Duck Creek agrees to acquire Prima XL, premier cloud-based solution

KUALA LUMPUR, June 29 (Bernama) -- Duck Creek Technologies, the intelligent solutions provider defining the future of property and casualty (P&C) insurance, has announced agreeing to acquire Prima XL, France-based Prima Solutions’ flagship commercial reinsurance technology solution.

Prima XL will further enhance Duck Creek’s value to current and future customers by simplifying reinsurance management. The transaction terms also include an agreement by Duck Creek to purchase Prima Compliance for Solvency II, a compliance solution which Duck Creek intends to continue offering in the French marketplace.

With the proposed acquisition of these two cloud-based, software-as-a-service (SaaS) solutions, Duck Creek will expand its global operations and local presence in the European (EMEA) and Asia-Pacific-Australia (APAC) regions, retaining core talent and operations in Paris, France to complement the company’s existing operations in the United Kingdom and Spain.

Upon completion of the proposed transaction, dedicated Prima Solutions’ personnel will join Duck Creek to support Prima XL and Prima Compliance sales, customer success, and operations.

The Prima XL reinsurance management solution will be available to insurance organisations operating on Duck Creek systems and systems other than Duck Creek.

In a statement, Duck Creek chief executive officer Mike Jackowski said: “The insurance industry is undergoing a generational modernisation of its technology infrastructure while organisations seek innovative ways to better manage the entire end-to-end insurance cycle in the cloud.

“Core systems for policy, rating, billing and claims are advancing at a rapid pace, and Duck Creek is a well-positioned leader here...by adding Prima XL to our product family, we are focused on accelerating insurance carriers’ technology goals by delivering evergreen, intelligent, cloud-based SaaS solutions that streamline and automate reinsurance operations.”

Julien Victor, CEO of Prima Solutions, would join Duck Creek as managing director, reinsurance management to continue leading the growth and expansion of Prima XL and Prima Compliance under Duck Creek’s stewardship.

For more information, visit www.duckcreek.com.

-- BERNAMA