Whitespace joins forces with Verisk’s Sequel to accelerate digital transformation of the global specialty market

Press -- 03 March 2021

Author: Sequel Marketing

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LONDON, 3 March 2021 – Whitespace Software, an industry leading provider of digital placing technology to the (re)insurance market, has signed a definitive investment and acquisition agreement with Sequel, a Verisk (Nasdaq:VRSK) business. Sequel’s investment and support will accelerate Whitespace’s growth.

The Whitespace Platform provides thousands of market participants with an intuitive, scalable and highly effective digital placing platform, enabling customers across the world to seamlessly adopt an efficient new way of working.  Over the past year, this critical tool has become even more vital to doing business more effectively than before.

This important investment from Sequel recognises the vital part that the Whitespace Platform plays in the global (re)insurance process and will enable it to accelerate development and significantly expand its capabilities. Whitespace will benefit from the full support and access to the significant technology, people and capital resources that Sequel and Verisk can offer, while maintaining its own brand and operational autonomy.

Marcus Broome, chief platform officer of Whitespace, said: “Joining Sequel is a fantastic step forward for Whitespace, as this will accelerate development of our rapidly growing business. We offer our customers a unique proposition that will be further enhanced by collaborating with Sequel to create a compelling digital placement ecosystem for the London and global specialty (re)insurance markets. Together, we can offer more effective products and solutions for our respective customers, and at a faster pace; significantly contributing to the growth, digital transformation, and overall success of our customers.”

Ian Summers, CEO of Sequel, said: “We’re really pleased to partner with Whitespace and accelerate the development of their digital vision. The combination of Whitespace with our pricing, distribution and policy administration applications creates unique and powerful capabilities for the specialty market. Together, we can enable a seamless real-time quote-to-bind electronic placing and global distribution solution, with straight-through submissions for our existing and prospective customers. Our vision is to offer a best in class ecosystem to the market, fully aligned with and supportive of Lloyd’s Blueprint Two as well as other key market transformation initiatives.”

About Whitespace Software:

Whitespace Software Limited is a London-based technology company focused on the digital transformation of the insurance industry. It has particular expertise in digital contracts, electronic trading, claims management, pricing and Lloyd’s members’ agents – the area that drove its first success when it started in 1985.  Today it uses the very latest technologies to deliver the best possible digital insurance experiences at internet scale and with enterprise security. A key focus is the Whitespace Platform, the truly digital platform for the global (re)insurance marketplace, and one of only two platforms fully approved by Lloyd’s. www.whitespace.co.uk

For this transaction Whitespace was advised by TSP Ventures, a Venture Fund and strategic advisory firm, as well as Penningtons Manches Cooper LLP.

"Joining Sequel is a fantastic step forward for Whitespace, as this will accelerate development of our rapidly growing business. We offer our customers a unique proposition that will be further enhanced by collaborating with Sequel to create a compelling digital placement ecosystem for the London and global specialty (re)insurance markets. Together, we can offer more effective products and solutions for our respective customers, and at a faster pace; significantly contributing to the growth, digital transformation, and overall success of our customers.” Marcus Broome, chief platform officer of Whitespace

Ian Summers, CEO of Sequel, said: “We’re really pleased to partner with Whitespace and accelerate the development of their digital vision. The combination of Whitespace with our pricing, distribution and policy administration applications creates unique and powerful capabilities for the specialty market. Together, we can enable a seamless real-time quote-to-bind electronic placing and global distribution solution, with straight-through submissions for our existing and prospective customers. Our vision is to offer a best in class ecosystem to the market, fully aligned with and supportive of Lloyd’s Blueprint Two as well as other key market transformation initiatives."