Aon PLC (NYSE: AON), a global professional services firm, announced an agreement Nov. 20 to acquire CoverWallet, a New York startup specializing in digital insurance for small- and medium-sized enterprises.
"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," Aon CEO Greg Case said in a statement on the development.
"CoverWallet’s culture of innovation is transforming the insurance landscape, and together we have the opportunity to further strengthen and expand the application of the digital client experience."
A purchase price was not disclosed.
The development comes after the CoverWallet team grew to more than 300 employees, spread across offices in New York City and Rochester, New York and Spain.
The startup will maintain its relationships with top insurance companies like American International Group Inc (NYSE AIG), Hanover Insurance Group Inc (NYSE: THG) and Liberty Mutual.
CoverWallet was started to reinvent commerical insurance, CEO and co-founder Inaki Berenguer said in a statement.
"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."
After the acquisition's expected close in the first quarter of 2020, CoverWallet will join Aon’s Ventures Group. In doing so, CoverWallet will apply its data, tech, operations and analytics expertise to improve the Aon digital client experience while scaling its core business globally.
“Aon’s shared vision means we can continue pushing the boundaries of innovation into new markets and new products at greater scale,” Berenguer said.
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Photo courtesy of CoverWallet.
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