Marsh to acquire flood insurance specialist Torrent Technologies

Marsh L.L.C has signed a definitive agreement to acquire Torrent Technologies Inc., Marsh said Monday.

Torrent Technologies is a Kalispell, Montana-based service provider to insurers that participate in the National Flood Insurance Program's Write Your Own insurance program. Marsh said in its announcement that Torrent's employees will remain in Kalispell and will combine with Marsh's current flood insurance specialists to create a “Flood Center of Excellence.”

Terms of the transaction were not disclosed, according to Marsh.

“Torrent Technologies is widely recognized as having the most advanced and unique suite of cloud-based technology solutions that interface with WYO insurers and the NFIP, including real-time, paperless claims handling and Web-based pricing tools,” said Marsh President and CEO Peter Zaffino in the statement.

“The transaction marks an expansion of the existing relationship between the two firms,” said Marsh, which noted in the statement that it began using Torrent's platform to access the NFIP last year.

Marsh is the world's largest insurance broker, according to Business Insurance's latest ranking.