AI-driven insurtech firm COVU has acquired CIII Insurance coverage Companies, a boutique company based mostly in California, US, for an undisclosed sum.
CIII is understood for its deal with “premium clientele”, “white-glove” service and established relationships with insurance coverage carriers, the corporate press launch said.
Established and headed by Cecil Collins, CIII Insurance coverage Companies brings a portfolio of business and private property and casualty shoppers and established relationships with nationwide carriers together with Chubb and Vacationers.
CIII’s operations will transition to COVU’s “remote-first” framework.
This deal is alleged to be the primary in a sequence of acquisitions as the corporate expands its platform and choices for insurance coverage businesses.
COVU CEO Ali Safavi mentioned: “By enabling our companions to evolve into this new mannequin – or exit confidently whereas preserving their legacy – we broaden our platform and develop collectively. Whether or not an company desires to scale with us or park their guide, COVU now supplies a manner ahead. As we proceed increasing, we’re targeted on delivering a good higher expertise for our prospects and company companions, whereas driving high-quality, worthwhile distribution for our provider companions.
“We’re not right here to exchange businesses. We’re right here to empower them – whether or not they need to scale their operations, transition into an AI-native mannequin, or step away. Our mission stays to be the very best associate for businesses and the very best expertise for his or her prospects.”
This February, COVU raised an extra $22m in Sequence A funding.
The spherical was led by Benhamou International Ventures, the lead investor within the firm’s preliminary Sequence A, with True International Ventures becoming a member of as a brand new investor.
