Brown & Brown acquires CoverHound
Insurance brokerage Brown & Brown has acquired insurtech CoverHound in a bid to accelerate its expansion into the digital insurance market.
The deal also includes CoverHound’s cyber insurance business CyberPolicy, established in 2016 to provide small businesses with broader access to cyber insurance. Financial details of the deal were not made public.
CoverHound was established 10 years ago in the nascent days of the insurtech movement and has continued to grow in the decade since - just last February it closed a $58m Series D led by Hiscox. Its marketplace allows customers to directly compare dozens of the US’ top insurers with the aim of simplifying the increasingly complex task of choosing and purchasing both business and personal coverage. The upshot is greater transparency at a time when many customers feel overwhelmed or just straight confused over which coverage is right for them.
Digital meets traditional
Rather than assimilate its platform and experts, Brown & Brown will continue to operate CoverHound independently. As well as offering a turnkey solution to enter the digital insurance arena, Steve Boyd, Brown & Brown’s SVP of Technology, Innovation, and Digital Strategy, says the move will support growth in its “traditional business”.
“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,” he says.
Keith Moore, CEO of CoverHound, welcomes the move, believing it “strengthens what has always been our mission: delivering fast, accurate and actionable options online to customers based on their specific insurance needs, anytime, anywhere.”
“Combining Brown & Brown’s strong carrier relationships with our proven marketplace technology will offer customers best-in-class curated choice and digital simplicity.”