LONDON : European buyout houses Montagu Private Equity and Astorg Partners are preparing to hang the 'for sale' sign on their UK insurance software investments, hoping to woo insurers and fellow private capital funds with their technology.Montagu is exploring a sale of Open GI, which offers software for i
LONDON : European buyout houses Montagu Private Equity and Astorg Partners are preparing to hang the"for sale" sign on their UK insurance software investments, hoping to woo insurers and fellow private capital funds with their technology.
London-based rival Acturis, minority-backed by Astorg, is also getting ready for a sale, which may formally kick off in the latter part of 2023, three of the sources said.Private equity funds were investing in insurance IT suppliers long before a new breed of so-called 'InsurTech' companies started to emerge in the second half of the last decade with a mission to displace traditional insurers.
Montagu backed a management buyout of UK-based Open GI in 2014, having previously owned and sold the business to insurance broker Towergate in 2007. Open GI could be worth up to 12 times its expected core earnings of more than 30 million pounds expected for 2023, two sources said.
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