Innovative Tech Firm Building International Momentum

Apr 9, 2014

Analyze Re is taking advantage of local talent and expanding its Halifax operations after celebrating its first anniversary in Nova Scotia.

Analyze-Re_web The company, which provides technical solutions to the reinsurance industry, is headquarted in Halifax with clients in the United States, Europe and Bermuda.

"Atlantic Canada has a vibrant tech start-up community which is offering a lot of mentorship, helping companies like Analyze Re succeed," said Shivam Rajdev, chief operating officer, Analyze Re.

Nova Scotia Business Inc. (NSBI) has signed a six-year incentive agreement with Analyze Re. The agreement is for up to 50 jobs, which would be more than $10 million in salary and provincial personal income taxes of about $1.15 million. The company would earn up to $792,750 in payroll rebates from NSBI's Strategic Investment Funds.

"There are many reasons why Nova Scotia is a great location for us," said Adrian Bentley, CEO of Analyze Re. "We have a major client base in Bermuda, which is in the same time zone as Halifax. This, coupled with highly educated and skilled labour force, made perfect sense to us to be located here. It is also a great place to raise a family and there is a strong sense of community, which is something that we have really appreciated since immigrating here."

Funding from Innovacorp supported the company's research and development, demonstrating how the province's different agencies and tools work together to support the unique needs of innovative start-up companies.

When Flagstone Reinsurance was acquired in 2012, the three founders of Analyze Re turned down several job offers from global firms to start a new company and stay in Nova Scotia. Reinsurance is insurance purchased by insurance companies to help manage risk.

"NSBI is delivering on its growth strategies for Nova Scotia’s financial services sector and we have attracted companies in fund administration, reinsurance, captive management, due diligence and insurance," said Peter MacAskill, vice-president NSBI. "Analyze Re represents a new opportunity that includes financial services and new technology (IT)."

For more information on Analyze Re, visit www.analyzere.com