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Investing.com - Canaccord Genuity initiated coverage on Fineos Corporation Holdings plc (ASX:FCL) with a Buy rating and a price target of AUD3.45.
Fineos, headquartered in Dublin, Ireland, is a leading provider of insurance software to Life, Accident and Health insurers worldwide. The company was founded in 1993 and listed on the ASX in 2019 at a price of $2.50 per share.
The company has established itself as a dominant SaaS player in the sector through extensive client relationships, including 7 of the 10 largest employee benefits insurers in the US, the largest LA&H insurer in Canada, and 70% market share of employee benefits insurance in Australia.
Canaccord Genuity notes that Fineos has invested over €250 million (A$440 million) in R&D over the past five years, demonstrating a deep understanding of the unique challenges faced by insurers.
The research firm estimates the total annual spend on external core systems software by LA&H insurers at approximately US$10 billion, with an attainable addressable market of approximately US$2 billion in North America from around 300 insurance carriers.
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