MRI Software Acquires Multifamily Insurance Partners
Global real estate software company MRI Software has acquired Multifamily Insurance Partners, a leader in resident insurance programs for the US multifamily rental market.
Headquartered in Ohio, Multifamily Insurance Partners is a pioneer in designing and executing resident insurance programs. Over 80 per cent of the largest multifamily owners and operators employ required insurance programs. Backed by a leading global insurance provider, Multifamily Insurance Partners has implemented programs for over a million apartment units. It provides property owners and operators with a number of benefits, including uninsured loss recovery, reduced property and casualty insurance rates, and potential ancillary income.
The acquisition will enable property owners and operators to close insurance gaps and minimize loss by implementing resident insurance compliance programs for apartment renters. The new offering, MRI Multifamily Insurance, will further streamline the leasing and onboarding process for property owners and operators and is available through MRI Living, the company’s end-to-end suite of residential solutions. By giving clients the flexibility to either select MRI Software’s insurance compliance program or a provider from its extensive Partner Connect program, MRI intends to maintain its commitment to offering clients an open and connected ecosystem where they can choose the solution that works best for them.
David Carner, Senior Vice President of Residential Solutions for MRI Software, says:
"Acquiring Multifamily Insurance Partners enhances MRI’s comprehensive residential offering.
"It enables MRI to make resident insurance available as part of a single, fluid leasing and onboarding process that protects both property owners and residents. Offering renters insurance via online portals gives MRI clients more options for creating a fully automated system that addresses the preferences and habits of modern renters; and a tightly integrated and intuitive insurance compliance program is crucial for property owners and managers to know their buildings are protected from any risk."
Jim Sweeney, Multifamily Insurance Partners Chief Executive Officer, adds:
"Joining a PropTech industry leader in MRI helps Multifamily Insurance Partners reach new markets and leverage the latest in leasing and onboarding technology to provide the enhanced customer experience that property managers demand. Our clients will still benefit from our longstanding expertise and industry relationships, with the added benefit of MRI’s innovation, end-to-end offering and trusted position in the market."
Software Equity Group acted as the strategic advisor for Multifamily Insurance Partners.
A webinar on January 9, 2020 will discuss MRI Multifamily Insurance.