BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Login Register Subscribe

Data insurtech secures private equity investment

Max Drucker and Edward Shahnasarian

Private equity firm Thomas H. Lee Partners L.P. has taken a majority stake in Carpe Data, an insurtech providing data services to insurers, the companies announced Monday.

The terms of the investment were not disclosed.

“Carpe Data has been looking for a financial partner for some time,” said Max Drucker, founder and CEO of the Santa Barbara, California-based company, which provides underwriting and claims data to insurers.

The company, which was founded in 2016, will use the capital to invest in sales and marketing and product development, he said.

THL has investments in the life insurance sector and has held property/casualty investments in the past, said Edward Shahnasarian, a director at Boston-based THL.

The company usually holds its investments for about five years, he said.

“One of the most interesting themes in technology is the adoption of alternative data by insurance carriers,” Mr. Shahnasarian. “It’ll turn into a must-have, and property/casualty carriers will need alternative data to compete in the market.”