October 20, 2014 – Marsh, a global leader in insurance broking and risk management, today announced that it has signed a definitive agreement to acquire Torrent Technologies, Inc., a leading service provider to Write Your Own (WYO) insurers participating in the National Flood Insurance Program (NFIP). The transaction is subject to customary closing conditions. Terms were not disclosed.
Torrent’s approximately 100 employees will combine with Marsh’s existing flood insurance specialists and remain headquartered in Kalispell, Montana, to create a Flood Center of Excellence, offering the industry’s most comprehensive suite of flood insurance products and services.
“Torrent Technologies is widely recognized as having the most advanced and unique suite of cloud-based technology solutions that interface with WYO insurers and the NFIP, including real-time, paperless claims handling and web-based pricing tools,” said Peter Zaffino, President and CEO of Marsh. “We are excited about the opportunities this partnership presents for us as we look to further innovate in the flood insurance segment.”
Travis Pine, Chairman and CEO of Torrent, added: “We have always been impressed with Marsh’s flood experience and strong commitment to the NFIP. We couldn’t be happier to join the firm and are excited that this combination will provide our clients the most advanced and holistic suite of NFIP-related capabilities available in the market.”
The transaction marks an expansion of the existing relationship between the two firms. In 2013, Marsh began using Torrent’s platform to access the NFIP.
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