Brown & Brown acquires major US insurtech and its subsidiary

Brown & Brown acquires major US insurtech and its subsidiary | Insurance Business

Brown & Brown acquires major US insurtech and its subsidiary

Brown & Brown has acquired all of the assets of digital insurance marketplace CoverHound, and its wholly owned subsidiary CyberPolicy.

Following the transaction, CoverHound will continue to operate independently under Brown & Brown and will focus on scaling digital partnerships with “trusted brands,” a company release said.

CoverHound ranked 13th on MEDICI’s top 15 insurtech companies in the US. Based on data from Crunchbase, the company raised $111.8 million in total funding as of January 2020.

Read more: Top 15 insurtech companies in the US

“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."

“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,” added CoverHound CEO Keith Moore.

Read more: Brown & Brown halts acquisition of Hauser

The acquisition of CoverHound comes months after Brown & Brown had abandoned its agreement to purchase the assets of Hauser Inc. The Hauser deal was supposed to close in September, but it was terminated in August after news that Mark Hauser, principal owner and chairman of Hauser, agreed to plead guilty to charges of wire fraud and bribery related to a massive college admissions conspiracy.