Today Acturis Group announced that it has entered into an agreement to acquire Brovada from Willis Towers Watson.
Brovada is a leading electronic trading enabler in the Canadian general insurance market used by over 2,000 brokers and most insurers. Brokers use the BrovadaOne Connectivity product to enable digital communication from their broker management system straight to the insurer’s portals, creating significant efficiencies for brokers and insurers alike.
For Insurers, the BrovadaOne product enables insurers to digitally connect with a multitude of different broker systems, avoiding expensive underwriter re-keying and helping insurers provide a digital interface to a broad range of external systems.
Acturis Group is a leading global insurance software provider with offices in 6 countries and over 850 staff worldwide. In 2019, Acturis entered the Canadian broker software market through its acquisition of the Power Broker platform, one of the largest broker systems in Canada. Acturis is currently launching its market leading Acturis SaaS platform in the Canadian market.
Theo Duchen, Co-CEO of the Acturis Group comments:
“We are extremely excited to welcome the Brovada team to the Acturis Group. We have followed Brovada for a long time as the embedded and enterprise-critical nature of the connectivity which Brovada provides is of great importance to the Canadian insurance market.”
David McDonald, Co-CEO of Acturis Group continues:
“We already have a very strong partnership with both Willis Towers Watson, through our hosting of WTW’s Radar Live rating software for several clients, and with Brovada, through its comprehensive integration to Power Broker, which this acquisition can only enhance. Furthermore, Brovada is a leading electronic trading player in the Canadian market with an unrivalled understanding of the connectivity between broker systems and insurers. Our acquisition of Brovada will deepen and extend this connectivity and promote electronic trading in the Canadian market, which is a critical theme for brokers and insurers alike. This will significantly expand the Group’s presence in Canada and in the electronic trading domain which is an important area for the Group.”
Duncan Anderson, Insurance Consulting and Technology, Willis Towers Watson adds:
“We are extremely happy with the Acturis acquisition of Brovada. Strategically, the Acturis business is strongly aligned to Brovada’s solutions and we are confident that the Brovada business and colleagues will thrive within the Acturis Group. We will continue to work closely with Brovada and the wider Acturis Group on several exciting projects.”
The Brovada team and I are absolutely thrilled to be joining the Acturis Group. This is a tremendous opportunity to leverage significant synergies and continue to offer best-in-class solutions to our clients and the Canadian market.Kim Amaral, Managing Director, Brovada