Correction: Genstar Capital bought the insurance software business unit of LexisNexis Risk Solutions, which remains part of information publisher Reed Elsevier.
San Francisco equity investor Genstar Capital has expanded its Connecticut business portfolio, completing its buyout of the insurance software business from Hartford’s LexisNexis Risk Solutions, rechristened Insurity.
Price tag for the deal announced Nov. 9 still wasn’t disclosed Thursday.
LexisNexis is part of information publishing giant Reed Elsevier, has some 4,000 employees also spread among offices in Melville, N.Y.; Dallas; and Redwing, Minn.
Insurity provides policy administration software to property-casualty insurers.
In summer 2010, Genstar bought out Evolution Benefits Inc. in Avon from serial Connecticut entrepreneur Robert Patricelli and his partners.
Genstar has since merged Evolution Benefits with former Minnesota health savings accounts manager Lighthouse 1, to form Evolution 1, which remains in Avon.
As previously announced, CEO Jeffrey Glazer will stay with Insurity, but will be guided by an advisory board led by Dennis H. Chookaszian, retired CEO of CNA Insurance Companies.
