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08:05 AM
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TiG Buys MTW for $85 million

With the acquisition of Hartford-based MTW Corp. by The Innovation Group (TiG, London), insurance company customers of MTW's Insurance Systems Group will now have access to broader product lines and a strategic alliance with IBM (Armonk, NY), according to senior MTW executives.

"Our existing customers will have access to other TiG products and will have access to the knowledge of TiG's global experience," says Ed Ossie, CEO of MTW and of TiG, North America.

Andy Labrot, CTO, MTW Insurance Systems Group, adds, "Our current customers will benefit from the...resources of the combined companies. TiG's product family is complementary to MTW's P&C eComponents Plus policy administration software. The products can be integrated easily."

For TiG, which acquired MTW for $85 million, this acquisition comes on the heels of other insurance technology acquisitions, including HUON (Farmington, CT) and Danbury, CT-based Pyramid Group.

However, it is still unclear how MTW's products will integrate with TiG's recent acquisitions. "That will be determined in the next 30 to 60 days," Ossie says. "The integration of the companies will not be fully completed until 2002."

Greg MacSweeney is editorial director of InformationWeek Financial Services, whose brands include Wall Street & Technology, Bank Systems & Technology, Advanced Trading, and Insurance & Technology. View Full Bio

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