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Aon PLC has agreed to acquire CoverWallet, a New York-based digital insurance platform for small and medium-sized businesses, the broker said in a statement Wednesday.
Terms of the deal, which is expected to close during first-quarter 2020, were not disclosed.
CoverWallet will join Aon's New Ventures Group, and go to market as CoverWallet, an Aon company, the statement said.
The New Ventures Group was formed in 2018 to develop growth-stage capabilities, the statement said.
CoverWallet will apply its technology and data and analytics capabilities to Aon’s broader business while continuing to grow its core business.
Founded in 2015 by technology entrepreneurs Inaki Berenguer and Rashmi Melgiri, CoverWallet has more than 300 employees in New York City; Rochester, New York; and Spain.
The company also formed strategic partnerships with insurers, including Zurich Insurance Group Ltd. and Starr Insurance Cos.
"We started CoverWallet to reinvent commercial insurance,” Mr. Berenguer, CEO and co-founder of CoverWallet, said in the statement. "Aon's shared vision means we can continue pushing the boundaries of innovation into new markets and new products at a greater scale."
Aon said the acquisition provides it with additional access to the fast-growing, $200 billion-plus premium digital insurance market for small and medium-sized businesses, together with the opportunity to scale CoverWallet's technology.
"CoverWallet's culture of innovation is transforming the insurance landscape, and together we have the opportunity to further strengthen and expand the application of their digital client experience," Greg Case, CEO of Aon, said in the statement.
In May, CoverWallet and Aon announced an initial commercial partnership.
Aon is the second-largest broker of U.S. business, according to Business Insurance’s latest ranking.
Aon PLC said it will not bid for rival Willis Towers Watson PLC after publicly disclosing that it was considering such a combination on Tuesday.