Hiscox to acquire MGA and carrier operations from Vouch

Hiscox is acquiring Corix and Vouch Insurance Company from Vouch, Inc.

Corix Insurance , previously known as Vouch Insurance Services, was launched earlier this year as an MGA for Vouch. The brand focuses on partnering with insurance brokers to offer proprietary products and dynamic underwriting for sectors like technology, life sciences, advanced manufacturing, and consulting. Corix policies are backed by State National and United Specialty, both are part of Markel . United Specialty reported ~$19 million in premium for MGA Vouch in 2024, up slightly from ~$18 million in 2023—5.6% growth.

Vouch Insurance Company was launched in 2021 and began assuming risk in July of that year through a reinsurance arrangement with State National and United Specialty. The carrier reported $11.8 million in net premiums written for 2024, an 11.3% increase from $10.6 million in 2023 and $8.8 million in 2022.

According to the press release, the acquisition supports Hiscox USA’s strategy to grow its specialty insurance business and digitize its broker platform. In 2024, Hiscox USA wrote over $900 million in premium and serves more than 600,000 customers. Vouch Insurance will continue to operate as an independent broker focused on risk management for innovative companies. As part of the deal, Hiscox and Vouch have entered into a multi-year distribution agreement.

Vouch is a team of 176 employees, according to LinkedIn data—a 20% drop over two years. The company has raised a total of $185 million, including an undisclosed Series D round in February, led by Allegis NL Capital.

The news follows ERGO’s $2.6 billion acquisition of Next Insurance and comes at a time when Hiscox has lost its leadership position as the leading digital and direct small business insurer in the US as both Hiscox and Next report 600,000 policyholders served. It’s also worth noting that Hiscox is an investor in Coterie, a commercial insurance MGA, having participated in the company’s $27 million funding round disclosed in March 2024.

Bottom Line: Just last month, Zurich acquired Boxx Insurance while also investing in Cowbell. Hiscox, too, had a choice—did it choose rationally?

The deal, subject to regulatory approval, brings new broker technology and access to customers in tech startups, life sciences, and professional services.