Tillinghast Buys Aussie Software Firm

NU Online News Service, June 27, 3:31 p.m. EST?Tillinghast-Towers Perrin in New York said it has acquired a majority interest in an Australian firm to create a merged operation supplying underwriting and other software products.

Tillinghast said it had reached an agreement with Sydney-based Classic Solutions to join forces providing insurance and financial modeling software. Tillinghast said it will merge its TAS Tillinghast Actuarial Software business with the software operations of Classic Solutions.

Terms of the agreement were not disclosed.

A new company will be formed, Tillinghast said, in which it will be a majority stakeholder.

The company said Classic Solutions' current chief executive officer, Mark Schneider, will continue to serve as CEO of the newly organized company.

Classic Solutions' name will be retained and the new company will operate as a separate entity, "capitalizing on the synergy between the actuarial expertise of Tillinghast and the combined strengths of the TAS systems and MoSes, Classic Solutions' advanced, general-purpose system for financial modeling, projection and valuation," Tillinghast said.

The company said the acquisition will produce the largest installed base of client companies worldwide and the fastest-growing software business of its type.

Tillinghast will create a new company "dedicated to the development, sales and support of software products for financial services companies," said Patricia Guinn, managing director for Tillinghast.

"Over time, the two systems will be integrated, incorporating the best of both. The abundance of intellectual capital that this relationship combines will create the only truly global provider of such software," said Ms. Guinn.

The new entity will have the resources to grow and expand its application offerings in areas such as business planning, sophisticated asset-liability risk analysis, pricing of innovative products, valuation and the calculation of embedded values, the company said.

"With this new company we will have the scale necessary to meet the growing needs of financial services organizations

for the most advanced financial projection tools. Our independence will allow us to support and grow our established network of service providers in line with our strategy of becoming the global standard within our market segment," said Mr. Schneider.

"Starting today, Tillinghast consultants will be available to work collaboratively with Classic Solutions, whether to provide implementation consulting services to clients, or to pursue the development of new software. We are committed to making this a win-win for clients," concluded Ms. Guinn.

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