Brown & Brown acquires CoverHound and CyberPolicy
San Francisco-based insurance intermediary CoverHound and its wholly-owned subsidiary CyberPolicy announced they have been acquired by Florida-based insurance broker Brown & Brown . Financial details weren’t disclosed.
According to LinkedIn data, CoverHound is a team of 92 and Cyberpolicy is a team of 42. The companies will continue to operate independently under Brown & Brown.
CoverHound was founded in 2010 by Basil Enan, Joel Hayhurst and Rory Joyce; by 2014 these founders have moved on. And in 2015, the company went on to raise approximately $47 million across two rounds of funding. Back then, the company was valued at around $100 million. In total, CoverHound raised $111 million across 6 rounds of financing from several investors including Hiscox, Chubb, Aflac and American Family.
Over the years, its competitive landscape has changed and it was no longer competing against companies similar to it in nature like The Zebra, Compare.com and Insurify, while seeing more competition from mobile-only insurance shoppers such as Gabi and Jerry, digital brokers and insurers such as Clearcover and Root.
“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.” – Brown & Brown Senior Vice President of Technology, Innovation, and Digital Strategy, Steve Boyd.
“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.” – CoverHound and CyberPolicy CEO Keith Moore.
