Insureon, an online insurance delivery platform for small business owners, agreed to acquire online wholesale insurance broker and subsidiary of Willis Group Holdings, Insurance Noodle.
Following the acquisition, Insureon will expect to exceed $100 million in total premium, giving agents and brokers increased access to a larger portfolio of top-rated insurance carriers.
“We couldn't be more excited,” said Ted Devine, CEO of Insureon. “The acquisition will position Insureon to even better serve small-business owners around the country. The combination of Insureon's top-tier online strategy with Noodle's geographically diverse network of brokers/agents is a key component of our long-term strategy for growth. The acquisition reinforces the change that technology is enabling in the small commercial buying process.”
Operational efficiency is expected to improve for both companies following the acquisition, allowing Insurance Noodle's agents and brokers to leverage Insureon's expertise via a proprietary technology platform and products that cover more than 550 industry segments.
Overall, Insurance Noodle can better serve clients in the small and micro business sector through Insureon's extensive resources. Noodle's agents and brokers will have increased access to carriers, products and vertical-specific expertise, improving their overall ability to deliver customer service.
According to general partner of Accretive LLC, a New York-based investment firm and Insureon's majority owner Edgar Bronfman Jr., the acquisition will solidify support and commitment to the agents and brokers in Insurance Noodle's network.
“Between Insureon's commitment to approaching every customer interaction from a place of deep, technology-driven expertise and Noodle's extensive network of world-class independent and captive agents, the nation's small insurance agents and brokers will have more capabilities to serve clients and grow their businesses,” said Bronfman.
President and CEO of Insurance Noodle Ralph Blust will remain president and will have responsibility for oversight of wholesale operations for the companies. The Insurance Noodle team will join Insureon's Chicago offices upon the closing of the transaction.
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