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Aon PLC has invested in and will partner with digital insurance market provider CoverWallet Inc. to serve small- and medium-size enterprises in Australia, adding to the more than $40 million CoverWallet has raised from investors to date.
The companies are also looking to expand into additional geographies, including the United States, and “Aon will partner with CoverWallet around further technological advancements and client opportunities,” Aon said in a statement Friday. The financial details of Aon’s investment were not disclosed.
A new Aon platform powered by CoverWallet launched in Australia this month.
"CoverWallet's innovative data science and technology capabilities are helping to reinvent the insurance industry, particularly in the SME market," said Liam Caffrey, global CEO of Aon Affinity.
CoverWallet, based in New York, was founded in 2015 by Inaki Berenguer and Rashmi Melgiri, the statement said. The company has about 300 employees in New York City; Rochester, New York; and Spain.
Previous investors in CoverWallet include Zurich Insurance Group and Starr Insurance Cos.
CoverWallet also recently expanded into Switzerland with Zurich.
Aon PLC on Tuesday said it has combined its construction and inland marine teams into a single global practice within its reinsurance solutions business.