Brown & Brown, Inc. Announces the Asset Acquisition of CoverHound and CyberPolicy
November 09 2020 - 5:45AM
J. Scott Penny, Chief Acquisitions Officer of Brown & Brown,
Inc. (NYSE:BRO), and Keith Moore, the CEO of CoverHound and its
wholly owned subsidiary CyberPolicy (collectively, “CoverHound”),
today 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.
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."
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.”
Brown & Brown, Inc. is a leading insurance
brokerage firm, providing risk management solutions to individuals
and businesses. With more than 80 years of proven success and
thousands of teammates, we offer knowledge you can trust and strive
to deliver superior customer service. For more information, please
visit bbinsurance.com.
This press release may contain certain
statements relating to future results which are forward-looking
statements, including those associated with this acquisition. These
statements are not historical facts, but instead represent only
Brown & Brown’s current belief regarding future events, many of
which, by their nature, are inherently uncertain and outside of
Brown & Brown’s control. It is possible that Brown &
Brown’s actual results and financial condition may differ, possibly
materially, from the anticipated results and financial condition
indicated in these forward-looking statements. Further information
concerning Brown & Brown and its business, including factors
that potentially could materially affect Brown & Brown’s
financial results and condition, as well as its other achievements,
is contained in Brown & Brown’s filings with the Securities and
Exchange Commission. Such factors include those factors relevant to
Brown & Brown’s consummation and integration of the announced
acquisition, including any matters analyzed in the due diligence
process, and material adverse changes in the business and financial
condition of the seller, the buyer, or both, and their respective
customers. All forward-looking statements made herein are made only
as of the date of this release, and Brown & Brown does not
undertake any obligation to publicly update or correct any
forward-looking statements to reflect events or circumstances that
subsequently occur or of which Brown & Brown hereafter becomes
aware.
R. Andrew Watts Chief Financial Officer (386)
239-5770
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