Aon completes acquisition of CoverWallet
Global professional services firm Aon has completed its acquisition of CoverWallet, a digital insurance platform for small and medium-sized businesses.
With the acquisition, Aon will expand its position in the fast-growing commercial insurance market for smaller businesses, while leveraging CoverWallet’s technology and data and analytics capabilities to develop and scale digital client solutions.
“Since we announced this acquisition, we’ve grown even more excited by the opportunities we see to combine Aon's expertise in data and analytics and global distribution with CoverWallet's market-defining platform to create new sources of value for our clients,” said Greg Case, CEO of Aon. “CoverWallet is a truly innovative organization and we’re ready to begin working together to strengthen and expand the application of their digital client experience.”
CoverWallet joins 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 a part of the New Ventures Group, Aon will accelerate the growth of CoverWallet’s core business, while applying CoverWallet’s data and analytics capabilities and technology to strengthen the digital client experience for the firm’s existing clients. Moving forward, CoverWallet will go to market as CoverWallet, an Aon company.
“This is an exciting day for CoverWallet as we bring our team together with Aon,” said Inaki Berenguer, CEO and co-founder of CoverWallet. “With our technology and customer-centric focus, combined with the global leader in risk, retirement, and health solutions, we see tremendous opportunities to expand value for clients and deliver significant growth.”
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