Acturis, a provider of insurance technology solutions, has received a minority investment from Summit Partners, a growth equity investor.
Financial terms of the transaction were not disclosed.
Acturis, founded in 2000 and headquartered in London, provides technology solutions to general insurance brokers, underwriters and affinity networks in the UK and internationally.
Its administration, underwriting and trading platform is used by more than 7,000 users across 300 sites processing in excess of GBP2bn of gross written premium annually. The company’s customers include Allianz, Axa, Aviva, RSA, Giles, Jelf, Bluefin, Oval, Heath Lambert, Swinton and Willis.
“Acturis has grown rapidly by assuming an important role in the electronic trading of insurance distribution. We are pleased to team up with Summit Partners, with whom we have had a close relationship for some time, to further leverage our success and continued growth strategy in the UK and in Europe,” says Theo Duchen (pictured), co-founder and co-chief executive of Acturis.
Han Sikkens, a principal of Summit Partners who will join the Acturis board of directors, says: “Under the exceptional leadership of Theo Duchen and David McDonald, Acturis has demonstrated rapid growth and counts most of the leading insurers and brokers in the UK as its customers. The highly competitive UK insurance industry continues to seek efficiencies in administration and distribution, and other European markets can also benefit from the Acturis business model; Acturis, with its highly scalable, modern and flexible technology, is ideally positioned to serve this marketplace.”
Arma Partners acted as financial advisor to Acturis on the transaction.
