The deal also includes acquisition of CoverHound’s wholly-owned subsidiary CyberPolicy
Brown & Brown has acquired substantially all of the assets of CoverHound, a California-based digital insurance marketplace that serves individuals and small businesses.
As part of the transaction, the insurance brokerage firm also acquired assets of CoverHound’s fully-owned subsidiary CyberPolicy.
The financial terms of the deal were not disclosed.
Brown & Brown technology, innovation, and digital strategy senior vice president Steve Boyd said: “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.”
Established in 2011, CoverHound is focussed on simplifying the insurance comparison and buying process. As part of this, the online insurance marketplace offers quotes and comparisons of various options for property and casualty insurance for consumers.
The company serves small businesses through CyberPolicy by providing them comparisons and quotes for purchasing cyber insurance online.
Last year, CoverHound secured a capital of $58m in a Series D funding round that was led by Bermuda-based insurance provider Hiscox. Other investors who took part in the funding round were Chubb, MS&AD, and Aflac Ventures.
The company will now continue to operate independently under Brown & Brown, while focusing on scaling digital partnerships with well-known brands.
CoverHound CEO Keith Moore said: “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.”