AI-driven insurtech firm COVU has acquired Ford Insurance coverage Company, a household owned enterprise with greater than a century of historical past in Maine, US.
The monetary particulars of the deal weren’t disclosed.
Ford Insurance coverage Company, established and operated by the Lonsinger household, gives each business and private insurance coverage protection within the Maine space.
The company is thought for its sturdy retention charges, with figures reported at 101% for coverage retention and 105% for income retention, alongside an exemplary loss ratio document, COVU stated in its press launch.
Ford has established partnerships with varied insurance coverage carriers together with Progressive, Safeco, The Hartford, Vacationers and CNA.
Ford Insurance coverage Company former proprietor Gary Lonsinger stated: “Now that we now have COVU’s assist, I believe the moon is the restrict. The expansion potential is large. If we maintain it going the way in which it’s going, will probably be an excellent firm.
“We selected to promote to COVU as a result of they had been the one purchaser that supplied a inventory sale whereas preserving our model and legacy, which gave us the arrogance that our prospects – and our company’s title – would proceed on with the identical care and fame we constructed over generations.”
This acquisition is the fourth in a sequence for COVU.
Its earlier acquisitions embody CIII Insurance coverage Providers in California, Lords Insurance coverage Company in California and Uno Insurance coverage Providers in Texas.
COVU said that it’s going to incorporate Ford’s operations into its digital-first infrastructure whereas sustaining the company’s key service personnel.
COVU CEO Ali Safavi stated: “We aren’t simply buying businesses – we’re constructing one of the best servicing platform in insurance coverage. We’re right here to be one of the best buyer supervisor for the whole lot threat and insurance coverage, via our companions.”
