Renowned international supplier of on-demand software and e-commerce services to the insurance industry, Ebix Inc signed an agreement that will see it acquire Brazilian firm USIX Technologies Inc. Reports emerged Thursday that Ebix Inc is has gone into the agreement for the takeover of the Rio de Janeiro based firm.

The Brazilian firm provides exchange solutions for the insurance industry in Brazil, specializing in Internet interface solutions for insurance companies and their agents. USIX’s portfolio of exchange solutions includes; pricing, multi-quoting for brokers, underwriting, contract binding, and broker-system solutions. The solutions are used in the auto, property, and life (individual and group life) sectors of the insurance industry in Brazil.

Currently, the firm is undertaking the implementation of an on-demand exchange based broker system solution for the thousands of brokers of Bradesco Seguros. From its plans, USIX Technologies will distribute system across 30,000 brokers of Bradesco.

USIX was acquired by Sao Paulo based Ebix Latin America, the existing subsidiary of Ebix Singapore. The closing of the transaction will be completed on 28th September 2010. The acquisition is expected to be accretive to Ebix Earnings per Share (EPS).

USIX Technologies is a provider of Exchange solutions for the insurance industry in Brazil, specializing in Internet interface solutions for insurance companies and their agents. USIX’s portfolio of Exchange solutions includes; pricing, multi-quoting for brokers, underwriting, contract binding and broker system solutions. The solutions are used in the Motor, Property and Life (individual and group life) sectors of the insurance industry in Brazil.

USIX is presently in the process of implementing an on-demand exchange based Broker system solution for the thousands of Brokers of Bradesco Seguros. The solution is targeted to be deployed across 30,000 brokers of Bradesco.

In total, the Brazilian insurance industry comprises around 140 companies, which range from small locally owned companies to large multi-national organizations. Currently the total insurance market revenue is over $57 billion. This industry has been growing over the last 5 years at a 12%-15% average yearly growth rate.

The Life and Retirement Annuities sector alone has grown at an average rate of 25% per annum. This acquisition marks Ebix’s entry into one of the fastest growing Property & Casualty and Life insurance exchange markets in the world. Ebix already runs an Annuity portability Exchange in Brazil that is utilized by 40 different Life insurance Companies today.