Online insurance marketplace CoverHound announced today it has been picked up by insurance brokerage firm Brown & Brown in an acquisition deal this week. Terms of the arrangement, which also includes CoverHound subsidiary CyberPolicy, were not disclosed.
With 300 locations, Brown & Brown is the sixth largest insurance brokerage firm in the nation. The company has an 80 year history in the insurance industry and has since acquired more than 500 insurance agencies.
Today’s acquisition will help Brown & Brown tap into CoverHound’s and CyberPolicy’s digital reach into the insurance market for individuals and small businesses. The digital market has been growing quickly since the onset of the global pandemic. The deal will combine Brown & Brown’s strong carrier relationships and product knowledge with CoverHound and CyberPolicy’s partnership network and customer experience.
“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.”
Brown & Brown will allow CoverHound and CyberPolicy to continue to operate independently under the Brown & Brown brand. The two tech firms will focus on scaling digital partnerships.
San Francisco-based CoverHound was founded in 2010 and has since raised $111 million. The company brings transparency to the insurance shopping process, offering a marketplace where shoppers can compare and purchase both personal and business insurance products.