Ebix Inc. (EBIX) has acquired London-based TriSystems Ltd., an online insurance trading hub facilitating commercial insurance and reinsurance transactions between London intermediaries and insurance companies. The TriSystems products and Services would now become a part of the EbixExchange Division of Ebix Europe.
Further, Ebix expects the merger to be immediately accretive to its earnings per share. The company said the transaction was funded completely in cash, and no Ebix shares were issued and no investment bankers were involved.
The TriSystems On-Demand SaaS platform communicates electronic endorsements and placements with underwriters using ACORD messaging over the Lloyd's Exchange together with Accounting and Settlement or A&S and Electronic Claims File or ECF via. the Insurance Market Repository.
TriSystems Business Development Director, Jeff Ward, said, "Ebix's expertise in the insurance industry coupled with its commitment to open architecture and standards will help us provide an even higher level of quality of services to our customer base. It expands our international reach and also offers us access to Ebix's insurance focused staff of approximately 2000 employees."
by RTT Staff Writer
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