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Ebix buys Brazilian exchange

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Software and e-commerce services firm Ebix has acquired Rio de Janeiro-based insurance exchange, Usix Technologies.

Usix provides exchange solutions for the insurance industry in Brazil, specialising in internet interfaces. Its products are used by some of the largest insurance companies in Brazil including the largest insurance carrier in Latin America, Bradesco.

Usix also is presently in the process of implementing an on-demand exchange based broker system solution to be deployed across 30,000 brokers.

The acquisition marks Ebix’s entry into one of the fastest-growing insurance exchange markets in the world. The global company, which owns and operates the Sunrise Exchange platform in Australia, already runs an annuity portability exchange in Brazil that is used by 40 different life insurers.

Ebix funded this transaction through internal sources using its own cash reserves.