RGAx to Acquire LOGiQ3 Group
RGAx, a subsidiary of RGA announced that it has agreed to acquire LOGiQ3 – a group of companies that provides technology, consulting, and outsourcing solutions to the North American life insurance and reinsurance industry . The LOGiQ3 Group includes LOGiQ3 Corp., APEXA, Cookhouse Lab, and Tindall Associates Inc.
LOGiQ3 specializes in consulting and outsourcing services for life insurance underwriting, claims, and life and health reinsurance administration. APEXA delivers a centralized online solution for advisor contracting and compliance in Canada. Cookhouse Lab, a joint venture with msg global solutions, aims to accelerate insurance innovation by bringing the industry together through an open and collaborative model. TAI is the U.S. market leader in reinsurance software and consulting services with over 30 years of experience. In a related transaction, RGAx will also acquire the remaining ownership stake in TAI held by msg global solutions.
“The combined business platforms of LOGiQ3 Group and RGAx will provide a powerful suite of technology and service offerings across the insurance industry value chain “ – Dennis Barnes, CEO of RGAx
“This acquisition is a strong indicator that LOGiQ3 Group’s innovative insurance services will continue to expand and add value to our existing and future customers. RGAx supports our commitment to provide services that ultimately drive positive change in the industry” – Chris Murumets, cofounder and CEO of LOGiQ3.
LOGiQ3 Group, with approximately 100 employees in the US, Canada, and the U.K., will maintain a separate operation and retain employees in their current roles. The transactions are expected to close during the first quarter of 2018. Additional terms of the transactions, including the sale prices, are not being disclosed. For more information about the LOGiQ3 Group of companies, please visit www.logiq3group.com.
