Pat Durepos, a well-known Canadian broker in the insurance tech space, is a key figure in a management buyout at Hubio Exchange, the Canadian division of Hubio Exchange has announced.
Hubio Exchange has provided industry tech solutions to Canadian insurers for more than 15 years. It is currently working on developing accelerator solutions to facilitate regulatory reporting.
Durepos, the head of Keal Technology, is to become a shareholder in the newly incorporated acquirer, operating as Hubio Technology. He is expected to play a critical role in guiding Hubio Technology in the development of enhanced broker connectivity solutions.
“The large market potential for the company’s regulatory reporting solutions that are tied to Guidewire, combined with the proven broker connectivity solutions, drew me to invest in the buyout,” Durepos said in a statement. “The faith I have in the talented senior management and overall team was extremely important for me. I am so pleased to have the opportunity to work with this group of expert individuals.”
Phil Henville, also an investor in Hubio Technology, will become president and CEO. Henville will lead the company as it focuses on core solutions such as an insurtech digital platform, connectivity solutions with insurers, brokers and third-party data sources, regulatory reporting and data management.
Hubio Technology will continue Hubio Exchange’s focus on North American markets, and is building upon the ongoing development of its technology, including the cloud readiness of its core solutions. Plans are also in place to launch its regulatory product into the United States, drawing upon its leading market position in Canada.
The finalized management buyout closed on Dec. 31, 2017.