Sapiens Awarded $1.1 Million Reinsurance Contract by a Global Financial Services Group

RESEARCH TRIANGLE PARK, North Carolina, June 29 /PRNewswire-FirstCall/ -- Sapiens International Corporation N.V (NASDAQ and TASE: SPNS) today announced that a global Financial Services Group's Reinsurance arm, has selected Sapiens to implement its reinsurance administration software, Sapiens INSIGHT(TM) for Reinsurance, awarding Sapiens a contract award in the amount of $1.1 million.

Sapiens INSIGHT(TM) for Reinsurance will be implemented to manage the entire reinsurance business portfolio across the group, providing efficient services and access to users of the Reinsurance Entity and global business units.

The customer chose the INSIGHT(TM) solution after a thorough selection process due to its agility and the constant evolution of the package to meet market requirements and regulations. Sapiens' ability to deliver implementation environment using its modeling (codeless) technology on top of Microsoft environments provides very good cost effectiveness.

Roni Al-Dor, Sapiens CEO, commented: "We are very proud to have extended our partnership with one of the world's largest Financial Services Groups with our Reinsurance solution, offering clear business and technology benefits. This contract is particularly significant, as it adds another valuable member to the Sapiens INSIGHT(TM) insurance family."

About the Sapiens INSIGHT for Reinsurance solution

Sapiens INSIGHT(TM) for Reinsurance is part of the company's INSIGHT suite of insurance solutions. It is a ground-breaking solution for management of all types of reinsurance, with comprehensive support for the rapidly changing requirements of the reinsurance market. This powerful framework-based solution manages in one single platform ceded and assumed reinsurance, proportional and non-proportional treaties and facultative contracts. Currently the system handles all property and casualty, commercial and personal lines. Life business and health will be made available at end 2009. Designed for the international market, Sapiens INSIGHT(TM) for Reinsurance is based on ACORD standards and B2B XML technology, supporting multi-currency, multi-lingual, and is suited to accommodate multi-company corporate structures.

About Sapiens

Sapiens International Corporation (NASDAQ and TASE: SPNS) is a leading provider of business critical IT software solutions for insurance organisations, as well as for enterprise organisations in other industries.

The company offers a comprehensive portfolio of solutions for insurance applications including Reinsurance, P&C, L&P/L&A, and more, and its technology is recognized globally for the ability to cost-effectively align IT infrastructures with operational demand for speed, flexibility and efficiency.

With subsidiaries in North America, the United Kingdom, EMEA, Japan and Asia Pacific, Sapiens has strategic partnerships with market leaders such as IBM, Microsoft and others. Our clients include AXA, ING, Liverpool Victoria, Menora, Mivtachim, AVIVA, Allianz, Barclays, Aegon, Occidental Fire & Casualty, OneBeacon, Principal Financial Group, Santam and Texas Farm Bureau among others. For more information, please visit http://www.sapiens.com.

    FOR ADDITIONAL INFORMATION:

    Roni Giladi
    Chief Financial Officer
    Sapiens International
    Tel: +972-8-938-2721
    E-mail: IR.Sapiens@sapiens.com' target='_blank' title='IR.Sapiens@sapiens.com'>IR.Sapiens@sapiens.com

    Roni Al-Dor
    Chief Executive Officer
    Sapiens International
    Tel: +972-8-938-2721
    E-mail: IR.Sapiens@sapiens.com' target='_blank' title='IR.Sapiens@sapiens.com'>IR.Sapiens@sapiens.com

SOURCE Sapiens International Corporation N.V