A subsidiary of Brown & Brown, Inc. has acquired substantially all of the assets of InsurTech firm CoverHound, a digital insurance marketplace for both individuals and small businesses.
The deal has been announced by J. Scott Penny, Brown & Brown’s Chief Acquisitions Officer and Keith Moore, Chief Executive Officer (CEO) of CoverHound and its wholly owned subsidiary, CyberPolicy.
CoverHound is one of the original InsurTech entities to have emerged and scaled over the past ten years, and following the transaction, will continue to operate independently under Brown & Brown and will focus on scaling digital partnerships with trusted brands.
An announcement on the acquisition notes that since its inception, CoverHound has stayed true to its vision, and remains focused on being a trusted advisor for curated choice and meeting the complex demands of today’s customer.
Steve Boyd, Brown & Brown Senior Vice President of Technology, Innovation, and Digital Strategy, commented: “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.
“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.”
Moore added: “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.”