Moody's acquires Toronto actuarial software firm

Moody's Corp., New York, has acquired Toronto, Canada-based actuarial software provider GGY.

Terms of the deal were not disclosed. GGY had revenue of about $28 million in 2015, Moody's said Tuesday in a statement.

GGY provides actuarial software for the global life insurance industry, and its AXIS Actuarial System is used by global life insurers, reinsurers and consultants for pricing, reserving, asset liability management financial modeling, capital calculations and hedging.

“The addition of GGY's powerful actuarial solutions significantly extends Moody's Analytics' capabilities for our insurance customers,” said Mark Almeida, president of Moody's Analytics, in the statement.

GGY will operate under the name GGY, a unit of Moody's Analytics, according to a Moody's spokeswoman and will remain in Toronto.