SunGard has announced that it is to acquire the Prophet system from Deloitte & Touche LLP-UK, subject to approval from the Securities and Exchange Commission.
Prophet is an integrated suite of actuarial systems providing a range of advanced facilities for profit testing, valuation and model office work, and its associated life insurance libraries.
The transaction, the terms of which were not disclosed, is not expected to have a material impact on SunGard's financial results.
Once acquired, Prophet will be integrated within SunGard's Sherwood Systems business unit, complementing other Sherwood solutions such as Amarta, a life insurance, pensions and annuity administration system.
Gavin Lavelle, chief executive of SunGard Sherwood Systems, said: "Stringent compliance issues have created a new demand for market participants to embrace technology solutions.
"Through the acquisition of Prophet and by continued expansion of our full range of solutions, SunGard is underlining its commitment to help the insurance industry meet customer demands and maintain its competitive edge."
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
