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This Insurance-Tech Pioneer Opted for a Sale Instead of an IPO. Here’s Why.

One of the original insurance-technology companies has been sold. Brown & Brown has scooped up CoverHound, and its wholly owned unit CyberPolicy.

Financial terms weren’t announced. CoverHound, based in San Francisco, provides an online marketplace where consumers and small businesses can shop, get quotes and buy insurance. Management will remain, according to Keith Moore, chief executive of CoverHound and CyberPolicy.

“We’re thrilled to become part of Brown & Brown, an exceptional company with an entrepreneurial spirit,” Moore said in a statement. “Combining Brown & Brown’s strong carrier relationships with our proven marketplace technology will offer customers best-in-class curated choice and digital simplicity.”

Founded in 2010, CoverHound isn’t an insurance carrier—like Lemonade (Ticker: LMND) or Root Insurance (ROOT). CoverHound is more the Expedia of insurance, providing a destination where consumers can search for policies, including auto, homeowners, renters and life, Moore said. Companies can choose from general and business-owner liability, workers’ compensation, as well as cyber insurance through CyberPolicy to cover breaches or possible attacks.

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