Global insurance broker Aon has agreed to acquire CoverWallet, a digital insurance platform for small and medium-sized businesses.
No purchase price was disclosed.
Founded in 2015 by technology entrepreneurs Inaki Berenguer and Rashmi Melgiri, CoverWallet has more than 300 employees across engineering, digital marketing, data science, business intelligence, design, and operations, with offices in New York City, Rochester, N.Y., and Spain.
In May, Aon began partnering with CoverWallet to serve clients in Australia. At that time, the parties also said they were planning on expanding this partnership to additional geographies, including the United States. In conjunction with this agreement, CoverWallet received a strategic investment of an undisclosed amount from Aon.
The investment from Aon added to the $40 million CoverWallet has previously raised since 2016 from investors including Union Square Ventures, Index Ventures, Two Sigma Ventures, and Foundation Capital, as well as Zurich Insurance Group and Starr Companies.
CoverWallet has partnerships with top insurance companies including Chubb, CNA, Progressive, Starr, AIG, Zurich, The Hanover, Hiscox, Liberty Mutual, and AmTrust, among others.
CoverWallet’s digital competitors include Insureon and CoverHound in the small business market.
Post-close, CoverWallet will join the growing portfolio of Aon’s New Ventures Group. As part of the New Ventures Group portfolio.
The transaction is expected to close during the first quarter of 2020, after which the CoverWallet organization will go to market as CoverWallet, an Aon company.
The Hilb Group, The Incentive Group
The Hilb Group LLC has acquired Massachusetts-based The Incentive Group LLC. The transaction became effective Sept. 1.
IG is a full-service employee benefits consulting and brokerage firm providing solutions for a variety of industries and sizes. Located in Waltham, Mass., IG will continue to operate out of its office under the management of co-founders Paul Beggan and Tim Nugent.
THG is a middle market insurance agency headquartered in Richmond, Va., and is a portfolio company of Boston-based private equity firm, Abry Partners. It seeks to grow through targeted acquisitions in the middle market insurance brokerage space. The company now has more than 85 offices in 21 states.
Hagerty, Greenwich Concours d’Elegance
Hagerty, an automotive lifestyle brand and provider of specialty insurance to vintage vehicle enthusiasts, has acquired the Greenwich Concours d’Elegance in Greenwich, Conn.
Following this move, Hagerty expects to add hands-on-the-wheel opportunities for show-goers, including its “Ride & Drives” that put people behind the wheel and in the passenger seat of older cars, and its Hagerty Driving Experience, which teaches drivers ages 15-to-25 how to operate a stick shift.
Founded in 1996 by the late Bruce and Genia Wennerstrom, the Greenwich Concours remains a family venture. Daughter-in-law Mary Wennerstrom, who has worked on the concours since the beginning, will stay on as the executive director.
In addition to the concours, Hagerty will oversee the Madison Avenue Sports Car Driving & Chowder Society, a car club that has met monthly at Sardi’s in Manhattan since 1957.
Statewide Insurance, Satellite Agency Network Group
Statewide Insurance has joined Satellite Agency Network Group Inc., an alliance of independent insurance agencies in the Northeast, after recently opening in Walpole, Mass.
Statewide Insurance provides all lines of personal and commercial coverages to local clients in Massachusetts and Rhode Island. The agency is owned by Denise Berube, who was previously an exclusive agent and agency owner.
More than 370 members across eight states have access to more than 45 insurance companies and write more than $808 million in total combined premium at SAN Group Inc. It is the founding master agency of SIAA, a national alliance of independent insurance agencies.
Hub International Limited, Wash Financial
Hub International Limited, a global insurance brokerage and financial services firm, has acquired the assets of Wash Financial L.L.C., doing business as Washington Financial Group.
Headquartered in McLean, Va., and led by CEO Joe DeNoyior and President Jeff Hamblen, WFG is a provider of employer plan and wealth management services.
Following the transaction, DeNoyior will join Hub Mid-Atlantic to work with Reich and collaborate with Charles Brophy, Hub president and CEO and regional president for the U.S. East region.
Hub continues to strengthen its retirement planning services and benefits with the addition of talent and resources to develop more comprehensive solutions for clients.
Risk Strategies, Zito Insurance Agency
Risk Strategies, a privately held, national insurance brokerage and risk management firm, has acquired Zito Insurance Agency, a full-service firm headquartered in Mentor, Ohio, northeast of Cleveland.
Founded in 1963, Zito is a second-generation, full-service insurance brokerage firm employing 36 people and providing property and casualty and life and health insurance services to individuals and businesses across a wide array of industries. In addition to its Mentor, Ohio, headquarters, the firm also maintains an office in nearby Rocky River, Ohio.
The bulk of Zito’s business is focused on helping clients develop tailored property/casualty coverage. Business placing personal lines coverage and life and health lines almost evenly make up the remainder.
The majority of its 36 employees work at its Mentor, Ohio, headquarters.
Stevens-Dell & Associates Insurance, Hub International
Chicago-based global insurance brokerage Hub International Limited has acquired the assets of Stevens-Dell & Associates Insurance Inc. in Little Rock, Arkansas.
Stevens-Dell Insurance is a full service, independent insurance brokerage providing personal and commercial insurance, and employee benefits solutions to individuals and businesses, having served the Little Rock area for nearly 40 years.
Steve Stevens, president of Stevens-Dell Insurance, will join Hub Mid-America.
Headquartered in Chicago, Illinois, Hub International Limited has more than 11,000 employees in offices located throughout North America.
PointeNorth, Berger & O’Neal, Holmes-Shaw
PointeNorth Insurance Group, LLC has acquired two additional insurance agencies in Georgia Berger & O’Neal Insurance Group and Holmes-Shaw Agency.
Berger & O’Neal Insurance Group and Holmes-Shaw Agency will maintain their brands, service teams and management personnel. Both agencies have joined the PointeNorth Alliance.
Berger & O’Neal Insurance Group offers insurance choices all across Georgia. Michael Berger, former principal and president of Berger & O’Neal Insurance Group, is now serving as a senior vice president of PointeNorth Insurance Group. Hugh Lee O’Neal, Jr., former principal of Berger & O’Neal Insurance Group, is also now serving as a senior vice president of PointeNorth Insurance Group.
Holmes-Shaw Agency specializes in life, health and disability insurance. Many of Holmes-Shaw Agency’s executives will play key roles within PointeNorth Insurance Group, including spearheading the employee benefits program. Bruce Shaw, former president and CEO of Holmes-Shaw Agency, is serving as a senior vice president of PointeNorth Insurance Group and president of the Holmes-Shaw Benefit Program.
David Holmes, former senior vice president and CFO of Holmes-Shaw Agency, is serving as vice president of PointeNorth Insurance Group and senior vice president of the Holmes-Shaw Benefit Program. Roy Downey, former senior vice president and Secretary of Holmes-Shaw Agency, is serving as vice president of PointeNorth Insurance Group and senior vice president of the Holmes-Shaw Benefit Program. J. Taylor Smith, producer of Holmes-Shaw Agency, now serves as producer for both PointeNorth Insurance Group and the Holmes-Shaw Benefit Program.
PointeNorth offers insurance and financial and was formed with the partnering of agencies throughout the Southeast. PointeNorth Insurance Group LLC is headquartered in Atlanta.
Hilb Group, Employee Benefit Advisors
The Hilb Group LLC has acquired North Carolina-based Employee Benefit Advisors of the Carolinas LLC.
EBA will join THG’s Southeast operations and EBA Principal Suzy Johnson will work alongside THG’s team.
Charlotte, N.C.-based EBA is an employee benefits agency for small to mid-market businesse.
THG is a middle market insurance agency headquartered in Richmond, Va., and is a portfolio company of Boston-based private equity firm Abry Partners.
USI, Alfred J. Davis Company
USI Insurance Services has acquired Portland, Ore.-based insurance agency Alfred J. Davis Co.
The agency’s employees and business operations will be integrated with USI’s existing office in Portland.
Alfred J. Davis Company has been providing commercial insurance and personal risk solutions to businesses and individuals in Oregon for over 70 years.
Valhalla, New York-based USI provides property/casualty, employee benefits, personal risk, program and retirement solutions to large risk management clients, middle market companies, smaller firms and individuals.
Inszone Insurance Services, Jones Wilson Insurance
Inszone Insurance Services has acquired Jones Wilson Insurance in Benson, Ariz.
Jones Wilson Insurance becomes the third acquisition for Inszone Insurance in Arizona this year.
Jones Wilson Insurance has provided insurance services to both businesses and residents of Cochise County, Ariz. for nearly 60 years.
Inszone Insurance Services is a privately held insurance agency based in Sacramento, Calif., that is focused on personal and commercial insurance for both small and large businesses.
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