Insurify to acquire Compare.com
Insurify has entered into an agreement to acquire Inspop USA, LLC and its subsidiary, Compare.com Insurance Agency, LLC. The transaction is expected to close in H1 2023 and Insurify will maintain the Compare.com brand.
Compare.com was founded by and is majority owned by Admiral Group. As part of the transaction, Admiral will retain a minority stake in Insurify and continue to serve as a strategic shareholder. Allie Feakins, Compare.com’s CEO, will join Insurify as SVP of Insurance and lead insurance operations for the combined company.
“Acquiring Compare.com, a long-established and respected digital insurance distribution brand, will further Insurify’s mission to empower every insurance-shopper with the expert advice and resources to compare, buy and manage insurance. Bringing the companies and their technology together allows us to build on our complementary auto insurance capabilities. The addition of Compare.com strengthens Insurify’s market position as we continue to build the preeminent and most trusted digital insurance agent.” – Snejina Zacharia, founder and CEO of Insurify.
“Over the past 10 years, we have observed firsthand the rapid growth of Insurify as one of leading auto insurance comparison platforms. We are excited that Insurify chose to acquire Compare.com and the opportunity to extend our business model to a full-service insurance agency. We look forward to meaningfully scale to be the highest quality digital insurance offering.” – Allie Feakins, CEO of Compare.com
“This is a positive outcome for Compare.com customers and employees who will continue to empower more motorists in the U.S. to shop and save on their insurance needs. This transaction will enable Admiral to continue to focus on what we have consistently done well, creating, underwriting and delivering leading financial service products, while also benefiting from the continued momentum being seen in the U.S. price comparison market.” – Costantino Moretti, Head of International Insurance, Admiral Group.
Bottom Line: According to our analysis, compare.com had an annualized employee growth rate of 0% and had 316,000 monthly site visitors on average, which is less than half that of Insurify. This acquisition will go unnoticed.