Deal positions software house for global expansion
Software house Acturis has bought Nordic Insurance Software (NIS) as it looks to grow from overseas expansion and into more areas of the supply chain.
NIS specialises in travel and assistance, expatriate and health insurance. It is headquartered in Copenhagen and most of its revenue comes from outside the UK. NIS’s client base spans the entire travel insurance supply chain, with the system used by insurers, brokers, claims handlers and assistance companies.
By contrast, most of Acturis’s 10,700 users are insurance distributors and based in the UK.
The acquisition will increase Acturis’s turnover by between 10% and 20%.
The takeover was funded by Acturis’ cash reserves and senior managers of NIS have become significant shareholders in Acturis.
Acturis co-chief executive David McDonald said: “We have been actively engaged in expanding our footprint beyond the UK for some time.
“The combination of Acturis and NIS will provide us with new and exciting international growth opportunities.”
Acturis’s system is used in the UK to place more than £4bn gross written premium across mainstream commercial and personal lines. Its customers include Allianz, AXA, Aviva, Direct Line Group, QBE, RSA, LV=, AIG, Arthur J Gallagher, Jelf, Bluefin, Oval, Swinton, Marsh and Willis.
Acturis has grown by 30% per year for the past five years.