AI-powered insurtech agency COVU has continued its acquisition spree with the acquisition of Leland Insurance coverage Companies, a California-based unbiased company.
The monetary phrases of the deal haven’t been disclosed.
Leland Insurance coverage Companies, led by Richard Herscowitz, is thought for its portfolio of private, industrial property and casualty (P&C) enterprise.
This transaction marks COVU’s fifth acquisition.
COVU stated the acquisition is a part of its broader mission to reinforce the capabilities of insurance coverage businesses by offering them with entry to superior technological infrastructure, operational assist, and an AI-native framework, with out the intention of changing the businesses.
Leland Insurance coverage Companies companions with a number of nationwide carriers, together with Nationwide, Safeco, Progressive, and Vacationers.
The corporate experiences “constant” income development and a 102% year-over-year coverage and income retention price, based on COVU.
Put up-acquisition, Leland Insurance coverage Companies will probably be built-in into COVU’s working mannequin.
COVU CEO Ali Safavi stated: “Leland is a superb instance of a high-performing company that matches naturally into the AI-native future we’re constructing.
“They’re already working with the sort of self-discipline, service high quality, and buyer retention we worth—and we’re excited to hold that legacy ahead via our platform.”
The acquisition follows COVU’s earlier acquisition of Ford Insurance coverage Company, a family-owned entity with a longstanding historical past in Maine.
Ford Insurance coverage Company, established and operated by the Lonsinger household, gives each industrial and private insurance coverage protection within the Maine space.
