Akur8, an insurance pricing solution, has announced its acquisition of Arius, a P&C reserving software for insurers and reinsurers.
Boasting a “robust” U.S. presence and a reputation for excellence, Arius’s portfolio “includes 150 insurance and consulting clients and over 1,500 users.”
More than one-third of these clients are top-tier carriers in the U.S. and Canada, “reflecting its strong foothold in the Tier 1 and Tier 2 market segments.”
As a partner for insurers, Arius aims to provide comprehensive “reserving capabilities that set industry standards.”
Acquired from Milliman, Inc., a global provider of actuarial, risk management, and technology solutions, the addition of Arius “expands Akur8’s product portfolio and introduces an innovative actuarial platform that significantly amplifies the value delivered to insurance carriers worldwide.”
With the combined strength of Akur8 Pricing and Akur8 Reserving, non-life insurance companies can drastically “improve the speed, accuracy, and reliability of their core actuarial processes, through a comprehensive suite of tools designed to fully support actuaries and underwriters.”
As noted in the update:
“We have been working with Akur8 for five years as they have developed their pricing tool, and over the course of that collaboration we recognized a significant opportunity for Arius to be paired with Akur8’s pricing software,” said Milliman CEO Dermot Corry. “This is a natural extension of Milliman’s existing relationship with Akur8 and should result in benefits for our shared clients. We are particularly grateful for the contributions of our Arius colleagues and wish them the best of luck as part of Akur8’s impressive team. Milliman increased its equity interest in Akur8 as part of the transaction.”
With this new acquisition, Akur8 serves 250+ customers “across 40+ countries, including P&C global carriers AXA, Generali, Munich Re, Mapfre, HDI, Tokio Marine and MS&AD; commercial and specialty P&C insurers TMNAS, FCCI, NEXT, Canopius and Canal; and personal and commercial P&C insurers Sura, Mutua Madrilena, Phoenix, GNP Matmut and Western Reserve Group. Over 3000 actuaries use Akur8 daily to build their pricing models and reserving projections across all lines of business.”
