Insuritas, a firm that aids credit unions and banks in setting up their own insurance agencies, said it recently completed a $10 million capital raise.
The East Windsor, Conn.-based firm said this is the first such raise since it was repurchased from Jack Henry & Associates Inc. in a management buyout in 2008.
The capital infusion will drive technology and client acquisition, Insuritas said. In the weeks ahead, the company plans to expand its management and corporate sales teams and operations and technology staffs.
Insuritas said it enables credit unions and banks to own a complete insurance agency without the capital investments required to build or buy an agency. Insurance products include auto, home, business, life, health, identify theft, pet and warranty.
The firm said it serves more than 300 banks and credit unions and recently added four more credit unions to its client roster.