Leading provider of software to the UK's general insurance market
In December 2014, Montagu completed the acquisition of Open International from a group of private shareholders.
Open International, founded in 1979 and headquartered in Worcester, UK, is the joint market leading provider of software and associated services to general insurance brokers in the UK and Ireland. It has an estimated 19,000 users, including insurers, brokers and aggregators, operating across c.1,800 sites. The business enjoys long term customer relationships and has a strong track record of product innovation, including tools to enable the electronic trading of personal lines insurance and ecommerce platforms. In 2013, Open International acquired PowerPlace, an online commercial insurance marketplace, which distributes commercial insurance products electronically and is integrated with Open GI’s software platform. The acquisition enables the business to capitalize on the increasing appetite for small businesses to purchase commercial insurance online and through aggregator sites. Montagu is investing alongside the current management team.
Montagu had extensive knowledge of Open International, having previously owned the Group in 2006-07 and was attracted by the continuous profit growth, excellent cash generation and strong market position of the business. The Group is led by a motivated and experienced team and, with Montagu's support, they plan to continue to grow the core back office systems, increase sales of e-enabled services as penetration of these increases in personal lines insurance and further develop the commercial lines e-trading through Powerplace.