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FT Partners Advises CoverWallet on its Sale to Aon

Overview of Transaction

  • On November 20, 2019, Aon (NYSE:AON) announced that it has signed a definitive agreement to acquire CoverWallet
  • Launched in 2015, CoverWallet is a leading technology company reinventing the multi-billion dollar commercial insurance market for small businesses
  • Powered by deep analytics, thoughtful design, and state-of-the-art technology, the Company provides an easy way to understand, buy, and manage business insurance online
  • CoverWallet offers a wide variety of commercial coverages to small businesses with numerous carrier partners nationwide
  • The transaction is expected to close during the first quarter of 2020, after which the CoverWallet organization will go to market as CoverWallet, an Aon company

Significance of Transaction

  • CoverWallet will add large and rapidly growing direct-to-consumer and business-to-business channels to Aon’s small commercial insurance businesses, significantly expanding the total addressable market of both companies
  • The acquisition provides Aon with additional access to the fast-growing, $200+ billion premium digital insurance market for small and medium-sized businesses, as well as the opportunity to leverage CoverWallet’s platform and digital, design, technology and data science capabilities already deployed at scale
  • Additionally, CoverWallet provides Aon with an experienced team and deep expertise in productizing technology in financial services

FT Partners' Role

  • FT Partners served as exclusive strategic and financial advisor to CoverWallet and its board of directors
  • This transaction highlights FT Partners’ deep domain expertise in the InsurTech space, and its successful track record generating highly favorable outcomes for high growth FinTech companies globally