Symbility Solutions Inc., a subsidiary of Automated Benefits Corp., and Marshall & Swift/Boeckh, a subsidiary of Decision Insight Information Group, announce they have entered into an agreement under which Symbility will acquire MSB’s claims division in exchange for the issuance to Decision Insight of 30 percent of Automated Benefits’ common shares.
Highlights of the deal include:
- Symbility and MSB will integrate their complementary property claims workflow software, claims loss estimating solutions, and process analytics.
- Symbility is acquiring MSB’s claims division, including contracts, employees, software, and analytics assets. In consideration for these assets and a cash investment, MSB’s parent company, Decision Insight Information Group, will become the largest shareholder of Automated Benefits Corp., with a one-third equity stake.
- MSB also is entering into a long-term strategic license agreement with Symbility to integrate MSB’s claims estimation data into Symbility’s mobile claims software.
- Decision Insight is a TPG Capital portfolio company and representatives of both organizations will join the Automated Benefits’ board of directors.
“Bringing together Symbility’s leadership in workflow and property estimating technologies with MSB’s 80 years of expertise in property cost data and analytics under a single corporate structure will allow us to leverage the specific strengths of each company to offer the market a new choice,” says James Swayze, CEO of Symbility Solutions. “We are extremely excited to be adding a team of claims industry professionals with decades of experience and subject matter expertise.”
“Joining forces with Symbility will accelerate our growth in the claims market and complement our underwriting franchise,” says Chris Cartwright, CEO of MSB and Decision Insight Information Group. “The integration of MSB’s data solutions with Symbility’s technology solutions supports our strategy to be the premier enterprise information, analytics and workflow provider for property insurers. We believe this
innovative, market-driven solution will provide the best option for property insurers to manage their operations effectively.”