ASP for Insurance Industry Receives $16M in Financing.Business Editors/Technology Writers ATLANTA--(BUSINESS WIRE)--May 10, 2000 The NetCommerce Company(TM), an application service provider (ASP asp, popular name for several species of viper, one of which, the European asp (Vipera aspis), is native to S Europe. It is also a name for the Egyptian cobra (Naja haja). ) focused on the property and casualty (P&C) insurance industry, has received $16 million in its first institutional round of financing. The round was led by Argonaut Private Equity Management and J.P. Morgan Morgan, American family of financiers and philanthropists. Junius Spencer Morgan, 1813–90, b. West Springfield, Mass., prospered at investment banking. Capital. Argonaut manages the Global Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Opportunity Fund, a financial-services e-commerce fund capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. primarily by large financial services companies. J.P. Morgan Capital is the private equity arm of J.P. Morgan & Company, a leading global banking, trading and financial advisory concern. The NetCommerce Company(TM) provides an Internet platform that enables property and casualty agents, brokers and carriers to eliminate redundant systems, costly manual labor and paper transactions throughout the distribution channel. The Company will use the financing to further develop its application infrastructure and rapidly expand staff and facilities. "We have seen a lot of Internet activity in the insurance space," says Bruce MacFarlane MacFarlane or Macfarlane is a surname shared by:
The NetCommerce Platform brings together the distribution and underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. sides of the P&C industry on a shared processing infrastructure. The Platform enables agents and brokers to migrate from in-house systems to online services. Insurance carriers are able to process transactions from the same Platform, eliminating redundant data entry and paper transactions. "We are very pleased to be working with Argonaut and J.P. Morgan," says Samuel Wilkes, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of The NetCommerce Company(TM). "We believe our financial partners bring a combination of industry knowledge and breadth of resources that will greatly accelerate our momentum." |
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