Akur8 and Arius senior team members. Credit: Akur8.

Insurtech Akur8 has acquired reserving solution provider Arius from Milliman to bolster its actuarial platform and extend its global footprint.

Arius is a property and casualty (P&C) reserving software, which is utilised by insurers and reinsurers to manage risk and enhance financial performance.

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Financial details of the acquisition remain undisclosed.

Arius is used by 150 insurance and consulting clients, with more than 1,500 users.

Akur8 noted that over one-third of these clients are top-tier carriers in the US and Canada.

The integration of Arius into Akur8’s offerings will expand the company’s product portfolio and introduce an advanced actuarial platform that enhances the value delivered to insurance carriers globally, it added.

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The combined capabilities of Akur8 Pricing and Akur8 Reserving are expected to enable non-life insurance companies to improve the speed, accuracy, and reliability of their core actuarial processes.

This suite of tools is designed to support the work of actuaries and underwriters. 

Akur8 CEO Samuel Falmagne said: “The insurance industry faces increasingly complex challenges, necessitating advanced solutions. Actuaries and insurance professionals must navigate changing regulatory environments and ensure accurate reserving while managing risk and maintaining profitability.

“The Arius acquisition effectively addresses these concerns and is a significant milestone for Akur8. It strengthens our market standing, expands our product portfolio and customer base, and reinforces our strong relationship with Milliman.”

Following the acquisition, Akur8 now serves over 250 customers in more than 40 countries.

Its clients include global P&C carriers AXA; Generali; Munich Re; and Tokio Marine, commercial insurers TMNAS; FCCI; and Canopius, and personal insurers Mutua Madrilena; Phoenix; and Sura.

In July, Millennial Specialty Insurance selected Akur8’s solution to improve its pricing capabilities across personal lines of business.