Sapiens, an Israeli financial software provider, announced that it has agreed to acquire Florida-based property and casualty insurance software provider Maximum Processing Inc. Maximum's product, the Stingray System, is a modular, web-based platform for policy rating, issuance and administration. Maximum serves small carriers, managing general agents, third-party administrators, and insurance brokers.
“Small carriers remain very active in core system replacement projects and Maximum Processing has had good momentum in this space,” said Karlyn Carnahan, research director, Celent, quoted in the announcement by Sapiens. “This investment by Sapiens will bring additional expertise, resources and relationships to Maximum Processing, driving their product, service and sales momentum, and making an immediate impact in the North American property and casualty market.”