Brown & Brown buys insurance platform

Brown & Brown Inc. has acquired online insurance platform CoverHound Inc., including its wholly owned subsidiary CyberPolicy, Brown & Brown said in a statement Monday. 

 

Terms of the transaction were not disclosed.

 

CoverHound, which serves small businesses and individuals, will continue to operate independently under Brown & Brown after the acquisition, the statement said.

 

The online broker provides small business cover including general liability, professional liability, directors and officers, and others, according to its website.

 

Steve Boyd, Brown & Brown senior vice president of technology, innovation and digital strategy, said CoverHound will help Brown & Brown’s expansion into the digital insurance marketplace.

 

Keith Moore, CEO of CoverHound, said the insurtech firm will benefit from Brown & Brown’s strong carrier relationships.

 

Brown & Brown, based in Daytona Beach, Florida, is the sixth-largest brokerage ranked by brokerage revenue generated by U.S. clients, according to Business Insurance’s most recent ranking.