Bringing the Best Reserving Solution In-House for Unmatched Innovation
PARIS, NEW YORK and ATLANTA, Sept. 09, 2024 (GLOBE NEWSWIRE) -- Akur8, the next generation insurance pricing solution powered by transparent machine learning, is thrilled to announce its acquisition of Arius®, an award-winning P&C reserving software for insurers and reinsurers, known for its innovative tools and methodologies that help insurers manage risk and improve financial performance. Boasting a robust U.S. presence and a reputation for excellence, Arius’s portfolio includes 150 insurance and consulting clients and over 1,500 users. More than one third of these clients are top-tier carriers in the U.S. and Canada, reflecting its strong foothold in the Tier 1 and Tier 2 market segments. As a trusted partner for insurers, Arius® offers comprehensive reserving capabilities that set industry standards.
Acquired from Milliman, Inc., a premier global provider of actuarial, risk management, and technology solutions, the addition of Arius® expands Akur8’s product portfolio and introduces an innovative actuarial platform that significantly amplifies the value delivered to insurance carriers worldwide. With the combined strength of Akur8 Pricing and Akur8 Reserving, non-life insurance companies can drastically improve the speed, accuracy, and reliability of their core actuarial processes, through a comprehensive suite of tools designed to fully support actuaries and underwriters.
Management Comments
Samuel Falmagne, CEO at Akur8
“The insurance industry faces increasingly complex challenges, necessitating advanced solutions. Actuaries and insurance professionals must navigate changing regulatory environments and ensure accurate reserving while managing risk and maintaining profitability. The Arius acquisition effectively addresses these concerns and is a significant milestone for Akur8. It strengthens our market standing, expands our product portfolio and customer base, and reinforces our strong relationship with Milliman. Our ultimate vision is a fully integrated, next generation pricing and reserving platform that redefines actuarial best practices and combines the strengths of both Akur8 pricing and Arius, providing a best-in-class, comprehensive platform that elevates business performance and competitiveness. We are delighted to welcome the Arius team to the Akur8 family and know that together we will deliver even greater value to our clients.”
Ken Scalf, Principal, P&C Insurance Software Solution at Arius®
“This acquisition combines Arius’s strength in reserving with Akur8's cutting-edge approach to pricing, empowering us to deliver more comprehensive and forward-thinking solutions to our clients. Together, we can drive significant advancements in the actuarial field and better meet the evolving needs of insurers worldwide.”
Charles Hoffman, Principal & Director of Software Development at Arius®
“Joining forces with Akur8 enables Arius to benefit from their SaaS and AI expertise, accelerating our product development and driving greater innovation for our clients. We're excited to embark on this new chapter together.”
Dermot Corry, CEO at Milliman
“We have been working with Akur8 for five years as they have developed their pricing tool, and over the course of that collaboration we recognized a significant opportunity for Arius to be paired with Akur8’s pricing software,” said Milliman CEO Dermot Corry. “This is a natural extension of Milliman’s existing relationship with Akur8 and should result in benefits for our shared clients. We are particularly grateful for the contributions of our Arius colleagues and wish them the best of luck as part of Akur8’s impressive team. Milliman increased its equity interest in Akur8 as part of the transaction.”
About Akur8
With this new acquisition, Akur8 serves 250+ customers across 40+ countries, including P&C global carriers AXA, Generali, Munich Re, MAPFRE, HDI, Tokio Marine and MS&AD; commercial and specialty P&C insurers TMNAS, FCCI, NEXT, Canopius and Canal; and personal and commercial P&C insurers Sura, Mutua Madrilena, Phoenix, GNP Matmut and Western Reserve Group. Over 3000 actuaries use Akur8 daily to build their pricing models and reserving projections across all lines of business.
About Milliman
Milliman is among the world's largest providers of actuarial, risk management, and technology solutions. Their consulting and advanced analytics capabilities encompass healthcare, property & casualty insurance, life insurance and financial services, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe. Visit us at milliman.com.
Media Contact:
Heide Sacher
Head of Marketing for US
Akur8
908-977-6526
heide.sacher@akur8.com
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