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 thought 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 economic 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 claimed to be the primary in a collection of acquisitions as the corporate expands its platform and choices for insurance coverage companies.
COVU CEO Ali Safavi stated: “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 gives a means ahead. As we proceed increasing, we’re centered on delivering a good higher expertise for our prospects and company companions, whereas driving high-quality, worthwhile distribution for our service companions.
“We’re not right here to interchange companies. 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 perfect accomplice for companies and the perfect expertise for his or her prospects.”
This February, COVU raised a further $22m in Sequence A funding.
The spherical was led by Benhamou World Ventures, the lead investor within the firm’s preliminary Sequence A, with True World Ventures becoming a member of as a brand new investor.
