NEW YORK — Moody’s Corporation has acquired GGY, a leading provider of advanced actuarial software for the global life insurance industry. Combined with Moody’s Analytics’ insurance risk products, the acquisition creates an industry-leading enterprise risk offering for global life insurers and reinsurers.
The terms of the transaction were not disclosed but GGY had approximately $28 million in annual revenue in 2015. GGY is based in Toronto, Canada.
GGY’s AXIS Actuarial System is widely used by leading global life insurers, reinsurers and consultants for pricing, reserving, ALM (asset liability management), financial modeling, capital calculations and hedging. Available through an advanced cloud-based delivery platform or as installed software, GGY’s solutions give customers the flexibility to rapidly deploy large-scale computing power increasingly required for complex insurance analytics.
“The addition of GGY’s powerful actuarial solutions significantly extends Moody’s Analytics’ capabilities for our insurance customers,” said Mark Almeida, President of Moody’s Analytics. “GGY’s products are widely used throughout the life insurance industry, and offer best-in-class analytical capabilities and flexible deployment options that provide significant cost and operational risk reductions.”
The AXIS product suite complements an array of risk solutions for insurers offered by Moody’s Analytics, including data management, workflow, regulatory capital and reporting capabilities, as well as advanced simulation and credit modeling capabilities.