AI-driven insurtech firm COVU has acquired CIII Insurance coverage Providers, a boutique company primarily based in California, US, for an undisclosed sum.
CIII is understood for its give attention to “premium clientele”, “white-glove” service and established relationships with insurance coverage carriers, the corporate press launch acknowledged.
Established and headed by Cecil Collins, CIII Insurance coverage Providers brings a portfolio of business and private property and casualty purchasers and established relationships with nationwide carriers together with Chubb and Vacationers.
CIII’s operations will transition to COVU’s “remote-first” framework.
This deal is claimed to be the primary in a sequence of acquisitions as the corporate expands its platform and choices for insurance coverage businesses.
COVU CEO Ali Safavi mentioned: “By enabling our companions to evolve into this new mannequin – or exit confidently whereas preserving their legacy – we broaden our platform and develop collectively. Whether or not an company needs to scale with us or park their ebook, COVU now offers a manner ahead. As we proceed increasing, we’re targeted on delivering a good higher expertise for our prospects and company companions, whereas driving high-quality, worthwhile distribution for our provider companions.
“We’re not right here to interchange businesses. We’re right here to empower them – whether or not they wish to scale their operations, transition into an AI-native mannequin, or step away. Our mission stays to be the very best associate for businesses and the very best expertise for his or her prospects.”
This February, COVU raised an extra $22m in Sequence A funding.
The spherical was led by Benhamou World Ventures, the lead investor within the firm’s preliminary Sequence A, with True World Ventures becoming a member of as a brand new investor.
