ICG Group, Inc., announces it has increased its primary ownership in SeaPass Solutions, a provider of web-based insurance distribution solutions to the property & casualty insurance industry, from 38 percent to 52 percent. The ownership increase was achieved by purchasing equity stakes from existing holders for a total of $13 million. ICG is consolidating the financial results of SeaPass beginning December 31, 2012.

SeaPass provides a platform that allows its insurance industry partners to serve all of the insurance needs of their customers, while driving market share, retention and increasing revenue per customer. SeaPass provides access to immediate quotes and expert guidance that helps end customers select the product that best suits their needs.

Using its SaaS-based technology, SeaPass electronically collects the underwriting information required by top-line carriers without the need for the user to know "insurance-ese", and allows customers to view proposals online within minutes.

SeaPass has relationships with partners such as CNA, Liberty Mutual, AIG, Zurich, Chubb, Progressive, Tower, Hanover, Aon, Willis, and Hiscox and serves tens of thousands of customers. With $1.4 billion in premiums flowing through its platform and an enormous untapped market opportunity ahead of it, the company is well-positioned to grow substantially in 2013.

"With a powerful recurring revenue model, innovative SaaS-based platform, a strong management team and deep customer relationships, SeaPass has established an important and valuable position in the marketplace," says Walter Buckley, CEO of ICG. "Consistent with ICG's strategic goal of owning more of our best companies, we are excited to own more of SeaPass, and believe that its compelling value proposition and growth potential will drive significant shareholder value."

"SeaPass is well positioned to continue to help the insurance industry and its customers utilize technology to drive better results," says Eric Gewirtzman, co-founder and CEO of SeaPass. "This transaction represents a strong vote of confidence for the company and the team. ICG has been an invaluable partner and shares our long-term vision for growth and the ability of SeaPass to help transform our industry. We are excited to be an ICG company."

Special Reports /

ICG Increases Ownership Stake in SeaPass Solutions

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