COLUMBIA, S.C., March 26, 2013 (GLOBE NEWSWIRE) -- Dovetail Insurance, the leading supplier of cloud-based insurance product delivery services for property-casualty carriers, MGAs and brokers, announced that it has acquired NetComp Insurance, a growing web-based distributor of workers compensation insurance.
The transaction combines Dovetail's advanced insurance technology platform with NetComp's unique program management approach for distributing workers compensation insurance online through retail agents. Dovetail has supplied agent portal, policy processing and back office systems to NetComp since 2010. In fact, it was Dovetail's specialized combination of technology and services that enabled NetComp to get to market in a very timely and cost effective manner when the company was founded two years ago.
"We are pleased to join Dovetail Insurance. Dovetail's technology solutions and insurance expertise have been a critical factor in the success we've had in substantially growing our business in our first two years," said John Seibert, President and CEO, NetComp Insurance. "Dovetail's resources and advanced technology will allow us to further invest in the business, and continue our expansion to additional states."
"The acquisition of NetComp is a natural addition to our business, and we believe there are excellent growth opportunities for both companies. Our focus has been on providing an efficient, seamless way for program managers to bring new insurance products to market. The addition of NetComp enables us to use the solutions that we have developed for the broader market, in-house," said Steve Francis, CEO, Dovetail Insurance. "NetComp provides a platform for us to better service our customers, as we create new innovations and enhance our solutions."
Both companies are based in Columbia, S.C. and backed by FirstMark Capital. NetComp will be run as an independent unit of Dovetail Insurance.
About Dovetail Insurance
Dovetail Insurance is a leading provider of cloud-based insurance product delivery services for property-casualty insurance carriers, MGAs and brokers. Founded in 2006 and backed by FirstMark Capital, Dovetail offers insurance program development and administration, back office services for policy administration, MGA services, and deployment of insurance programs using advanced technologies. With Dovetail's SaaS-based business model, insurance companies have unlimited possibilities for quickly creating and distributing insurance products. For more information visit www.dovetailinsurance.com.
About NetComp Insurance
NetComp Insurance Corp., headquartered in Columbia, S.C., is a privately held company formed to use state-of-the-art technology to write workers compensation insurance via the web. NetComp designed and manages a mono-line program which targets small- to mid-sized workers compensation insurance risks, distributed via the web to independent agents. NetComp enables agents to quote, bind and issue new policies in real-time. For more information, visit www.netcompinsurance.com.