Integration of insurance software house on hold pending completion of review
The Competition and Markets Authority (CMA) is to review outsourcing firm Xchanging’s July acquisition of insurance software house Agencyport’s European operations.
Xchanging said the review is intended to confirm that “there is no substantial lessening of competition in the market” as a result of the acquisition.
Integration of Agencyport Europe into Xchanging will be put on hold until the CMA completes its review, expected to be in November.
Xchanging completed the Agencyport Europe acquisition on 4 July.
Agencyport Europe is headquartered in London and provides software to the property, casualty and health insurance markets.
Xchanging intends to rebrand Agencyport under its Xuber name, which it uses for its insurance software products.