Insurance Quantified acquires Groundspeed Analytics

Insurance Quantified, a P&C underwriting technology provider, has acquired Groundspeed Analytics, a provider of ingestion and data solutions for the commercial P&C industry.

Groundspeed publicly disclosed $32 million in funding since its inception in 2015. Some of Groundspeed’s customers include Aon, Travelers, Liberty Mutual, The Hartford and Swiss Re. Groundspeed has been searching for a buyer for some time as they were having trouble raising further money. Its annual revenue was in the $7-10 million range as of a ~year ago.

Insurance Quantified’s end-to-end underwriting workbench, SubmissionIQ, and Groundspeed’s ingestion and data solution will continue to be offered separately. The combined company also expects to expand its SaaS technology capabilities and data offerings for the commercial P&C industry.

Eric Kobe will join the Insurance Quantified leadership team. Insurance Quantified will also open an office in Ann Arbor, Michigan, where Groundspeed was founded.

“This is a powerful combination. We look forward to leveraging our collective strengths to deliver even greater value to our clients, which together include more than 15 of the most innovative and respected carriers and MGAs in the insurance industry. With the company’s size, breadth, and backing from Two Sigma, Insurance Quantified stands alone as a trusted partner that the industry can count on over the long term for underwriting technology.” – Brian Modesitt, CEO of Insurance Quantified.

“By combining forces, we are able to accelerate delivery of our product roadmap. We are excited about the possibilities this acquisition brings to provide enhanced solutions to our valued customers with strong financial backing to execute on our long-term vision.” – Eric Kobe, CEO of Groundspeed Analytics.

We reached out to Insurance Quantified for a comment.