Private equity firm NexPhase has invested in Insurance Systems Inc. (ISI), a Canada-based provider of enterprise software solutions to the P&C insurance industry, to support the company’s continued growth in its existing markets.
The investment, which terms were not disclosed, will also help position ISI for expansion into adjacent markets and facilitate continued product improvements designed to allow for more integrations, faster implementation and enhanced analytics for new and existing customers.
Founded in 1997, ISI is a Toronto-headquartered policy administration system provider for property and casualty insurance carriers in the US, Canada and globally.
The company’s flagship product, ISI Enterprise, allows insurance carriers to manage the full policy lifecycle, including policy administration, claims, billing, accounting and reinsurance.
According to the announcement, Casey Kretz will continue to serve as CEO of ISI and serve on the company’s Board of Directors.
Joel Killion, Partner at NexPhase, will also be joining the Board, in addition to Bob Gartland and Quint Carr, a Partner and Vice President at NexPhase respectively, as well as Mike Roe, an Operating Partner at NexPhase.
“We are proud to partner with ISI, whose mission-critical software solutions and premier service have made the company a partner-of-choice for customers in the property and casualty insurance industry,” said Killion.
He continued: “With a flexible, highly configurable platform and strong existing industry relationships, ISI is well-positioned for continued growth. We look forward to working alongside Casey and the rest of the highly experienced management team in an effort to continue ISI’s track record of providing a leading platform and excellent service at scale.”
Kretz commented: “At ISI, our mission is to provide configurable solutions to meet the ever-evolving needs of our valued customers. We are pleased to have found the right partner in NexPhase to help us realize ISI’s long-term vision and potential.
“NexPhase has extensive experience growing and supporting businesses in the insurance software industry. The ISI management team and I are excited to work closely with the NexPhase team to continue expanding our offerings, investing in our sales and implementation organizations, and enhancing our scalability.”
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