Another sign of the growing integration between insurtech and the independent agency system
Insurance brokerage firm Brown & Brown has announced its acquisition of the online insurance marketplace CoverHound. According to the terms of the transaction, CoverHound will continue to operate as an independent entity under Brown & Brown and will focus on scaling its digital partnerships with other brands. No further terms of the transaction were disclosed.
“We see CoverHound as an important platform for Brown & Brown’s expansion into the digital insurance marketplace while at the same time helping our traditional businesses to continually deliver an exceptional customer experience,” said Steve Boyd, Brown & Brown Senior Vice President of Technology, Innovation, and Digital Strategy, said of the acquisition. “By combining CoverHound with our expertise and market strength, we will be able to meet more customers where they are and provide them with the appropriate coverage for their unique exposures.”
Based in San Francisco CoverHound, the company was one of the original “insurtechs” that raised nearly $40 million dollars in investments since its founding in 2010 in order to create its online digital insurance marketplace for individuals and small businesses.
In commenting on the sale, CoverHound CEO Keith Moore said, “We’re thrilled to become part of Brown & Brown, an exceptional company with an entrepreneurial spirit. Combining Brown & Brown’s strong carrier relationships with our proven marketplace technology will offer customers best-in-class curated choice and digital simplicity. The acquisition strengthens what has always been our mission: delivering fast, accurate and actionable options online to customers based on their specific insurance needs, anytime, anywhere.”
