Travelers buys insurtech InsuraMatch
US-based property/casualty insurer Travelers Companies is acquiring InsuraMatch, a digital independent insurance agency, from the Plymouth Rock Group of Companies.
InsuraMatch platform enables consumers to compare offerings from more than 40 carriers across the US. With a focus on personal insurance, it offers coverage for auto, home, boat, motorcycle, renters, umbrella and flood, among others.
InsuraMatch will continue to operate independently and manage all carrier partnerships.
Founded in 2014 as part of Plymouth Rock, InsuraMatch operates as an autonomous business unit. In 2019, it produced nearly $32 million in premiums.
Encharter Insurance, Plymouth Rock’s Massachusetts-based brokerage, will not be included in the transaction and will remain a part of the Plymouth Rock Group of Companies.
The transaction is expected to close in the first quarter of 2021.
Michael Klein, president of personal insurance at Travelers, said: “We continue to invest in the talent and technology that will allow us to best serve our customers and bring strategic capabilities to our agents and brokers in an increasingly digital environment. InsuraMatch’s scalable technology platform will complement our efforts to meet customers where they are, give them what they need and serve them how they want.”
Len Mariani, SVP of national markets for personal insurance at Travelers, added: “InsuraMatch combines a sophisticated technology platform with extensive carrier relationships to create personalized online insurance shopping experiences for customers. We’re looking forward to providing their knowledgeable staff and leadership team with the tools and resources they need to realize the full potential of their offering.”
Marc Buro, chief executive officer of InsuraMatch, commented: “We have been steadily building our business over the past several years and are excited to enter this next phase with the support of Travelers. Our talented team and proven technology, paired with Travelers’ expertise and financial strength, will enable us to continue our growth while enhancing the customer experience.”
