CalcFocus Secures Investment from Pamlico Capital to Modernize Insurance Systems
CalcFocus has secured a significant investment from Pamlico Capital, propelling the software provider towards growth and enabling core system modernization for life, health, and annuity insurers. This strategic partnership aims to fortify CalcFocus's mission to enhance operational efficiency and transparency for insurance carriers, aligning with their sustainable development goals.
Headquartered in Philadelphia and Charlotte, CalcFocus specializes in cloud-native policy administration and illustration software, catering to approximately 20 prominent individual and group life, health, and annuity insurance companies. The new capital injection is set to advance the company’s capabilities, further enhancing its competitive edge in the industry.
Leadership and Expertise
With the investment, Sandia Ren takes the helm as the new CEO, bringing over 25 years of insurance technology experience from her leadership roles at Guidewire and Vitech. Her expertise is poised to accelerate CalcFocus's strategic initiatives and drive innovation in AI-driven claims processing and underwriting processes.
The McCahill co-founders, Tommy and Lindsey, will remain actively engaged in operations while retaining substantial ownership. Tommy transitions to Chief Product Officer, focusing on customer engagement and the development of risk management capabilities.
Modernizing Insurance Systems
CalcFocus's solutions offer modern alternatives to outdated core systems, emphasizing flexibility and efficiency to enhance speed-to-market. Their proven track record of successful implementations and system migrations presents a major advantage for insurers seeking upgraded policy administration infrastructure to meet regulatory compliance requirements.
The Role of Pamlico Capital
Established in 1988, Pamlico Capital invests in middle-market enterprises across North America, particularly within communications, healthcare, services, and software sectors. This collaboration with CalcFocus seeks to capitalize on industry trends towards system modernization while addressing compliance challenges.
Legal counsel for Pamlico was provided by Alston & Bird, with Morgan Partners serving as exclusive financial advisor and Fox Rothschild as CalcFocus's legal advisor. Tommy McCahill expressed enthusiasm for the partnership, stating, "Their experience and resources will accelerate the pace at which we can deliver innovative solutions for our customers."
Sandia Ren is eager to collaborate with the CalcFocus and Pamlico teams, building on the company's established success. Pamlico’s partner, Walker Simmons, expressed excitement in joining forces to develop a market-leading platform. David Allen, Principal at Pamlico, noted the ongoing transformation within the insurance software industry, positioning CalcFocus to leverage emerging trends effectively.