AQS Inc., a Hartland-based provider of policy administration systems for commercial property and casualty insurance, has acquired the assets of the AscendantOne Policy Management Suite from ISO Insurance Technology Solutions (ISO-ITS), a unit of Jersey City, N.J.-based Insurance Services Office Inc. (ISO).
The acquisition gives AQS broader carrier-service options, as the company adds the capabilities of the AscendantOne Policy Management Suite and the associated rate-management capabilities to its current policy administration offerings for property/casualty insurers. As part of the transaction, AQS will obtain the tools used to maintain the ISO Rating Service software.
ISO retains ownership of ISO Rating Service and will maintain and support the advisory loss costs, rules and forms contained in ISO Rating Service.
"Up until this point in our history, AQS has provided commercial lines administration products and services for carriers whose preference was to source the lion’s share of product implementation work, development, support, and maintenance to us. Our industry refers to that as the ‘full-service’ offering," said Dave Kerford, chief executive officer of AQS.
Financial terms of the transaction were not announced.
"This transaction creates unprecedented choice and opportunity for property/casualty insurers," said Bruce Davis, chief marketing officer of AQS. "In addition to being able to choose their levels of autonomy and self-service from the beginning of their relationship with us, users will be able to choose from commercial lines and personal lines. And they’ll have packaged access to AQS technology and ISO content."