Applied Systems Acquires Commercial Lines Rating Solution Tarmika

Tarmika, a leading commercial lines rating solution that simplifies small business insurance, has been acquired by Applied Systems. This complementary acquisition will broaden Applied's commercial quoting capabilities and Ivans' distribution connectivity solutions, resulting in a more valuable and digital distribution experience at every stage of the insurance lifecycle.

Source: Applied Systems | Published on August 17, 2022

"Applied has been on a journey to solve the commercial lines distribution challenge with a mission to create a fully-digital roundtrip of insurance for agents and carriers - from search and classification to carrier appetite, and then on to quote and bind," said Taylor Rhodes, president and CEO of Applied Systems. "Our investment in Tarmika is the next step in establishing a more connected, collaborative, and efficient distribution channel that brings agencies, carriers, and partners closer together to create mutual value and advance our industry."

Tarmika's industry-leading, real-time commercial lines quoting technology will be leveraged by Applied to bring the value of its simple, modern workflows and robust product panel as a standalone application. Tarmika will be integrated with Applied Epic and EZLynx, and users can expect Tarmika-powered commercial lines quoting capabilities to be embedded natively in the management systems over time. Tarmika's commercial lines panel will also be integrated into Ivans Distribution Platform (IDP), the industry's platform for streamlining the submission process through standardized digital connections to agency-facing systems. The combination will make IDP the most robust commercial distribution platform available, adding value by increasing digital distribution opportunities for carriers, agencies, and Ivans' growing list of technology partners.

"Tarmika was created to solve the major inefficiencies agencies experienced in their daily lives while attempting to grow their commercial book of business," said Raghav Tanna, Tarmika's CEO and Founder. "We are excited to continue this journey with Applied!" "This acquisition will help us further our innovative mission of bringing the same efficiencies of personal lines quoting to commercial lines operations."

Hellman & Friedman, a leading global private equity firm with a distinct focus on long-term investments in high-quality growth businesses, has been Applied's majority shareholder since 2014, alongside minority shareholders Stone Point Capital, JMI Equity, and CapitalG.

TigerRisk Capital Markets & Advisory served as Tarmika's sole financial advisor in connection with this acquisition.