Akur8, an insurance pricing solution based on machine learning, announced that it has acquired Arius from Milliman Inc.

Arius, an award-winning P/C reserving software for insurers and reinsurers, has a portfolio that includes 150 insurance and consulting clients and over 1,500 users, including top-tier carriers in the U.S. and Canada.

Samuel Falmagne, CEO at Akur8, said the acquisition “strengthens [Akur8’s] market standing, expands our product portfolio and customer base, and reinforces our strong relationship with Milliman. Our ultimate vision is a fully integrated, next-generation pricing and reserving platform that redefines actuarial best practices and combines the strengths of both Akur8 pricing and Arius, providing a best-in-class, comprehensive platform that elevates business performance and competitiveness. We are delighted to welcome the Arius team to the Akur8 family and know that together we will deliver even greater value to our clients.”

“We have been working with Akur8 for five years as they have developed their pricing tool, and over the course of that collaboration we recognized a significant opportunity for Arius to be paired with Akur8’s pricing software,” said Milliman CEO Dermot Corry. “This is a natural extension of Milliman’s existing relationship with Akur8 and should result in benefits for our shared clients. We are particularly grateful for the contributions of our Arius colleagues and wish them the best of luck as part of Akur8’s impressive team. Milliman increased its equity interest in Akur8 as part of the transaction.”