AI-powered insurtech firm COVU has continued its acquisition spree with the acquisition of Leland Insurance Services, a California-based independent agency.
The financial terms of the deal have not been disclosed.
Leland Insurance Services, led by Richard Herscowitz, is known for its portfolio of personal, commercial property and casualty (P&C) business.
This transaction marks COVU’s fifth acquisition.
COVU said the acquisition is part of its broader mission to enhance the capabilities of insurance agencies by providing them with access to advanced technological infrastructure, operational support, and an AI-native framework, without the intention of replacing the agencies.
Leland Insurance Services partners with several national carriers, including Nationwide, Safeco, Progressive, and Travelers.
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By GlobalDataThe company reports “consistent” revenue growth and a 102% year-over-year policy and revenue retention rate, according to COVU.
Post-acquisition, Leland Insurance Services will be integrated into COVU’s operating model.
COVU CEO Ali Safavi said: “Leland is a great example of a high-performing agency that fits naturally into the AI-native future we’re building.
“They’re already running with the kind of discipline, service quality, and customer retention we value—and we’re excited to carry that legacy forward through our platform.”
The acquisition follows COVU’s previous acquisition of Ford Insurance Agency, a family-owned entity with a longstanding history in Maine.
Ford Insurance Agency, established and operated by the Lonsinger family, provides both commercial and personal insurance coverage in the Maine area.
