AQS, Inc., a provider of policy administration systems for commercial property/casualty insurance, has announced the acquisition of the assets and corresponding personnel of the AscendantOne Policy Management Suite from ISO Insurance Technology Solutions (ISO-ITS), a unit of Insurance Services Office, Inc. (ISO). Terms of the transaction were not announced.
The acquisition gives AQS broader carrier-service options, as the company adds the capabilities of the AscendantOne suite and the associated rate-management capabilities to its current policy administration offerings. As part of the transaction, AQS will obtain the tools used to maintain the ISO Rating Service software. ISO retains ownership of ISO Rating Service and will maintain and support the advisory loss costs, rules, and forms contained in ISO Rating Service.
"Up until this point in our history, AQS has provided commercial lines administration products and services for carriers whose preference was to source the lion's share of product implementation work, development, support, and maintenance to us," says Dave Kerford, CEO of AQS. "This acquisition allows us also to offer carriers a 'self-service' option, enabling them to have the level of control they desire, when they want it, and to have the option to reach self-sufficiency more quickly. The acquisition also extends the AQS suite of offerings to include systems and services in support of carriers that offer personal lines insurance products. Many carriers, including several of our customers, have a need for the 'enterprise solution set' covering both commercial and personal lines, which we now offer."
"At ISO, we want to focus on the delivery of ISO advisory content through the ISO Rating Service platform," says Scott Stephenson, ISO's COO. "We chose AQS to take over the AscendantOne policy system because of the company's technical expertise, insurance domain knowledge, and reputation for excellent customer service. In conjunction with the transaction, we wanted our policy administration customers to be in good hands for the long term. We're pleased to have AQS as a strategic ally."
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