US-based specialty insurance broker One80 Intermediaries has purchased independent insurance agency and technology platform instaCOVER.
The deal consideration was not revealed.
Founded in 2005, instaCOVER is engaged in providing specialised point of sale insurance for commercial equipment, healthcare, rental equipment, among other markets.
One80 Intermediaries president Matthew F Power said: “I have been very impressed with the innovative platform and insurance solutions created by the instaCOVER team.
“I look forward to expanding into the leasing industry and further supporting instaCOVER at the crossroads of technology and commercial insurance.”
instaCOVER provides customisable insurance programmes which include financed equipment insurance, titled vehicle protection, rental waivers and non-financed / owned equipment insurance.
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Besides, it includes medical equipment and digital radiography insurance, digital radiography warranties, and digital radiography service contracts.
instaCOVER also offers a web-based platform to help simplify the process pertaining to obtaining an insurance quote and binding a policy.
One80 Intermediaries managing director Colleen Shelby said: “Since our inception, the instaCOVER team has thrived on finding ways to make insurance effortless.
“With that we feel that joining the One80 platform will enable us to continue to develop customised solutions for funders, brokers, manufacturers, dealers, distributors, and rental houses.”
Privately held insurance wholesaler and program manager, One80 Intermediaries provides placement services and binding authority for property & casualty, professional and personal lines, life insurance, and travel/accident and health coverages.
Its key industry verticals include medical stop loss, alternative risk, cannabis captives, warranty coverage and lender-based insurance.
The latest deal continues One80 Intermediaries’ recent streak of consolidation activities.
Last week, it announced the takeover of Comprehensive Planning – Goodman (CPG), which focuses on life insurance, long-term care, disability income and annuities.