Ebix Acquires Brazil's Insurance Exchange

Ebix, Inc., an international supplier of on-demand software and e-commerce services to the insurance industry, has signed an agreement to acquire Rio de Janeiro-based Insurance Exchange - USIX Technologies, Inc.

USIX Technologies is a provider of exchange solutions for the insurance industry in Brazil, specializing in Internet interface solutions for insurance companies and their agents. USIX's portfolio of exchange solutions includes; pricing, multi-quoting for brokers, underwriting, contract binding, and broker-system solutions. The solutions are used in the auto, property, and life (individual and group life) sectors of the insurance industry in Brazil.

USIX is presently in the process of implementing an on-demand exchange based broker system solution for the thousands of brokers of Bradesco Seguros. The solution is targeted to be deployed across 30,000 brokers of Bradesco.

In total, the Brazilian insurance industry comprises around 140 companies, which range from small locally-owned companies to large multi-national organizations. Currently the total insurance market revenue is over $57 billion.

This industry has been growing over the last five years at a 12percent to 15 percent average yearly growth rate. The life and retirement annuities sector alone has grown at an average rate of 25 percent per annum. This acquisition marks Ebix's entry into one of the fastest growing property/casualty and life insurance exchange markets in the world. Ebix already runs an annuity portability exchange in Brazil that is utilized by 40 different life insurance companies today.

Robin Raina, president & CEO of Ebix, Inc., says, "Brazil is one of the fastest growing insurance markets in the world today and we are keen to position ourselves early in this market. USIX has a solution set that has become the engine of distribution of sales for many large carriers today in Brazil. USIX has on-Demand Exchange solutions that fit in tightly with our other solutions. They have a committed customer base with a strong growing revenue stream. In addition, they have solutions that can be deployed in other Latin American countries. All of that is clearly a great complement to our existing business today in Brazil."