Acturis Group has announced it has entered into an agreement to acquire Brovada from Willis Towers Watson.
The global insurance software provider entered the Canadian broker software market through its acquisition of the Power Broker platform in 2019.
Brovada is an electronic trading enabler in the Canadian general insurance market, which is used by over 2,000 brokers and most insurers.
Theo Duchen, co-CEO of the Acturis Group, said: “We are extremely excited to welcome the Brovada team to the Acturis Group.
“We have followed Brovada for a long time as the embedded and enterprise-critical nature of the connectivity which Brovada provides is of great importance to the Canadian insurance market.”
Duncan Anderson, head of Insurance Consulting and Technology at Willis Towers Watson, said: “We are extremely happy with the Acturis acquisition of Brovada. Strategically, the Acturis business is strongly aligned to Brovada’s solutions and we are confident that the Brovada business and colleagues will thrive within the Acturis Group.
“We will continue to work closely with Brovada and the wider Acturis Group on several exciting projects.”
Kim Amaral, managing director of Brovada, said: “The Brovada team and I are absolutely thrilled to be joining the Acturis Group.
“This is a tremendous opportunity to leverage significant synergies and continue to offer best-in-class solutions to our clients and the Canadian market.”