Brown & Brown Inc. said in a statement that it has acquired substantially all of the assets of online insurance platform CoverHound Inc., including its wholly-owned subsidiary CyberPolicy. The terms of the transaction were not disclosed.
The statement said that following the transaction, CoverHound will continue to operate independently under Brown & Brown and will focus on scaling digital partnerships with trusted brands.
Steve Boyd, Brown & Brown Senior Vice President of Technology, Innovation, and Digital Strategy commented on the acquisition, “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.”
Keith Moore, the CEO of CoverHound said that combining Brown & Brown’s strong carrier relationships with their proven marketplace technology will offer customers best-in-class curated choice and digital simplicity.
Brown & Brown, Inc. is a leading insurance brokerage firm, providing risk management solutions to individuals and businesses with more than 80 years of expertise.