Global re/insurance brokerage Aon has completed its previously announced acquisition of CoverWallet, a digital insurance platform for small and medium-sized businesses.
Aon believes the acquisition will expand its position in the commercial insurance market for smaller businesses, and allow it to develop improved digital client solutions.
CoverWallet joins the portfolio of Aon’s New Ventures Group, which is focused on delivering new sources of value to clients that expand Aon’s market.
As a part of the New Ventures Group, Aon will accelerate the growth of CoverWallet’s core business, while leveraging CoverWallet’s data & analytics capabilities and technology.
“Since we announced this acquisition, we’ve grown even more excited by the opportunities we see to combine Aon’s expertise in data & analytics and global distribution with CoverWallet’s market-defining platform to create new sources of value for our clients,” said Greg Case, CEO of Aon.
“CoverWallet is a truly innovative organization and we’re ready to begin working together to strengthen and expand the application of their digital client experience,” he added.
Aon previously made a strategic investment into Coverwallet back in May 2019, and the firms agreed to work together in the SME space in Australia, later expanding the partnership into the US.
“This is an exciting day for CoverWallet as we bring our team together with Aon,” said Inaki Berenguer, CEO and Co-Founder of CoverWallet.
“With our technology and customer-centric focus, combined with the global leader in risk, retirement, and health solutions, we see tremendous opportunities to expand value for clients and deliver significant growth.”