CoverHound Acquired by Insurance Brokerage Firm

CoverHound Acquired by Insurance Brokerage Firm

Risk Disclaimer >>
Ad disclosure Fintech-Insight stands firm in its mission to facilitate sound financial decisions for you. We forge alliances with specialists to provide the latest in news and facts. Engagement with designated links, sponsored entries, products and/or services, leading transfers to brokers, or promotional content might entail financial recompense for us. We pledge to protect our users from any negative repercussions arising from utilizing our site. Be informed that no content hosted here should be interpreted as authoritative in legal, tax, investment, financial matters or any expert counsel; it is meant for informational purposes exclusively. Should there be any concerns, securing the guidance of an independent financial consultant is recommended.

Online insurance marketplace CoverHound announced today it has been picked up by insurance brokerage firm Brown & Brown in an acquisition deal this week. Terms of the arrangement, which also includes CoverHound subsidiary CyberPolicy, were not disclosed.

With 300 locations, Brown & Brown is the sixth largest insurance brokerage firm in the nation. The company has an 80 year history in the insurance industry and has since acquired more than 500 insurance agencies.

Today’s acquisition will help Brown & Brown tap into CoverHound’s and CyberPolicy’s digital reach into the insurance market for individuals and small businesses. The digital market has been growing quickly since the onset of the global pandemic. The deal will combine Brown & Brown’s strong carrier relationships and product knowledge with CoverHound and CyberPolicy’s partnership network and customer experience.

“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 Brown & Brown Senior Vice President of Technology, Innovation, and Digital Strategy Steve Boyd. “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.”

Brown & Brown will allow CoverHound and CyberPolicy to continue to operate independently under the Brown & Brown brand. The two tech firms will focus on scaling digital partnerships.

San Francisco-based CoverHound was founded in 2010 and has since raised $111 million. The company brings transparency to the insurance shopping process, offering a marketplace where shoppers can compare and purchase both personal and business insurance products.

Photo by Tina Morlock on Unsplash

Risk Disclaimer

Fintech-Insight is dedicated to delivering unbiased and dependable insights into cryptocurrency, finance, trading, and stocks. However, we must clarify that we don't offer financial advice, and we strongly recommend users to perform their own research and due diligence.

Leave a Reply