RGAx to buy LOGiQ3 GroupBy The IJ Staff | January 09 2018 11:30AM
RGAx, a subsidiary of Reinsurance Group of America, announced Jan. 8 that it has reached an agreement to acquire LOGiQ3 Inc.
The LOGiQ3 Inc. group of companies provides technology, consulting, and outsourcing solutions to the North American life insurance and reinsurance industry and includes LOGiQ3 Corp., APEXA, Cookhouse Lab, and Tindall Associates Inc. (TAI).
The LOGiQ3 Group has about 100 employees in the U.S., Canada, and the U.K. In an announcement about the deal, RGAx stated that it will maintain a separate operation and retain employees in their current roles. The transactions are expected to close during the first quarter of 2018. Additional terms of the transactions, including the sale prices, will not be disclosed.
“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, Chief Executive Officer of RGAx. “The combined business platforms of LOGiQ3Group and RGAx will provide a powerful suite of technology and service offerings across the insurance industry value chain.”
Driving positive change
“This acquisition is a strong indicator that LOGiQ3 Group’s innovative insurance services will continue to expand and add value to our existing and future customers,” said Chris Murumets, Co-Founder and Chief Executive Officer of LOGiQ3 Inc. “RGAx supports our commitment to provide services that ultimately drive positive change in the industry.”