Fiserv Inc. (Nasdaq: FISV) announced today that it has acquired InsureWorx, a leading provider of core processing software solutions for workers' compensation, commercial property and casualty (P&C) and risk administration organizations.
InsureWorx, headquartered in Oakland, Calif., will become part of Fiserv Insurance Solutions. This acquisition further reinforces Fiserv Insurance Solutions as the premier provider in the commercial insurance market, delivering best-in-class P&C and workers' compensation solutions.
Fiserv's new P&C solutions operation will provide technology solutions and professional services to more than 60 of the largest workers' compensation carriers and state funds in North America. Gary Sherne, CEO of InsureWorx, will assume the role of president of Fiserv's P&C solutions operation, leading an organization that combines the talents of more than 600 insurance technology professionals. InsureWorx realized $43 million in revenues in 2005. Other details of the transaction were not disclosed.
Jeff Yabuki, president and CEO of Fiserv Inc., said: "Fiserv is expanding our commitment to the insurance industry. The addition of InsureWorx enhances our capabilities in the important workers' compensation segment. The InsureWorx team brings a critical blend of insurance knowledge and technology expertise that will serve to expand Fiserv's client relationships and further accelerate our growth strategy."
"We are impressed with the market credibility and client focus that InsureWorx has achieved," said Terry Wade, president of Fiserv Insurance Group. "The leadership team has built a company with a strong track record of customer loyalty and satisfaction, financial performance and consistent growth."
"Fiserv's goal is to be the preferred technology solutions provider to the P&C market," said Sherne. "We are combining great people and solutions into a single team to serve our customers with an end-to-end capability that is unmatched. I am very excited to join the Fiserv team to create this market leader."