Corsair Capital, a private equity firm focused on the financial services industry, has acquired RGI, a provider of core software solutions to the insurance market.
This investment underscores Corsair Capital’s commitment to the attractive and growing insurance technology industry. RGI provides insurers with a comprehensive and modular offering which addresses core insurance processes including policy administration, claims, analytics, market management, reporting and sales and distribution. Serving Property & Casualty and Life insurance clients, PASS_Insurance, RGI’s flagship software suite, is a one-stop solution for insurance providers.
RGI has an international customer portfolio comprising more than 200 installations across more than 100 insurance and corporate clients of all tiers. In addition, RGI also provides services to more than 300 brokers.
The transaction includes the sale by Ardian of its entire investment in the Company. Under the terms of the acquisition, RGI’s management team will roll a significant portion of their equity, and ownership of RGI will be significantly extended to additional members of the management team.
Corsair Capital Managing Director, Raja Hadji-Touma, says: “We believe that the insurance industry has an increasing need for high quality core system solutions that help insurers streamline and digitise business critical processes. RGI’s comprehensive and modular offering has been widely recognized by clients and industry participants as a leading solution in the insurance market. We are looking forward to working hand-in- hand with management to further develop and expand RGI’s business opportunities internationally through our long-term strategic investment.”
Vito Rocca, Chief Executive of RGI, says: “We are excited to have Corsair Capital as a partner and main shareholder. Throughout its history, RGI has been shaping the insurance industry as a digital influencer and we are confident that Corsair Capital will continue to foster our expansion into new markets and help us to continue to deliver excellent service to our customers.”
Paolo Bergonzini, Head of Ardian Expansion Italy, says: “We have supported with passion the development of RGI’s business over the last three years. Together we reached many successes, also thanks to RGI leadership in the reference sector and to its top management, with whom we have always had a relationship of trust and collaboration.”
Terms of the transaction have not been disclosed.
