RGA's innovation unit acquires LOGiQ3 Group

RGAx, the innovation and digital business unit of Reinsurance Group of America, will acquire Toronto-based LOGiQ3 Group, a company that provides technology, consulting, and outsourcing solutions to the North American life insurance and reinsurance industry.

The LOGiQ3 Group includes LOGiQ3 Corp, APEXA, Cookhouse Lab, and Tindall Associates (TAI). RGA said it wants to expand its technology and service offerings to the insurance industry.

Following the deal, the LOGiQ3 Group will maintain a separate operation and retain employees in their current roles in its US, Canada, and the UK offices. The transactions are expected to close during the first quarter of 2018.

Dennis Barnes, chief executive officer of RGAx, said: “The team at LOGiQ3 Group are proven industry leaders and innovators with a mission, culture, customer focus, and values that closely align with those of RGAx. The combined business platforms of LOGiQ3 Group and RGAx will provide a powerful suite of technology and service offerings across the insurance industry value chain.”

LOGiQ3 Corp. specialises in consulting and outsourcing services for life insurance underwriting, claims, and life and health reinsurance administration. APEXA delivers a centralised online solution for advisor contracting and compliance in Canada. Cookhouse Lab, a joint venture with msg global solutions, aims to accelerate insurance innovation by bringing the industry together through an open and collaborative model. TAI is the US market leader in reinsurance software and consulting services with over 30 years of experience. In a related transaction, RGAx will also acquire the remaining ownership stake in TAI held by msg global solutions.

Chris Murumets, co-founder and chief executive officer of LOGiQ3, said: “This acquisition is a strong indicator that LOGiQ3 Group’s innovative insurance services will continue to expand and add value to our existing and future customers. RGAx supports our commitment to provide services that ultimately drive positive change in the industry.”

Simon Bell, co-founder and chief executive officer of LOGiQ3, added: “We have a vision of making insurance simpler, better, and remarkable. Together, we will be an extraordinary force, bringing new perspectives and helping to solve some of the challenges faced by the industry today.”

Join us at Intelligent Automation in Insurance - London 2018.  Book by Jan 31st and you could save £400.

More of today's news

US tax cuts hit insurers in Q4 but offer long-term gains

AXIS receives Lloyd's approval to manage Novae and SPS syndicates

Fidelis promotes to appoint CUO of Fidelis Underwriting

XL Catlin boosts EMEA M&A unit with two hires

IT specialist Mphasis launches blockchain offering for insurers

Ethos hires head of property from Liberty International

Willis Re attempts to add ‘silent cyber’ to risk model

Coverys Managing Agency poaches Argo Global CRO

CNA hires Chubb exec to lead financial institutions practice

Don't miss our insurtech email newsletter - sign up today