Insurance broker Brown & Brown has acquired CoverHound, a digital property/casualty insurance marketplace, and CyberPolicy, CoverHound’s small business subsidiary.
Neither side disclosed financial details of the asset transaction.
After the deal closes, CoverHound and CyberPolicy will continue to operate independently under Florida-based Brown & Brown and focus on scaling digital partnerships with trusted brands.
Brown & Brown said the acquisition helps it gain access to the digital insurance market for individuals and small businesses.
“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,” said Steve Boyd, Brown & Brown senior vice president of Technology, Innovation and Digital Strategy, said of the acquisition.
California-based CoverHound launched in early 2010 and raised more than $112 million in venture capital over the last decade, including a $58 million funding round in 2019 with lead investor Hiscox and other investors including Chubb, Aflac Ventures, and MS&AD in Japan.
In 2015, Chubb (then ACE) took a 24% stake in CoverHound. However, with this deal, Brown & Brown will assume 100% ownership.
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