Ebix Australia has reassured the local market that its operations are not affected by the decision of Ebix Inc in the US to file for protection under Chapter 11 of the Bankruptcy Code.

The local firm has placed a notice on its website to provide clarity and has emphasised that the developments in the US have no direct impact on its business.

“Ebix Australia stands as an independent, profitable entity, along with our other regional subsidiaries, operating unaffected by the proceedings in the US,” the notice says.

The US Chapter 11 arrangements provide time for a company to reorganise and reduce debt, with the aim of emerging through a court-approved process as a stronger organisation.

Ebix Inc says it has reached an agreement to sell its North American Life and Annuity assets as part of moves to strengthen the balance sheet and put the company on a path towards sustainable growth and profitability.

Ebix Australia, which this year celebrated three decades of operation, has described itself as “one of the original insurtechs” and at the forefront of cutting-edge technology solutions for the insurance industry since its establishment. Its suite includes Ebix Evolution, OneOffice, Sunrise Exchange and WinBEAT.

“We want to assure you that for Ebix Australia, it is business as usual,” the website notice says. “Our commitment remains unwavering in providing excellent services to our clients. We are taking proactive steps to inform our clients and the market about these developments.” 

Ebix Inc in its US release says the company continues to have robust worldwide operations and strong fundamentals. It has around 200 offices across six continents.

“All worldwide operations of the company will continue to operate in the ordinary course and without any interruption,” it says.