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Duck Creek to Acquire Reinsurance Technology Solution Prima XL.

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Vincent

MANews-(C)2009-2022

US-based property and casualty insurance software provider Duck Creek Technologies (NASDAQ: DCT) has agreed to acquire Prima XL, France-based Prima Solutions' flagship commercial reinsurance technology solution, the company said.

Prima XL will further enhance Duck Creek's value to current and future customers by simplifying reinsurance management.

The transaction terms also include an agreement by Duck Creek to purchase Prima Compliance for Solvency II, a compliance solution which Duck Creek intends to continue offering in the French marketplace.

With the proposed acquisition of these two cloud-based, software-as-a-service solutions, Duck Creek will expand its global operations and local presence in the European and Asia-Pacific-Australia regions, retaining core talent and operations in Paris, France to complement the company's existing operations in the United Kingdom and Spain.

Upon completion of the proposed transaction, dedicated Prima Solutions' personnel will join Duck Creek to support Prima XL and Prima Compliance sales, customer success, and operations.

The Prima XL reinsurance management solution will be available to insurance organizations operating on Duck Creek systems and systems other than Duck Creek.

The transaction remains subject to the information and consultation processes of the relevant employee representative bodies in accordance with applicable laws.

Prima XL is...

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