London based global professional services provider Aon PLC recently revealed in an announcement that it is set to acquire US-based online insurance service provider Cover Wallet. However, the statement lacked details on the exact timeline and valuation of this merger and acquisition deal aside from vague mention that the move will take place during the first quarter of 2020.
Post completion of this deal, the firm will be rebranded from its current label “Cover Wallet Organization” to “Cover Wallet, an Aon company” but will continue to function as a separate entity – a wholly-owned subsidiary while retaining its current projects, products, and services. Via this deal, Aon plc will gain additional access to fast-growing, $200+ billion premium digital insurance markets for small and medium-sized businesses, as well as the opportunity to leverage Cover Wallet’s platform to develop and scale innovative digital client experiences that support the firm’s Aon United growth strategy.
Commenting on this acquisition deal, Gred Case – Chief Executive Officer of Aon said, “We are excited to combine Aon’s expertise in data and analytics and global distribution with Cover Wallet’s market-defining platform to create new sources of value for our clients. Cover Wallet’s culture of innovation is transforming the insurance landscape, and together we have the opportunity to further strengthen and expand the application of their digital client experience”.
Speaking on the same topic, Inaki Berenguer – Chief Executive Officer & Co-Founder of Cover Wallet said, “We started Cover Wallet to reinvent commercial insurance. 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”.
Founded in 2015 by technology entrepreneurs Inaki Berenguer and Rashmi Melgiri, Cover Wallet has more than 300 employees across engineering, digital marketing, data science, business intelligence, design, and operations, with offices in New York City, Rochester, NY, and Spain. Cover Wallet also maintains many strategic partnerships with top insurance companies, including Chubb, CNA, Progressive, Starr, AIG, Zurich, The Hanover, Hiscox, Liberty Mutual, and AmTrust, among others.
Earlier this year, Cover Wallet and Aon announced an initial commercial partnership, launched a pilot in Australia which later expanded to the U.S, and worked together to build additional pilot programs in the U.S. Aon PLC Aon plc is a leading global provider of risk management, insurance brokerage, and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 72,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative risk and people solutions.