The US parent company for London market tech provider Ebix Europe said it is now “debt-free worldwide” and “well-positioned for the future”.

Ebix has announced it has successfully completed its US Chapter 11 restructuring process.

The financial technology software and e-commerce provider said it had “emerged as a financially and operationally stronger company that is well-positioned for the future”.

The 12,000+ employee company is now debt-free worldwide, the firm added.

The firm is the parent company of its Ebix Europe subsidiary, a London market and global commercial and specialty re/insurance technology provider of electronic trading and insurtech solutions.

The Chapter 11 resolution only means “business as usual continues at Ebix Europe”, the company said.

It also said it confirms its commitment to the continued growth and development of its PlacingHub, ExposureHub, and EbixExchange products.

Pete Smyth, vice president, Ebix Europe, said: “This acquisition at group level reinforces our regional stability and commitment to our clients, ensuring that our operations remain seamless and our services continue to exceed expectations. There will be no changes to the current management team or employee structure, ensuring continuity and stability for our clients.

“Our dedicated team remains focused on delivering the high-quality service and innovative solutions that our clients have come to expect. Our focus on innovation and driving forward with London market modernisation technology that performs seamlessly for insurers and brokers remains unwavering.

“We look forward to advancing PlacingHub, ExposureHub, and EbixExchange, and announcing the next exciting developments to their functionality, and delivering even greater value to our rapidly expanding insurance broker and insurer user base in 2024 and beyond,” he added.

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