REHOVOT, Israel, October 11, 2011 /PRNewswire/ --
Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a global provider of innovative insurance software solutions and a member of the Formula Group (NASDAQ: FORTY and TASE: FORT), announced today that LB Group Denmark has selected Sapiens' Insight for Reinsurance solution to manage its reinsurance programs, and enhance risk control in line with Solvency II directive.
Upon completion of the implementation, LB will assume better management and control of the reinsurance program, including accounting procedures. The solution will improve its ability to produce risk profiles, with capability of risk accumulation. LB will also demonstrate improved information for management.Commenting on the selection of Sapiens, LB Group's Jan Kamp Justesen said, "We have selected Sapiens thanks to the rich business functionality of its solution - Insight for Reinsurance - underpinned by Sapiens' domain expertise & understanding of the unique business needs. Sapiens' proven ability in providing reinsurance solutions, combined with their modern technology architecture and rich functionality, made them the best fit for LB Group." Raj Ghuman, VP Sales and Operations - Sapiens Europe noted, "We are proud to have LB Group as our customer, and appreciate their recognition of our reinsurance solution and the value of our dedicated and skilled staff. LB Group joins a growing and impressive portfolio of customers that have chosen Insight for Reinsurance, and we look forward to helping LB Group derive the highest possible value from this solution." About LB Group LB Group is a mutual insurance group based in Copenhagen, Denmark. The object of the Group is to offer insurance to teachers, nurses, selected groups of salaried employees and to members of FDM (Federation of Danish Motorists). The Group has more than 300.000 members and employs around 500 people. About Sapiens International