ICG Group, Inc., announces it has increased its primaryownership in SeaPass Solutions, a provider of web-based insurancedistribution solutions to the property & casualty insuranceindustry, from 38 percent to 52 percent. The ownership increase wasachieved by purchasing equity stakes from existing holders for atotal of $13 million. ICG is consolidating the financial results ofSeaPass beginning December 31, 2012.

SeaPass provides a platform that allows its insurance industrypartners to serve all of the insurance needs of their customers,while driving market share, retention and increasing revenue percustomer. SeaPass provides access to immediate quotes and expertguidance that helps end customers select the product that bestsuits their needs.

Using its SaaS-based technology, SeaPass electronically collectsthe underwriting information required by top-line carriers withoutthe need for the user to know "insurance-ese", and allows customersto view proposals online within minutes.

SeaPass has relationships with partners such as CNA, LibertyMutual, 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 anenormous untapped market opportunity ahead of it, the company iswell-positioned to grow substantially in 2013.

"With a powerful recurring revenue model, innovative SaaS-basedplatform, a strong management team and deep customer relationships,SeaPass has established an important and valuable position in themarketplace," says Walter Buckley, CEO of ICG. "Consistent withICG's strategic goal of owning more of our best companies, we areexcited to own more of SeaPass, and believe that its compellingvalue proposition and growth potential will drive significantshareholder value."

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