Thomas H. Lee Partners, L.P. ("THL"), a leading private equity firm, and French-owned Sword Group (NYSE Euronext: SWP) announced today that they have signed a definitive agreement under which THL will acquire Sword Insurance, a leading global provider of software and services to the property and casualty insurance industry, from Sword Group.
The transaction is expected to close next month, subject to regulatory approvals. Additional terms of the transaction were not disclosed.
"We are very proud of the leadership position we've established in both the US and the UK," said Steve Hauck, Co-CEO of Sword Insurance. "Much of our expanded geographic footprint, growing blue chip customer base and diversified product set is attributable to Sword Group's support over the last year and a half. We are excited to partner with THL, a firm with a proven track record in both insurance and technology and deep experience in helping companies accelerate growth through providing exceptional service. THL will support us in realising our vision to support a greater portion of our customers' complex technology needs as we strive to become a top 5 global technology vendor."
"Sword Insurance's leading products, AgencyPortal and Open+, are best-in-class products and integral components of an insurance carrier's technology solution. We believe that there is an enormous market opportunity available through continued investment in customer service and expanded product solutions to meet insurance carriers' evolving technology needs," said Charles A. Brizius, Managing Director at Thomas H. Lee Partners.
"We developed an extremely successful relationship with Sword Insurance and are proud of the company's performance," said Jacques Mottard, Executive Chairman of the Sword Group. "We are pleased that this transaction recognises the company's value as a leading provider of software and services to insurance carriers and are confident of their future success."