Aon to acquire CoverWallet
Aon announced it has entered into a definitive agreement to acquire CoverWallet , “the leading digital insurance platform for small and medium-sized businesses.”
The acquisition provides Aon with additional access to “the fast-growing, $200+ billion premium digital insurance market for small and medium-sized businesses,” as well as the opportunity to leverage CoverWallet’s platform to develop and scale “innovative digital client experiences that support the firm’s Aon United growth strategy.” Earlier this year, CoverWallet and Aon announced an initial commercial partnership, launched a pilot in Australia which later expanded to the US, and worked together to build additional pilot programs in the US.
Post-close, CoverWallet will join the growing portfolio of Aon’s New Ventures Group, which functions as a growth-stage capability focused on delivering new sources of value to clients that expand Aon’s addressable market. As part of the New Ventures Group portfolio, CoverWallet will apply its data and analytics capabilities, technology, and operational expertise to the broader Aon digital client experience, while also working closely with leadership across Aon’s geographies and global solution lines to accelerate the growth of CoverWallet’s core business.
“We are excited to combine Aon’s expertise in data and analytics and global distribution with CoverWallet’s market-defining platform to create new sources of value for our clients. CoverWallet’s culture of innovation is transforming the insurance landscape, and together we have the opportunity to further strengthen and expand the application of their digital client experience.” – Greg Case, CEO of Aon.
“We started CoverWallet to reinvent commercial insurance. By building our customer-centric platform and leveraging advanced data science, beautiful design, and state-of-the-art technology, we have been able to simplify insurance. Aon’s shared vision means we can continue pushing the boundaries of innovation into new markets and new products at a greater scale.” – Inaki Berenguer, CEO and Cofounder of CoverWallet.
The transaction is expected to close during the first quarter of 2020, after which the CoverWallet organization will go to market as CoverWallet, an Aon company.
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The agreements are intended to address certain questions raised by the U.S. Department of Justice in relation to the combination with respect to the markets in which these businesses are active. Aon and Willis Towers Watson continue to work toward obtaining regulatory approval in all relevant jurisdictions.