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RADNOR, Pa., Feb. 19, 2013 (GLOBE NEWSWIRE) -- ICG Group, Inc. (Nasdaq:ICGE) ("ICG") announced it has increased its primary ownership in SeaPass Solutions, a leading independent provider of web-based insurance distribution solutions to the property and casualty (P&C) insurance industry, from 38% to 52%. The ownership increase was achieved by purchasing equity stakes from existing holders for a total of $13 million. ICG is consolidating the financial results of SeaPass beginning December 31, 2012.
SeaPass provides a platform that allows its insurance industry partners to serve all of the insurance needs of their customers, while driving market share, retention and increasing revenue per customer. SeaPass provides access to immediate quotes and expert guidance that helps end customers select the product that best suits their needs. Using its proven SaaS-based technology, SeaPass electronically collects the underwriting information required by top-line carriers without the need for the user to know "insurance-ese", and allows customers to view proposals online within minutes.
SeaPass has deep relationships with trusted partners such as CNA, Liberty Mutual, AIG, Zurich, Chubb, Progressive, Tower, Hanover, Aon, Willis, Hiscox, and serves tens of thousands of customers. With $1.4 billion in premiums flowing through its platform and an enormous untapped market opportunity ahead of it, the company is well-positioned to grow substantially in 2013.
"With a powerful recurring revenue model, innovative SaaS-based platform, a strong management team and deep customer relationships, SeaPass has established an important and valuable position in the marketplace," said Walter Buckley, Chief Executive Officer of ICG. "Consistent with ICG's strategic goal of owning more of our best companies, we are excited to own more of SeaPass, and believe that its compelling value proposition and growth potential will drive significant shareholder value."
"As an industry veteran it is easy to appreciate the unique combination of benefits and efficiencies that SeaPass delivers to its customers," said Dean O'Hare, Chairman of the Board at SeaPass, Retired Chairman and CEO of The Chubb Corporation. "I believe SeaPass can be a game changer in the insurance industry and, with an addressable market of roughly $250 billion in annual premiums here in the U.S. alone, has the potential to realize substantial growth."