Capco acquires insurance-focused Neos

Financial services specialist Capco has acquired Neos, a Hartford, Connecticut-based management consultancy focusing on the insurance industry.

Founded in 2000, Neos provides insurance companies with consulting services in strategy and operations, data and emerging technology, Salesforce implementation, project and program management, and investment operations and reporting. The Hartford-based firm supports clients across the life, annuities, retirement, employee benefits, and property and casualty insurance segments.

Led by CEO and managing partner Ernst Renner, Neos has a team of 23 full-time employees.

Capco’s acquisition of Neos will greatly expand its ability to serve insurance clients in the US. The $6.5 billion US insurance consulting market accounts for 35% of the overall financial services consulting market, according to Global Research.

London-based Capco last year established a US insurance practice led by Frank Neugebauer, who has since left the firm. The consulting firm also has dedicated insurance practices in the UK, Germany, and Canada.

“The acquisition expands our capabilities and presence in the insurance sector, which is a key component of our growth strategy,” said Lance Levy, CEO of Capco. “This continues our focused approach of using targeted acquisitions to enhance specific capabilities that offer a strong business fit, and an opportunity to accelerate our growth. We have recently established insurance practices which we will grow through the addition of seasoned practitioners and teams.”

Renner, his leadership team, and the firm’s staff will be joining Capco as part of the deal. Financial terms of the transaction were not disclosed.

“Capco’s focus on business transformation and building solutions to deliver business value aligns perfectly with our own approach,” Renner said. “Our decision to join Capco will expand our delivery capability and depth in areas we have been growing, notably digital transformation and data, and accelerate our ability to support our clients in those areas.”

Capco provides a full suite of management and technology consulting services to financial services clients. The company also has an energy industry consulting practice in the US. Capco has more than 5,000 employees across offices in Europe, the Americas, and Asia-Pacific.