Bothell, Wash.—July 19, 2011
— Vertafore (http://www.vertafore.com
), a leading provider of insurance distribution channel solutions, today announced its acquisition of StoneRiver FSC, Inc. (FSC) (http://www.fscrating.com
) from StoneRiver Group, L.P. FSC, a market leader in California, Arizona and Nevada, delivers insurance rating and management systems to more than 6,500 customers, including independent agents, brokers, insurance carriers and managing general agencies across the country.
"The acquisition of FSC demonstrates our ongoing commitment to delivering point-of-sale solutions that allow independent agents to increase revenue and efficiency by providing faster quoting and better service to their customers,” said Euan Menzies, president and CEO of Vertafore. "In addition, we are particularly pleased to address the need to increase agency sales productivity with the industry’s first sales management system, FSC Pipeline, which is uniquely designed to enable producers to manage their prospects and close business faster.”
For more than 30 years, FSC has offered high-quality solutions for the agency market, including personal lines rating solutions, insurance sales management, carrier website quoting, business-to-consumer rating and agency management systems. In addition, FSC provides a variety of rating, rate comparison, data aggregation and analysis tools, which enable carriers to offer the most comprehensive and competitively priced products to their agents. With this acquisition, the strengths of the two organizations will enable insurance professionals to be better equipped for success, having greater product capabilities and increased access to the best-in-class solutions to improve their bottom line.
“This is an extremely positive move for the insurance industry, as both FSC and Vertafore are dedicated to helping advance rating workflow and connectivity across the insurance marketplace, driving independent agents to sell more business in less time," said Paul Areida, president of FSC. “This acquisition will result in significant synergies that will expand the services we can offer to our customers by providing a larger network and expanded carrier inventory in more geographies.”
The acquisition of FSC reaffirms Vertafore’s commitment to enabling greater productivity throughout the entire insurance lifecycle and is a complement to the strength of Vertafore’s current personal lines rating offerings with its proven PL Rating product. FSC joins the comprehensive, innovative and connected set of solutions offered by Vertafore today, including agency management systems—AMS360 and Sagitta; content management and workflow tools—ImageRight and WorkSmart; information solutions—ReferenceConnect and Producer Plus; comparative rating and connectivity solutions—PL Rating and TransactNOW; and compliance tools—Producer Manager, Producer Express and Compliance Express.
Vertafore is the leading provider of software and information to the insurance distribution channel including independent agents, brokers, MGAs, carriers and reinsurers. Vertafore leverages a unique industry presence to deliver meaningful solutions - powerful technology, critical information and robust insights to help organizations effectively respond to business challenges and capture new opportunities. Vertafore solutions have helped more than 17,000 customers and 500,000 users gain a competitive advantage to accelerate their business performance. For more information about Vertafore, please visit www.vertafore.com.
About StoneRiver Group, L.P.
StoneRiver Group is a holding company that owns several insurance services businesses, including StoneRiver National Flood Services, StoneRiver Insurance Solutions, StoneRiver RegEd, Emerald Connect, StoneRiver Pharmacy Solutions and Progressive Medical. The businesses are operated as separate companies with independent management teams.
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