BRAINTREE, Mass., May 17, 2022 /CNW/ -- MIB, the life insurance industry's most trusted and secure partner for data-driven risk management and digital services, announced that it has reached an agreement with a subsidiary of Reinsurance Group of America, Incorporated (RGA) to acquire APEXA, Canada's leading contracting and compliance service provider for life insurance advisors, MGAs, and carriers. The acquisition expands MIB's portfolio of digital solutions and client base in Canada.
APEXA's platform connects the Canadian life insurance carriers, MGAs, and advisors through a single digital interface, providing visibility and efficiency to the contracting and compliance process. APEXA's platform has become the leader in Canada, with 95% of major Canadian life insurance companies and their partner MGAs using the service today to connect with over 50,000 independent advisors.
"APEXA was created in partnership with Canadian carriers and MGAs to simplify the advisor contracting and compliance processes," said Dylan Friedmann, APEXA's Vice President and Chief Client Officer. "We are excited to join MIB, who shares a similar heritage and culture as well as a mission focused on providing innovative tools to advance the life insurance industry."
With the addition of APEXA, MIB continues to expand its portfolio of solutions through a combination of internal development, partnership, and acquisitions. As a trusted partner to the life insurance industry for over a century, MIB is committed to supporting APEXA's clients and the industry with innovative data, analytics, and digital solutions to enable clients to assess risk, gain efficiencies, and enhance client engagement.
"We are thrilled to add APEXA to our growing portfolio of digital solutions and to expand our reach in the Canadian market," said Brian Winikoff, CEO of MIB. "APEXA's innovative and unique platform has gained tremendous adoption in Canada and is well positioned to expand with additional services in Canada and potentially the U.S. We look forward to working with APEXA's management team and partners to continue to advance APEXA's offering and reach its full potential."
Additional details about the transaction are not being disclosed.
MIB Group Holdings, Inc. is the insurance industry's most trusted and secure partner for data, insights and digital solutions that support underwriting and actuarial decision making and improve industry efficiencies. With deep connections to the life insurance companies who are its members, and a sole focus on improving the insurance industry, MIB is uniquely positioned to provide data-driven solutions that address common industry challenges and enable clients to gain efficiencies, manage their risks, and grow profitably. MIB Group Holdings, Inc. provides services through its wholly owned operating subsidiaries, MIB, LLC, MIB Services, LLC and MIB Solutions, LLC. For more information, visit www.mibgroup.com.
APEXA is a Canadian life insurance industry-led solution with the goal of bringing higher standardization, clarity, timeliness, and efficiency to contracting and compliance for all industry stakeholders. It provides Canadian industry stakeholders the platform to screen and monitor licensing and compliance where it matters most: as part of a systematic, industry-approved, national web-based solution. To learn more, visit www.apexa.ca or follow us on Twitter at www.twitter.com/apexa_corp.
Reinsurance Group of America, Incorporated (RGA), a Fortune 500 company, is among the leading global providers of life reinsurance and financial solutions, with approximately $3.5 trillion of life reinsurance in force and assets of $89.8 billion as of March 31, 2022. Founded in 1973, RGA today is recognized for its deep technical expertise in risk and capital management, innovative solutions, and commitment to serving its clients. With headquarters in St. Louis, Missouri, and operations around the world, RGA delivers expert solutions in individual life reinsurance, individual living benefits reinsurance, group reinsurance, health reinsurance, facultative underwriting, product development, and financial solutions. To learn more about RGA and its businesses, visit the company's website at www.rgare.com.
Head of Marketing
MIB Group Holdings, Inc.
Vice President, Corporate Communications
Reinsurance Group of America, Incorporated
Director, Public Relations
Reinsurance Group of America, Incorporated
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SOURCE MIB Group Holdings, Inc.
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