NexPhase Capital Announces Investment in Insurance Systems Inc.

Toronto, Ontario, Canada – June 6^th, 2024 – NexPhase Capital, LP (“NexPhase” or “NPC”), a thematically driven and operationally focused private equity firm, announced today that it has made an investment in Insurance Systems Inc. (“ISI” or the “Company”), a provider of enterprise software solutions to the property and casualty insurance industry. NexPhase’s investment will help enable ISI’s continued growth in its existing markets, position the Company for expansion into adjacent markets and facilitate continued product improvements designed to allow for more integrations, faster implementation and enhanced analytics for new and existing customers. Terms of the investment were not disclosed.

Founded in 1997 and headquartered in Toronto, Canada, ISI is a leading policy administration system provider for property and casualty insurance carriers in the U.S., Canada and globally. The Company’s flagship product, ISI Enterprise, allows insurance carriers to manage the full policy lifecycle, including policy administration, claims, billing, accounting and reinsurance.

“We are proud to partner with ISI, whose mission-critical software solutions and premier service have made the Company a partner-of-choice for customers in the property and casualty insurance industry,” said Joel Killion, Partner at NexPhase. “With a flexible, highly configurable platform and strong existing industry relationships, ISI is well-positioned for continued growth. We look forward to working alongside Casey and the rest of the highly experienced management team in an effort to continue ISI’s track record of providing a leading platform and excellent service at scale.”

“At ISI, our mission is to provide configurable solutions to meet the ever-evolving needs of our valued customers. We are pleased to have found the right partner in NexPhase to help us realize ISI’s long-term vision and potential,” said Casey Kretz, CEO of ISI. “NexPhase has extensive experience growing and supporting businesses in the insurance software industry. The ISI management team and I are excited to work closely with the NexPhase team to continue expanding our offerings, investing in our sales and implementation organizations, and enhancing our scalability.”

Mr. Kretz will continue to serve as CEO of ISI and serve on the Company’s Board of Directors. Mr. Killion will also be joining the Board, in addition to Bob Gartland and Quint Carr, a Partner and Vice President at NexPhase respectively, as well as Mike Roe, an Operating Partner at NexPhase.

Choate, Hall & Stewart LLP and Gowling WLG (Canada) LLP served as legal advisors to NexPhase. Morgan Partners LLC acted as the exclusive financial advisor to ISI and Blaney McMurtry LLP served as the Company’s legal advisor.

About NexPhase Capital

NexPhase Capital is a thematically driven and operationally focused lower middle-market private equity firm that makes control investments in growth-oriented and capital-efficient companies within three distinct industry verticals: healthcare, software and consumer. NPC partners with companies that have reached a growth inflection point and are seeking a value-added partner to help navigate the company’s “next phase.” The NPC team has extensive industry and operational experience and NPC’s Partners have invested together for over a decade. The NexPhase team has completed over 100 investments, including add-ons, and targets control equity investments between $25 million and $150 million. Since inception, NPC has raised and managed approximately $2.6 billion of capital. For more information, please visit www.NexPhase.com.

About Insurance Systems Inc.

Founded in 1997, ISI and its team of insurance professionals are dedicated to developing and implementing innovative software products for the property and casualty insurance industry. ISI’s flagship product, ‘ISI Enterprise’, is ideal for small to mid-size commercial and specialty lines carriers ranging from $10 to $400 million in premiums written annually. Headquartered in Toronto, Canada, the company has a diverse client base of property and casualty insurers. For more information about ISI, visit www.insurancesystems.com or contact info@insurancesystems.com.