GAx, a subsidiary of Reinsurance Group of America (RGA), has agreed to acquire Logiq3, a group of companies that offers technology, consulting, and outsourcing services to the life insurance and reinsurance industry in North America.
The Logiq3 group employees around 100 people across its offices in the United States, Canada, and UK, all of whom are expected to remain in their current roles.
Members of the group include Logiq3 Corp, Apexa, Cookhouse Lab, and Tindall Associates Inc (TAI). Their services include consulting and outsourcing services for life insurance underwriting, claims, and life and health reinsurance administration.
Apexa provides online solutions for adviser contracting and compliance in Canada, while Cookhouse Lab is focused on developing innovative technology solutions for the insurance sector.
TAI delivers software solutions to automate life and annuity reinsurance processing for its clients in North America, the Caribbean, Hong Kong, and Bermuda.
“The team at Logiq3 Group are proven industry leaders and innovators with a mission, culture, customer focus, and values that closely align with those of RGAx,” said Dennis Barnes, CEO of RGAx.
The buyout will help RGAx streamline its insurance process, as well as expand and add value to its existing and future clients. Analysts say Logiq3 comes with new innovative techniques, some of which may prove to be crucial for RGA to deal with some of the challenges faced by the industry.
“The combined business platforms of Logiq3 Group and RGAx will provide a powerful suite of technology and service offerings across the insurance industry value chain,” Barnes added.