Insurance Quantified, a property and casualty underwriting technology provider, has acquired Groundspeed Analytics, a data solutions provider for the commercial property and casualty industry.
Groundspeed Analytics was seeking to raise venture capital funding when Insurance Quantified made the initial contact.
“I’d always admired the company, and I found out which firm was helping them raise money and I contacted them,” said Brian Modesitt, CEO of Insurance Quantified. “There really is no market for raising venture capital right now. I think you’ll see us continue to acquire companies, and we’re open for business [to] continue to do that.”
Even as insurtech funding decreased in 2022 from an exceptional year in 2021 ($7.2 billion through September 2022 vs. $17.3 billion in 2021) according to a report by Bain & Company, insurtech acquisitions have continued to accelerate (90 deals through September 2022 vs. 58 deals in 2021), with strategic buyers looking for advanced capabilities in insurtech startups seeking funding.
