Insurance software on the block as private equity looks to cash in – sources
Summary
Montagu is exploring a sale of Open GI, which offers software for insurance brokers to run their operations, in a deal likely to be worth several hundred million pounds, five sources familiar with the matter told Reuters. The sponsor has been working with advisers on a strategic review of the business, in preparation for a formal sale as soon as the second quarter of the year, sources said. In January, Vista Equity Partners agreed a $2.6 billion deal to take U.S.-based Duck Creek Technologies (DCT.O) private, in a sign of investor appetite for the sector. Montagu backed a management buyout of UK-based Open GI in 2014, having previously owned and sold the business to insurance broker Towergate in 2007. It last attempted to sell the business in 2018 and has since strived to transform it into a software-as-a-service (SaaS) platform, which could attract fellow private equity funds with existing investments in the insurance industry, sources said.
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