In an early example of an InsurTech exit, CoverWallet agreed to be acquired by Aon in a deal announced on 20 November. The purchase price was not disclosed.
The partnership started in 2019 and has provided Aon with access to the growing SME digital insurance market, while facilitating CoverWallet’s expansion into new channels and markets. Originally confined to the SME space in Australia, the partnership soon expanded into the U.S.
The acquisition means CoverWallet will now be brought into Aon's New Venture Group: a growth stage capability that focuses on bringing new sources of value to clients. Aon hopes to take advantage of CoverWallet’s data and analytics capabilities.
“We started CoverWallet to reinvent commercial insurance,” said Inaki Berenguer, CEO and Co-Founder of CoverWallet. “By building our customer-centric platform and leveraging advanced data science, beautiful design, and state-of-the-art technology, we have been able to simplify insurance. Aon’s shared vision means we can continue pushing the boundaries of innovation into new markets and new products at a greater scale.”
Global re/insurance brokerage Aon has announced that it has entered into an agreement to acquire CoverWallet, a digital insurance platform for small to medium-sized businesses (SMEs).