Global specialist insurer Hiscox announced its agreement to acquire a specialist insurtech business focused on addressing the insurance needs of small businesses operating in sectors such as technology start-ups, life sciences and professional services.
As part of the transaction, Hiscox is acquiring Corix Insurance Services LLC and Vouch Insurance Company from Vouch Inc. subject to customary conditions and regulatory approvals.
This acquisition accelerates Hiscox USA’s plans to expand reach into new specialist customer segments, according to a company press release. As a result of the transaction, Hiscox will gain new U.S. broker technology.
Hiscox USA is a digital provider of small business specialty insurance and serves more than 600,000 customers through multi-channel distribution.
Vouch Inc. remains an independent insurance broker, now singularly focused on providing risk management services to companies across technology, life sciences, and professional services. As part of the transaction, Hiscox and Vouch Inc. have agreed to a multi-year distribution deal.
Fenchurch Advisory Partners acted as Hiscox’s sole financial advisor on the transaction and Herbert Smith Freehills Kramer served as legal advisor. Deutsche Bank acted as Vouch Inc.’s sole financial advisor on the transaction and international law firm McDermott Will & Schulte served as legal advisor.
Source: Hiscox
Topics InsurTech USA Mergers & Acquisitions Tech
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