Insurance Technologies Corporation (ITC), Accel-KKR, Zywave | December 28, 2020
Accel-KKR, a leading technology-focused investment firm with over $10 billion in capital responsibilities, today declared that it has finished the offer of Insurance Technologies Corporation, a leading supplier of marketing, rating, and management software and services to the insurance industry, to Zywave, Inc.
Accel-KKR originally invested in ITC in April 2018 when the firm obtained a greater part interest in the organization from its originator. Through ensuing investment in natural and inorganic development methodologies, ITC changed itself from an independent venture with an innovative item into a scaled business with huge topline development and operating proficiency.
"The ITC success story is yet another example of our over twenty-year history of working with entrepreneurial management teams of software companies to help them reach their full potential," said Tom Barnds, Co-Managing Partner of Accel-KKR. "We bring strategic, operational and financial resources to help companies grow faster and achieve market leadership. We are so pleased to have partnered with the ITC team on scaling the company and achieving their vision."
During Accel-KKR's holding period, ITC made a progression of vital acquisitions to expand its item suite and geographic inclusion. In November 2018, ITC procured AccuAgency to strength its situation as a relative rating arrangement supplier. In August 2019, ITC procured SmartHarbor to expand its offering in insurance office marketing arrangements. Finally, in January 2020 ITC procured AgencyMatrix to reinforce its office management software offering.
"Under our ownership, ITC grew revenues by nearly 3x and margins by over 9x," said Phil Cunningham, Operating Executive at Accel-KKR and Board Member of ITC. "We enabled a smooth founder transition, backed a smart, ambitious management team with capital and strategic assistance and helped them become an award-winning player in their field." ITC has been named a Top Technology Provider by Insurance Business America for four consecutive years.
Accel-KKR is a technology-focused investment firm with over $10 billion in capital commitments. The firm focuses on software and IT-enabled businesses, well-positioned for topline and bottom-line growth. At the core of Accel-KKR's investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value alongside management by leveraging the significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. In 2019 and 2020, Inc. named Accel-KKR to "PE 50 – The Best Private Equity Firms for Entrepreneurs", its annual list of founder-friendly private equity firms. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta and London.
Insurance Technologies Corporation (ITC), founded in 1983, provides websites, agency marketing, comparative rating, and management software and services to the insurance industry, including independent agents and insurance carriers. Headquartered in Carrollton, Texas, ITC is the largest provider of insurance agency websites in the United States and powers more than two million monthly auto and home quotes through its comparative rater TurboRater. Currently, ITC serves more than 250 insurance companies and more than 9,000 agencies.
Protective Life | March 22, 2022
Protective Life Corporation announced today that its subsidiary Protective Life Insurance Company (“Protective Life”) would acquire AUL Corp, a leading automotive finance and insurance provider. Protective Life Corporation is a well-known U.S. subsidiary of Dai‑ichi Life Holdings, Inc.
With a national footprint of agents and dealers, an experienced team in the vehicle service contract business in addition to distribution channel growth opportunities in the higher-mileage and the financial institution space, AUL’s product portfolio is a strong complement to Protective’s Asset Protection Division. Our Asset Protection Division has grown steadily through acquisitions and organic growth over recent years. It continues to be an essential part of our business, and we look forward to continuing the momentum with the acquisition of AUL.”
Rich Bielen, President and CEO of Protective.
AUL is enthusiastic about the opportunity to join the Protective family. Combining Protective’s resources and reach with our rapidly growing platform will allow us to provide more robust solutions for our agents and dealers. Protective and AUL also align in our focus on culture and opportunities for our employees, contributions to our communities, and award‑winning customer service. We’re excited to move forward together.”
Jimmy Atkinson, President and CEO of AUL.
Protective Asset Protection will offer guaranteed asset protection and ancillary products to protect consumers’ investments in automobiles, recreational vehicles, extended service contracts, watercraft, and powersports vehicles. In addition to this, it will also offer an incredible portfolio of dealer participation programs solutions regarding training and technology through a network of general agents and a direct sales force.
Meanwhile, Protective Asset Protection holds significant importance in the policy industry as it has served customers for 60 years by offering multiple and various insurance products. Whereas AUL, founded in 1990, is also a pioneer name in the industry and serves its customers with the finest solutions for insurance, service guarantee, and asset protection services.
AUL is an established industry leader in the automotive finance and insurance space. It offers a full suite of products and services for agents and their dealers. Through this acquisition, we are excited to continue growing Protective Asset Protection by serving the needs of more agents, dealers, and consumers across the country.”
Scott Karchunas, president of Protective Asset Protection.
Therefore, subject to the receipt of regulatory approvals and satisfaction of customary closing conditions, the closing of the acquisition is anticipated to happen in the second quarter of 2022.
Cowbell Cyber | November 05, 2020
Cowbell Cyber, the business' first AI-fueled cyber protection supplier for little to moderate sized organizations (SMBs), today reported it has joined forces with Mylo the computerized representative dispatched by the world's biggest autonomous merchant, Lockton to empower expanded dissemination of Cowbell's independent cyber protection to the private company market, a region generally underserved by cyber protection.
Organizations of all sizes are getting more dependent on a computerized climate given the present far off setting, frequently leaving them presented to expanded cybersecurity weaknesses including information breaks, ransomware assaults, cyber wrongdoing, and then some. Along these lines, the interest in cyber inclusion has radically expanded as organizations acknowledge cyber protection is currently a need, not an extravagance.
Mylo selected Cowbell Cyber because Cowbell Prime – Cowbell's standalone, admitted cyber insurance programs addresses the challenges faced by small businesses when considering insurance including:
• Clarity of the policy terms: business owners can now immediately understand the protection they will receive
• Relevancy: Quote and policies are customizable in a few clicks for higher relevancy for the policyholder
• Admitted program: Ensures that everything has been thoroughly vetted by state level agencies
• Superior risk management tools: Free risk assessment and mitigation tools add value to small business on day-one of the policy
"We are excited to partner with Mylo to deliver on the promise of customized cyber coverage and easy-to-use risk management tools for their expanding client base," said Dan Law, Head of National Accounts at Cowbell Cyber. "Partnering with Mylo will allow us to better distribute cyber insurance to the currently underserved markets, ultimately helping customers with their cyber resilience."
"As an advocate for small business owners, we care about helping them prepare for a cyberattack that could threaten everything they've worked so hard to build," said Mylo COO, Belen Tokarski. "Mylo and Cowbell Cyber are a great fit because we both focus on using technology to give businesses the protection they need to anticipate and recover from serious risks."
The partnership brings significant efficiencies to Mylo's agents including:
• Speed: Cowbell Prime enables agents to prepare multiple, customized quotes in a few clicks
• Ease of use and transparency: Selling of cyber insurance is simplified with coverages that are presented to policyholders in an easy to understand manner, along with Cowbell Factors to identify risk deviation from the industry average
• No binding delays: Every quote issued by Cowbell Prime can be instantaneously bound
About Cowbell Cyber
Cowbell Cyber is dedicated to providing standalone, admitted, individualized and easy-to-understand cyber insurance for small and mid-size businesses. In its unique AI-based approach to risk selection and pricing, Cowbell's continuous underwriting platform, powered by Cowbell Factors, compresses the insurance process from submission to issue to less than 5 minutes. Cowbell Insurance Agency is currently licensed in 34 U.S. states and provides SMBs with admitted cyber insurance on AM Best "A" rated paper with up to $15 Million in coverage.
Mylo is a digital one-stop-shop that makes it easy for businesses and individuals to compare and purchase top-rated insurance products from multiple carriers, including business, small group benefits, home, auto, life and individual health. Launched in 2015 by Lockton, the world's largest privately held independent insurance broker, Mylo offers expert insurance recommendations online or on the phone with licensed agents. Mylo can be easily integrated into a partner's customer experience, providing a proven boost in customer engagement.