AI-driven insurtech company COVU has acquired CIII Insurance Services, a boutique agency based in California, US, for an undisclosed sum.
CIII is known for its focus on “premium clientele”, “white-glove” service and established relationships with insurance carriers, the company press release stated.
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Established and headed by Cecil Collins, CIII Insurance Services brings a portfolio of commercial and personal property and casualty clients and established relationships with national carriers including Chubb and Travelers.
CIII’s operations will transition to COVU’s “remote-first” framework.
This deal is said to be the first in a series of acquisitions as the company expands its platform and options for insurance agencies.
COVU CEO Ali Safavi said: “By enabling our partners to evolve into this new model – or exit confidently while preserving their legacy – we expand our platform and grow together. Whether an agency wants to scale with us or park their book, COVU now provides a way forward. As we continue expanding, we are focused on delivering an even better experience for our customers and agency partners, while driving high-quality, profitable distribution for our carrier partners.
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By GlobalData“We are not here to replace agencies. We are here to empower them – whether they want to scale their operations, transition into an AI-native model, or step away. Our mission remains to be the best partner for agencies and the best experience for their customers.”
This February, COVU raised an additional $22m in Series A funding.
The round was led by Benhamou Global Ventures, the lead investor in the company’s initial Series A, with True Global Ventures joining as a new investor.
