J. Scott Penny, Chief Acquisitions Officer of Brown & Brown, Inc., and Keith Moore, the CEO of CoverHound and its wholly-owned subsidiary CyberPolicy, announced that a subsidiary of Brown & Brown, Inc. has acquired substantially all of the assets of CoverHound.
CoverHound is a leading digital insurance marketplace for individuals and small businesses. As one of the original InsurTechs that have emerged and scaled over the past decade, CoverHound has remained true to its vision, focusing on being a trusted advisor for curated choice and meeting the complex demands of today’s modern customer, all while simplifying the insurance comparison and purchasing process. Following the transaction, CoverHound will continue to operate independently under Brown & Brown and will focus on scaling digital partnerships with trusted brands.
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Steve Boyd, Brown & Brown Senior Vice President of Technology, Innovation, and Digital Strategy, said of the acquisition, “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.”
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Keith Moore said, “We’re thrilled to become part of Brown & Brown, an exceptional company with an entrepreneurial spirit. 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.”
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