Global professional services firm Aon plc announced it has entered into a definitive agreement to acquire CoverWallet, a digital insurance platform for small and medium-sized businesses.
The acquisition provides Aon with additional access to the fast-growing, $200+ billion premium digital insurance market for small and medium-sized businesses, as well as the opportunity to leverage CoverWallet’s platform to develop and scale innovative digital client experiences that support the firm’s Aon United growth strategy, executives said.
“This initiative is proof of our commitment to strengthen the operations of our commercial customers through the digital transformation that the business ecosystem is experiencing,” said Joel Ramos, chief commercial officer of Aon Puerto Rico.
“With CoverWallet as part of our offer portfolio, we serve the realities of an increasingly connected and digital world effectively and efficiently. We empower our customers with the tools they need to continue being successful,” he said.
The transaction is expected to close during the first quarter of 2020, after which the CoverWallet organization will go to market as CoverWallet, an Aon company.
Post-close, CoverWallet will join the growing portfolio of Aon’s New Ventures Group, which functions as a growth-stage capability focused on delivering new sources of value to clients that expand Aon’s addressable market.
As part of the New Ventures Group portfolio, CoverWallet will apply its data and analytics capabilities, technology, and operational expertise to the broader Aon digital client experience, while also working closely with leadership across Aon’s geographies and global solution lines to accelerate the growth of CoverWallet’s core business.
Founded in 2015 by technology entrepreneurs Iñaki Berenguer and Rashmi Melgiri, CoverWallet 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.