Insurify, Inc., a leading online insurance agency in the United States that specializes in facilitating insurance comparisons, purchases, and management, has recently announced its plans to acquire Inspop USA, LLC as well as Compare.com Insurance Agency, LLC (Compare.com), a reputed player in the US online auto insurance comparison market. The acquisition is anticipated to be finalized within the first half of 2023.
This collaboration will enable Insurify to leverage the strengths of both brands, platforms, and operations to provide cutting-edge solutions to customers and insurance carriers. It is worth noting that Insurify plans to preserve the Compare.com brand.
Compare.com was established by Admiral Group plc (Admiral), a prominent UK-based auto insurance provider and a member of FTSE 100. In connection with the transaction, Admiral will maintain a minority ownership in Insurify and remain a key strategic investor. Moreover, Allie Feakins, CEO of Compare.com, will join Insurify as Senior Vice President of Insurance, where she will spearhead insurance operations for the newly-consolidated company.
Costantino Moretti, Head of International Insurance, Admiral Group said, "This is a positive outcome for Compare.com customers and employees who will continue to empower more motorists in the U.S. to shop and save on their insurance needs. This transaction will enable Admiral to continue to focus on what we have consistently done well, creating, underwriting and delivering leading financial service products, while also benefiting from the continued momentum being seen in the US price comparison market."
(Source – Business Wire)
Besides, this deal has no bearing on Admiral's US-based insurance venture, Elephant, which operates independently as a separate entity.
About Insurify
Insurify is a prominent virtual insurance agent in the United States, headquartered in Cambridge (Massachusetts). The company provides customers with access to the most accurate estimates for auto and house insurance safely and reliably, along with expert guidance. As a result, Insurify has helped facilitate over $200 billion in insurance coverage and provided over 70 million quotes. Due to its outstanding achievements and contributions, it has been the recipient of several highly regarded awards and recognitions within the insurance industry.