Capco, a New York-based global management and technology consultancy, today announces the acquisition of NEOS LLC, a Hartford, Conn.-based consultancy focused on helping large insurance organizations transform. The transaction will complement and extend Capco’s growing insurance services. NEOS’s leadership team, including Founder and Managing Partner Ernst Renner, and its employees will be joining Capco. Financial terms were not disclosed.
Specializing in working with clients that offer life, annuities, retirement, employee benefits, and property and casualty insurance, NEOS provides consulting and delivery services to solve its clients’ strategy, operations, data, and technology challenges.
“The acquisition expands our capabilities and presence in the insurance sector, which is a key component of our growth strategy,” comments Lance Levy, CEO, Capco. “This continues our focused approach of using targeted acquisitions to enhance specific capabilities that offer a strong business fit, and an opportunity to accelerate our growth. We have recently established insurance practices which we will grow through the addition of seasoned practitioners and teams. I am excited to welcome Ernst, and the NEOS team, to the Capco family.”
The acquisition of NEOS will enable Capco to establish a strong footprint in the $6.5 U.S. insurance consulting market, which currently accounts for 35 percent of the overall U.S. financial services consulting market and which grew by 7.5 percent during 2019 (compared to overall financial services CAGR of 6 percent, according to Global Research Consulting Market Report 2020).
Expanded Insurance Industry Footprint
“NEOS is an established company with strong growth potential and a highly respected team with extensive experience and expertise in the insurance space,” says Michael Pugliese, Managing Partner of Capco’s U.S. business. “The acquisition will enable Capco to expand our footprint in the insurance sector, and to offer additional services to our current financial services clients that have insurance divisions.”
The acquisition is also the next phase in Capco’s expansion of its capabilities and global presence in the insurance space. The firm has established insurance practices in the U.K., Germany, and Canada, delivering consulting services across a variety of verticals, including life & retirement, property & casualty, reinsurance, distribution channels, and employee benefits.
“Capco’s focus on business transformation and building solutions to deliver business value aligns perfectly with our own approach,” comments Ernst Renner, CEO and Managing Partner, NEOS. “Our decision to join Capco will expand our delivery capability and depth in areas we have been growing, notably digital transformation and data, and accelerate our ability to support our clients in those areas.”
Source: Insurance Innovation Reporter
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