Utilant Plans to Accelerate Global Growth and Expand Presence Within Insurance Marketplace with Significant Investment
BUFFALO, N.Y.--(BUSINESS WIRE)--Feb 25, 2019--Utilant, a market leader in loss control inspection and survey management software for underwriting and risk management for P&C insurers, announced today that Aquiline Technology Growth (ATG) has made a significant Series A investment in the company.
Founded in 2005, Utilant has become a leading provider of technology to the insurance industry through its LossControl360 SaaS solution. Utilant’s mission is to create technology solutions that make the risk management and underwriting processes more efficient. Utilant’s LossControl360 platform is designed to make the insurance risk management process more streamlined and accurate to help underwriters make better policy decisions.
This investment round will fuel Utilant’s global expansion and further strengthen its LossControl360 platform to leverage artificial intelligence and data analytics.
“The business landscape is evolving for insurance carriers striving for leadership in a competitive environment that requires precision and is driving the use of transformative technologies. The Utilant team is creating the technology to ensure that carriers capture the risk of underwriting in the most accurate and scalable way possible,” said Patrick Davis, founder and CEO of Utilant. “We partner with our P&C carrier customers to ensure that the LossControl360 SaaS platform is advancing their goals. ATG, given their insurance and operational expertise, is the perfect partner to help capture this opportunity and drive further growth.”
ATG’s investment comes during an exciting time in the marketplace and supports the opportunity for Utilant to further its leadership with P&C carriers and inspection services vendors. ATG is managed by Aquiline Capital Partners and is the firm’s dedicated early and growth stage fund, investing in technology companies that are bringing innovation to the insurance and financial services ecosystems.
“Utilant has emerged as a leader in the loss control solutions market and is poised for growth given the company’s established domain expertise and flexibility of its solution, and the ever-increasing demand for advanced technologies and automation,” stated Jeff Greenberg, Chairman and Chief Executive Officer of Aquiline Capital Partners.
“We are excited to work with the management team of Utilant to help further its market leadership and respond to the growing global demand for a scalable solution through a unified technology platform that manages underwriter and policyholder customer interactions,” said Michael Cichowski of ATG. As part of the investment, Mr. Cichowski will join the Utilant board of directors.
Utilant’s LossControl360 platform is used by leading insurers around the world, as well as by top inspection vendor survey companies across North America. The company is focused on risk management and loss control software solutions for P&C insurance carriers. The LossControl360 platform helps insurers to efficiently survey and score risks for an efficient underwriting process across all lines of commercial and residential business. A typical implementation provides positive ROI within the first year. More information on Utilant and LossControl360 is available at http://www.utilant.com and http://www.losscontrol360.com.
About Aquiline Technology Growth
Aquiline Technology Growth (ATG) seeks to invest in early- and growth-stage technology companies that are bringing innovation to the insurance and financial services ecosystems. ATG is managed by Aquiline Capital Partners, a private equity firm based in New York and London investing in businesses globally across the financial services and technology sector. The ATG team has experience in technology and financial services and is supported by its colleagues at Aquiline, strategic partners, and an active group of industry Executive Advisors. For more information on ATG, visit http://www.aquiline.com/atg.
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For Utilant and Aquiline Technology Growth:
Alex Yankus / Harry Mayfield
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE OTHER TECHNOLOGY PROFESSIONAL SERVICES INSURANCE
SOURCE: Aquiline Technology Growth
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PUB: 02/25/2019 08:00 AM/DISC: 02/25/2019 08:01 AM