RGAx, a subsidiary of Reinsurance Group of America, has acquired a group of companies providing technology, consulting and outsourcing solutions to the North American life and reinsurance industries – including two Canadian organizations.
On Jan. 8, RGAx announced the acquisition of the LOGiQ3 Group, which includes LOGiQ3 Corp., APEXA, Cookhouse Lab and Tindall Associates Inc. (TAI).
APEXA offers a centralized online solution for advisor contracting and compliance in Canada, while Toronto-based Cookhouse Lab describes itself as an “insurtech open innovation lab.”
The acquisition is expected to close during the first quarter of 2018. Additional terms of the transactions, including sale prices, are not being disclosed.
In a related transaction, RGAx will also acquire the remaining ownership stake in TAI held by msg global solutions.
LOGiQ3 Group has approximately 100 employees in the United States, Canada and the United Kingdom. It will maintain a separate operation and retain employees in their current roles.
In Canada, RGA has offices in Montreal and Toronto, which serve both RGA Canada and RGA International. ³³ has offices in Toronto, Chicago and the United Kingdom.
Lynn Phillips, vice president of corporate communications with RGAx, told Canadian Underwriter that LOGiQ3 is a “strong strategic, tactical and cultural fit” with RGAx, as well as RGA’s traditional businesses.
“This acquisition will help RGAx to diversify its earnings sources to include non-reinsurance models; to expand offerings to fit a broader part of the insurance industry value chain; and to become the partner of choice in the insurance innovation ecosystem,” she said.
For Cookhouse Lab specifically, it also “aligns with RGAx’s strategies, acting as an innovation incubation laboratory for experts and creative thinkers to develop solutions for the important challenges in the insurance industry.”
Dennis Barnes, chief executive officer at RGAx, added in the release that “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.”