CalcFocus announced it has secured a significant growth investment from Pamlico Capital as the insurer-focused software provider looks to accelerate expansion and deepen its push to modernize core systems for life, health, and annuity carriers.
The Philadelphia- and Charlotte-based company provides cloud-native policy administration and illustration software to what it described as nearly 20 leading individual and group life, health, and annuity insurance carriers and service providers. CalcFocus said the new backing will add resources for its next phase of growth as it works toward its stated goal of increasing efficiency and transparency for insurers while supporting sustainable growth.
Alongside the investment, CalcFocus appointed insurance technology executive Sandia Ren as chief executive officer. Ren brings more than 25 years of industry experience, including nearly two decades at Guidewire in a variety of leadership roles, and most recently served as chief delivery officer at Vitech, according to the company.
CalcFocus co-founders Tommy and Lindsey McCahill will continue to help lead day-to-day operations and will retain what the company called a meaningful ownership stake. As part of the transition, Tommy McCahill is moving into the chief product officer role and will remain closely involved with customers as the company develops and deploys new capabilities.
CalcFocus positions its platforms as an alternative to legacy core systems, emphasizing configurability and modernization to help carriers improve speed-to-market and operational efficiency. The company said it has maintained a 100% success rate for implementations and systems migrations, describing that track record as a key differentiator for insurers seeking to replace long-standing policy administration infrastructure.
Pamlico, a private equity firm founded in 1988, focuses on investing in growing middle-market companies in North America, with an emphasis on communications, healthcare, services, and software. CalcFocus and Pamlico framed the partnership as a way to capitalize on broader industry shifts as carriers prioritize modernization of mission-critical systems.
Alston & Bird served as legal advisor to Pamlico. Morgan Partners served as exclusive financial advisor and Fox Rothschild served as legal advisor to CalcFocus.
KEY QUOTES:
“Since founding CalcFocus in 2014, we have seen tremendous growth as we pursue our vision of driving digital transformation in the life insurance industry. I could not be more excited to work alongside Pamlico and Sandia. They believe in our vision, and their relevant experience and resources will accelerate the pace at which we can deliver innovative solutions for our customers.”
Tommy McCahill, Co-founder and incoming Chief Product Officer, CalcFocus
“The CalcFocus leadership team has done an exceptional job establishing CalcFocus as a trusted partner to many leading insurance carriers. They have an enduring passion for this market and a strong base of happy customers. I’m excited to work with them along with the Pamlico team to build on their success to date and drive continued growth and innovation.”
Sandia Ren, Chief Executive Officer, CalcFocus
“We are thrilled to partner with Sandia, Tommy, and the CalcFocus team and look forward to working with them as they continue to build a market-leading platform.”
Walker Simmons, Partner, Pamlico Capital
“The insurance software industry is undergoing meaningful transformation as carriers modernize mission-critical systems, and we believe CalcFocus is exceptionally well positioned to benefit from these long-term industry tailwinds.”
David Allen, Principal, Pamlico Capital
