RADNOR, Pa., Feb. 19, 2013 (GLOBE NEWSWIRE) -- ICG Group, Inc. (Nasdaq:ICGE) ("ICG") announced it has increased its primary ownership in SeaPass Solutions, a leading independent provider of web-based insurance distribution solutions to the property and casualty (P&C) insurance industry, from 38% to 52%. The ownership increase was achieved by purchasing equity stakes from existing holders for a total of $13 million. ICG is consolidating the financial results of SeaPass beginning December 31, 2012.
SeaPass provides a platform that allows its insurance industry partners to serve all of the insurance needs of their customers, while driving market share, retention and increasing revenue per customer. SeaPass provides access to immediate quotes and expert guidance that helps end customers select the product that best suits their needs. Using its proven SaaS-based technology, SeaPass electronically collects the underwriting information required by top-line carriers without the need for the user to know "insurance-ese", and allows customers to view proposals online within minutes.
SeaPass has deep relationships with trusted partners such as CNA, Liberty Mutual, AIG, Zurich, Chubb, Progressive, Tower, Hanover, Aon, Willis, Hiscox, and serves tens of thousands of customers. With $1.4 billion in premiums flowing through its platform and an enormous untapped market opportunity ahead of it, the company is well-positioned to grow substantially in 2013.
"With a powerful recurring revenue model, innovative SaaS-based platform, a strong management team and deep customer relationships, SeaPass has established an important and valuable position in the marketplace," said Walter Buckley, Chief Executive Officer of ICG. "Consistent with ICG's strategic goal of owning more of our best companies, we are excited to own more of SeaPass, and believe that its compelling value proposition and growth potential will drive significant shareholder value."
"As an industry veteran it is easy to appreciate the unique combination of benefits and efficiencies that SeaPass delivers to its customers," said Dean O'Hare, Chairman of the Board at SeaPass, Retired Chairman and CEO of The Chubb Corporation. "I believe SeaPass can be a game changer in the insurance industry and, with an addressable market of roughly $250 billion in annual premiums here in the U.S. alone, has the potential to realize substantial growth."
"SeaPass is well positioned to continue to help the insurance industry and its customers utilize technology to drive better results," said Eric Gewirtzman, co-founder and CEO of SeaPass. "This transaction represents a strong vote of confidence for the company and the team. ICG has been an invaluable partner and shares our long-term vision for growth and the ability of SeaPass to help transform our industry. We are excited to be an ICG company."
ICG provides leading cloud-based software and solutions in procurement, government, compliance and insurance. ICG's software platforms automate industry-specific processes that drive growth, cost savings, and compliance for its customers. Headquartered in Radnor, Pennsylvania, ICG has more than 1000 employees. For more information, please go to www.icg.com.
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Headquartered in New York and founded in 2000, SeaPass Solutions offers solutions that enable insurance carriers, agents, brokers, wholesalers and consumers to better connect, communicate, and manage the business. With a singular focus of enhancing the quality and timeliness of communications between insurers their distribution channels and customers, SeaPass provides consumer and agent portals, comparative rating systems as well as distribution platforms for all types of Property and Casualty Insurance. For more information visit www.seapass.com
Safe Harbor Statement under Private Securities Litigation Reform Act of 1995
The statements contained in this press release that are not historical facts are forward-looking statements that involve certain risks and uncertainties, including, but not limited to, risks associated with the effect of economic conditions generally, capital spending by our companies' customers, our companies' collective ability to retain existing customer relationships and secure new ones, our companies' ability to compete successfully against their respective competitors, our companies' ability to timely and effectively respond to technological developments, our and our companies' collective ability to retain key personnel, our ability to have continued access to capital and to deploy capital effectively and on acceptable terms, our ability to maximize value in connection with divestitures, and other risks and uncertainties detailed in ICG's filings with the Securities and Exchange Commission. These and other factors may cause actual results to differ materially from those projected.
CONTACT: Investor inquiries: Karen Greene ICG Investor Relations 610-727-6900 IR@icg.com
Source:ICG Group, Inc.