software-as-a-Service provider to the insurance industry. The Acturis SaaS platform is an administration, distribution and underwriting platform used by insurance brokers and underwriters.
Acturis operates in the general insurance market, supporting both personal and commercial lines. The company leads the way in real-time integrations with insurers.
The Acturis Group includes:
- Acturis SaaS – the award-winning SaaS platform in the UK General Insurance market used by leading brokers, MGAs and Insurers.
- Acturis Deutschland – the leading provider of insurance price and terms information to the German insurance market and the largest provider of broker administration and trading software in Germany.
- Acturis Canada – the Power Broker system which has a large share of the Canadian Broker market and the Acturis SaaS platform adapted for the Canadian market
- Acturis France – Add Value Assurances, the French leader in commercial lines e-trading with a network of over 3,000 brokers and the Acturis SaaS platform adapted for France.
- NIS – a leading provider of software solutions to the travel insurance, assistance and health insurance markets with customers in more than 40 countries.
- ICE InsureTech – an enterprise-grade modular software solution for the management and processing of insurance claims, policies, billing and rating, with integrated business intelligence and analytics.
For more information, please visit www.acturis.com.
About Willis Towers Watson
Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving more than 140 countries and markets. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.
SOURCE: Acturis GroupTags: Acquisition, Brovada, launch, Software as a Service (SaaS), Willis Towers Watson