The Challenges
Vibe Syndicate Management Limited (previously IMSL) is the administrative services company for a group which includes RITC Syndicate Management Limited, a Lloyd’s managing agent formed in 2007 specifically to underwrite the closure of Lloyd’s syndicates with open years.
Part of a group backed by Soros Strategic Partners LLP and Pine Brook Capital Partners, Vibe plays an instrumental role in helping its parent company to acquire and integrate insurance and reinsurance companies, and other books of business in run-off.
Vibe worked with Northdoor to plan and execute the acquisition of HSBC Insurance UK Limited (HIUK). The latest and most complex in a series of recent acquisitions, this required Vibe to absorb 20 employees, a similar number of servers and several major applications, as well as to treble its data volumes.
The Northdoor Solution
Northdoor helped Vibe overcome significant constraints around costs, timescales and resources, reducing risk throughout the project and building up to the successful completion of the final transition over a single weekend.
Moreover, due to the acquisitions, Vibe’s software assets have expanded over time. Recently, Northdoor also helped Vibe to audit and renew its licensing arrangements through IBM’s software asset management (SAM) service to ensure that they remain accurate and compliant.
Benefits
- Achieve fast time-to-value for acquisitions
- Reduce risks and potential disruption associated with the transition
- Accelerate integration for future acquisitions through a flexible platform