The Travelers Companies has entered an agreement to acquire insurance company InsuraMatch from the Plymouth Rock Group.
The transaction, which is subject to customary closing conditions, is expected to close in the first quarter of 2021. The terms of the transaction were not disclosed.
InsuraMatch focuses primarily on personal insurance, and offers coverage for auto, home, boat, motorcycle, renters, umbrella and flood, among others.
Encharter Insurance, Plymouth Rock’s Massachusetts-based brokerage, has stated that it will not be included in the transaction and will remain a part of the Plymouth Rock Group of Companies.
InsuraMatch will continue to operate independently and manage all carrier partnerships.
Michael Klein, Executive Vice President and President of Personal Insurance at Travelers said: “We continue to invest in the talent and technology that will allow us to best serve our customers and bring strategic capabilities to our agents and brokers in an increasingly digital environment. InsuraMatch’s scalable technology platform will complement our efforts to meet customers where they are, give them what they need and serve them how they want.”
Marc Buro, Chief Executive Officer of InsuraMatch commented: “We have been steadily building our business over the past several years and are excited to enter this next phase with the support of Travelers. Our talented team and proven technology, paired with Travelers’ expertise and financial strength, will enable us to continue our growth while enhancing the customer experience.”
Len Mariani, Senior Vice President of National Markets for Personal Insurance at Travelers, added: “InsuraMatch combines a sophisticated technology platform with extensive carrier relationships to create personalised online insurance shopping experiences for customers. We’re looking forward to providing their knowledgeable staff and leadership team with the tools and resources they need to realise the full potential of their offering.”