Global Indemnity Group's Penn-America Underwriters Acquires Sayata for Expanded Distribution and Technology Capabilities

Penn-America Underwriters, a subsidiary of Global Indemnity Group, has acquired Sayata, an AI-enabled digital distribution marketplace for commercial insurance. The acquisition complements Penn-America's focus on agency and insurance services, expanding its distribution, product portfolio, and technology capabilities. Sayata's platform provides seamless and efficient distribution of commercial property/casualty insurance products, helping insurance professionals streamline operations and grow their books of business faster.

Global Indemnity Group, LLC (NYSE: GBLI) has announced that its subsidiary, Penn-America Underwriters (PAU), has completed the acquisition of Sayata, an AI-enabled digital distribution marketplace for commercial insurance. The acquisition aligns with PAU's strategic reorganization to focus on agency and insurance services, aiming to expand distribution, product portfolio, and technology capabilities.

Sayata's platform facilitates the seamless and efficient distribution of commercial Property & Casualty insurance products, helping insurance professionals streamline operations and grow their books of business faster. The platform leverages advanced data analytics and machine learning to deliver high ROI to its broker partners.

Praveen K. Reddy, President and CEO of PAU, stated, "The acquisition of Sayata directly supports our strategy to deliver faster, smarter distribution solutions for specialty insurance and new products. We are excited to welcome the Sayata team and invest in growing the business."

Saul Fox, Chairman of GBLI, added, "We are thrilled to welcome Sayata to the GBLI family. Sayata’s innovative technology and strong industry partnerships align perfectly with our vision under Project Manifest. Together, we will expand our digital capabilities, deepen relationships with customers, and accelerate growth."

Asaf Lifshitz, co-founder and CEO of Sayata, remarked, "Our focus for years has been delivering a fantastic experience for our customers and partners. We see this partnership as a way to expand the reach of Sayata distribution and product portfolio, while continuing to deliver best-in-the-industry economics for our customers."

Sayata has supported over ten thousand insurance professionals across the U.S., placed tens of thousands of policies, and partnered with top-tier carriers to offer a broad suite of commercial insurance products. The acquisition was not disclosed in the announcement, but market sources estimate the deal to be worth tens of millions of dollars in cash and shares [3].

This acquisition reflects Global Indemnity's effort to modernize its agency operations and expand into faster, technology-driven channels. It comes on the heels of the company's restructuring of PAU to focus on agency and insurance services.

References:
[1] https://www.ainvest.com/news/penn-america-underwriters-acquires-sayata-ai-enabled-digital-distribution-marketplace-2509/
[2] https://www.investing.com/news/company-news/global-indemnity-group-acquires-ai-insurance-platform-sayata-93CH-4220167
[3] https://www.calcalistech.com/ctechnews/article/rypniwrqee