SOURCE: Vertafore

Vertafore

February 26, 2009 10:00 ET

Vertafore Announces Company Reorganization to 'One Vertafore'

New Organizational Structure for Insurance Software Leader Aligns Market Segments With Business Units to Enhance Customer Experience

BOTHELL, WA--(Marketwire - February 26, 2009) - Vertafore, a provider of market-leading software and services to the insurance industry, today announced a corporate reorganization to "One Vertafore," a move that aligns the company's business units to meet the changing needs of their customers.

The company will organize around market segments rather than products by creating three business units: Vertafore Agency Markets, Vertafore Carrier & MGA Markets and Sircon, A Vertafore Business.

"Whether they are small agencies or the largest carriers, our customers' technology needs are getting more complex daily," said Euan Menzies, president and chief executive officer of Vertafore. "By acting as One Vertafore, we can help our customers run their businesses efficiently and provide them with a clear path to competitive advantage and bottom-line results."

With the changes, Vertafore's current products will be organized under the new business units defined by market segments, Menzies said. Vertafore Agency Markets will serve insurance agents and brokers while Vertafore Carrier & MGA Markets will cater to insurance carriers, managing general agents (MGAs), reinsurers and premium finance companies. Sircon, A Vertafore Business, will continue to focus on the compliance, licensing and government markets.

Menzies said Vertafore will continue to sell its industry leading products such as AMS 360, Sagitta, BenefitPoint and other agency management systems; ImageRight content management and workflow products; SilverPlume Sage and PL rating; and Sircon's Compliance Express and Producer Manager, among others.

The company also announced four changes among its executive management team in conjunction with the reorganization. Bill Bunker has been named President, Vertafore Agency Markets and Matt McKernan has been named President, Vertafore Carrier & MGA Markets. McKernan replaces Don Elias, who is leaving the company in late March.

Additionally, Susanna Morgan has been named Senior Vice President, Product Strategy & Marketing and Vance Huntley has been promoted to Senior Vice President, Chief Technology Officer.

"This new structure will allow us to better integrate products, provide our customers with more consistency in sales, support, and services, and leverage the insurance and technology expertise from the more than 1,100 Vertafore employees," Menzies said.

"Until now, customers had to piece together a variety of products to create a total technology solution. By acting as One Vertafore, we can capitalize on our unique market position to provide our customers with innovative connected solutions that no other company has offered before."

Menzies said the company will present its reorganization and unveil the elements of its new corporate brand at the 33rd annual AMS Users' Group National Conference March 12-15 in Washington, D.C.

About Vertafore

Vertafore is the leading provider of software, services, and information to the insurance distribution channel including independent agents, brokers, MGAs, carriers, and reinsurers. Vertafore leverages a unique industry presence to deliver meaningful solutions -- powerful technology, critical information and robust insights to help organizations effectively respond to business challenges and capture new opportunities. Vertafore solutions have helped more than 15,000 customers and 200,000 users gain a competitive advantage to accelerate their business performance. For more information about Vertafore, please visit www.vertafore.com.

ImageRight, SilverPlume and Sircon are trademarks of Vertafore, Inc. The names of actual companies, business units and products mentioned herein are trademarks of their respective owners.