Munich Re has acquired 100 percent of the shares of Allfinanz, a software company headquartered in Dublin, for $70.1 million in cash. Allfinanz is a provider of Web-based business processing and underwriting automation software to the life insurance industry.
The acquisition follows on from the implementation of a global marketing and cooperation agreement between Allfinanz and Munich Re, which started earlier this year. By combining Munich Re's expert underwriting rules and reinsurance services with Allfinanz's software solutions, life insurers throughout the world have access to technology that will enable them to process large volumes of business more efficiently.
In addition to increased efficiencies, insurers can expect greater analysis of their business data and processes leading to improvements to the underwriting rules and feedback on many measures impacting insurers' profitability.
Allfinanz will retain its brand and continue to be run as a separate company within Munich Re Group. It currently has a staff of 58 across its offices in Dublin and Sydney.
"Allfinanz is now recognized as a market leader in the delivery of new business processing solutions to the life insurance industry," says David Wall, CEO of Allfinanz.
"We have achieved this through our track record of successful delivery coupled with a sophisticated solution in the market. We will continue to focus our energies on our core competency of technology delivery while now being able to leverage the extensive global reach and risk management from Munich Re."
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