On June 6, 2024, NexPhase Capital, a private equity firm known for its thematic and operational focus, invested in Insurance Systems Inc. (ISI), a provider of enterprise software solutions for the property and casualty insurance industry. Founded in 1997 and headquartered in Toronto, ISI's flagship product, ISI Enterprise, supports insurance carriers in managing policy administration, claims, billing, accounting, and reinsurance.

The investment aimed to foster ISI's growth in existing markets, facilitate expansion into adjacent markets, and support product enhancements for better integrations, faster implementation, and improved analytics. While the transaction value was not disclosed, the collaboration was expected to bolster ISI's capabilities and service offerings, ensuring continued excellence in meeting customer needs.

Joel Killion, Partner at NexPhase, highlighted ISI's strong industry relationships and flexible platform as key factors for continued growth. Casey Kretz, CEO of ISI, emphasized the strategic alignment with NexPhase and the potential for realizing ISI's long-term vision. Kretz would continue as CEO and serve on ISI's Board of Directors, alongside NexPhase representatives Joel Killion, Bob Gartland, Quint Carr, and Mike Roe.

Legal advisors for NexPhase included Choate, Hall & Stewart LLP and Gowling WLG (Canada) LLP. Morgan Partners LLC acted as the exclusive financial advisor to ISI, with Blaney McMurtry LLP serving as ISI's legal advisor.