Xceedance, which offers technology, consulting and data solutions for the insurance industry, has acquired Millennium Information Services (MIS), a US-based property inspection and data analytics company.
This move is set to bolster Xceedance’s underwriting support and analytics capabilities across North America.
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Financial terms of the acquisition were not disclosed.
As part of the transaction, MIS will be integrated into Xceedance’s Americas division, with an addition of around 200 team members.
The integration will also add to Xceedance’s Americas division a contractor network comprising more than 1,300 inspectors from MIS.
This acquisition marks a significant step in Xceedance’s strategy to enhance its services in personal lines and lays a foundation for offering advanced inspection and data analytics solutions to commercial carriers, insurers and managing general agents (MGAs).
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By GlobalDataSince its establishment in 1991, MIS has been offering property and casualty (P&C) insurers new methods to collect, manage and utilise a vast array of inspection data.
The company said it performs more than one million inspections, including commercial, residential, and farm, annually, servicing more than 80 insurance carriers and MGAs.
MIS features a comprehensive portfolio of nearly 15 million inspections across all 50 US states, providing advanced inspection services, technology and in-depth analytics.
The company has amassed hundreds of millions of data points related to specific risk hazards and property conditions, which are set to drive innovation on its proprietary MAPS software platform, enhancing decision-making, workflow management and data analytics.
Morgan Partners was the exclusive financial advisor for MIS throughout the acquisition process.
Xceedance CEO Arun Balakrishnan said: “Pairing our deep insurance operational expertise with Millennium’s inspection capabilities and MAPS platform creates the most powerful, analytics-driven offering in the market.
“Our combined team in the Americas will now support more than 200 clients. We are excited to share the benefit of more real-time data and analysis to consider property risks with clients.
“But even more, we are eager to innovate and accelerate the development of tools and services that will drive improved carrier results as underwriters are empowered to make more informed, better decisions.”
MIS president Scott Dismeier added: “At Millennium, we are focused on changing both the way property inspections are done and the value garnered by our clients of the data gathered by leveraging technology, as well as developing new ways to use historical and predictive inspection information for better risk management.”
