Global private equity firm General Atlantic has backed insurance technology company Insurity with an undisclosed investment.
The firm joins TA Associates and Genstar Capital as an investor in the business.
Insurity says it enables property & casualty insurers to modernise their enterprise and achieve their business goals.
It provides a suite of innovative software and analytics solutions spanning policy administration, claims, billing, reinsurance, and data integration to property and casualty insurers.
The company claims to be in production with over 175 insurers, including many of the largest carriers in the US.
General Atlantic principal Paul Stamas said, “Insurity has become a leading solutions provider as carriers seek to replace obsolete or disjointed legacy systems with integrated, scalable end-to-end solutions.
“We are excited to partner with them to continue to drive growth and create value for their clients.”
As part of the deal, Stamas will join Insurity’s board of directors.
General Atlantic has made a number of previous investments in the financial services sector including wealth management platform IIFL, payments business BillDesk, payments processing provider Network International, and online retail broker Optionshouse, among others.
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