Travelers to Acquire InsuraMatch
December 03 2020 - 9:00AM
Business Wire
The Travelers Companies, Inc. (NYSE: TRV) today announced that
it has agreed to acquire InsuraMatch, LLC, a digital independent
insurance agency, from the Plymouth Rock Group of Companies. The
transaction, which is subject to customary closing conditions, is
expected to close in the first quarter of 2021. Terms were not
disclosed.
InsuraMatch uses an innovative online platform to help consumers
compare offerings from more than 40 carriers across the United
States. With a focus on personal insurance, InsuraMatch offers
coverage for auto, home, boat, motorcycle, renters, umbrella and
flood, among others.
“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,” said Michael Klein, Executive Vice President and
President of Personal Insurance at Travelers. “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.”
InsuraMatch will continue to operate independently and manage
all carrier partnerships.
“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,” said Marc Buro, Chief Executive Officer of
InsuraMatch. “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.”
Founded in 2014 as part of Plymouth Rock, InsuraMatch operates
as an autonomous business unit. In 2019, InsuraMatch 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.
Len Mariani, Senior Vice President 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.”
About Plymouth Rock
Plymouth Rock was established to offer its customers a higher
level of service and a more innovative set of products and features
than they would expect from an insurance company. Plymouth Rock’s
innovative approach puts customers’ convenience and satisfaction
first, giving them the choice to do business the way they want –
online, using a mobile device, by phone or with one of Plymouth
Rock’s agents. Plymouth Rock Assurance® and Plymouth Rock® are
brand names and service marks used by separate underwriting,
managed insurance, and management companies that offer property and
casualty insurance in multiple states. Taken together, the
companies write and manage more than $1.6 billion in auto and home
insurance premiums across Connecticut, Massachusetts, New
Hampshire, New Jersey, New York and Pennsylvania.
Each underwriting and managed insurance company is a separate
legal entity that is financially responsible only for its own
insurance products. Actual coverage is subject to the language of
the policies as issued by each separate company. Some discounts,
coverages, payment plans, features and benefits are not available
in all states and companies. You can learn more about us by
visiting plymouthrock.com.
About Travelers
The Travelers Companies, Inc. (NYSE: TRV) is a leading provider
of property casualty insurance for auto, home and business. A
component of the Dow Jones Industrial Average, Travelers has
approximately 30,000 employees and generated revenues of
approximately $32 billion in 2019. For more information, visit
Travelers.com.
Forward-Looking Statements
All statements in this press release, other than statements of
historical facts, may be “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
Words such as “will,” “expects” and similar expressions are used to
identify forward-looking statements. Travelers cautions investors
that such statements are subject to risks and uncertainties that
could cause actual results to differ materially from those
expressed in, or implied by, the forward-looking statements. Some
of the factors that could cause actual results to differ are
discussed under the headings “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” in Travelers’ quarterly report on Form 10-Q filed with
the Securities and Exchange Commission (SEC) on October 20, 2020,
and annual report on Form 10-K filed with the SEC on February 13,
2020, in each case as updated by Travelers’ periodic filings with
the SEC. Additional factors that could cause actual results to
differ include, but are not limited to, risks relating to pursuing
new markets and opportunities, and the risk that Travelers may not
realize the anticipated benefits from the transaction. The
forward-looking statements in this release speak only as of the
date of this release, and Travelers undertakes no obligation to
update any forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20201203005556/en/
Investors: Abbe Goldstein, 917.778.6825
Media: Patrick Linehan, 917.778.6267
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