(Image source: Compare.com homepage.)
Insurify (Cambridge, Mass.), a virtual insurance agent and comparison platform, has announced that it has completed the acquisition of Inspop USA, LLC (Glen Allen, Va.) and its subsidiary, Compare.com Insurance Agency, LLC, an aggregator in the U.S. online auto insurance comparison market.
Snejina Zacharia
Founder & CEO, Insurify.
Compare.com was founded by Admiral Group, plc (Cardiff, Wales), one of the U.K.’s largest auto insurers and a member of the FTSE 100, which retains a minority stake in Insurify and continues to serve as a strategic shareholder.
“We are thrilled to welcome the talented Compare team, and the well-established brand, and proven technology into Insurify,” comments Snejina Zacharia, founder and CEO, Insurify. “This combination allows Insurify to realize the benefits of the respective brands, platforms, and operations to effectively deliver next-generation solutions to consumers and carrier partners. Together, our complementary insurance capabilities will continue to strengthen Insurify’s market position as we build the preeminent and most trusted digital insurance agent.”
Unwavering Commitment to Customers
Costantino Moretti, Head of International Insurance, Admiral Group.
“I’m really proud of everything that Compare.com has achieved over the last decade,” comments Costantino Moretti, Head of International Insurance, Admiral Group. “This acquisition is a positive outcome, but it’s always sad to see valued colleagues leave the Admiral family. On behalf of Admiral, I would like to thank our Compare.com colleagues for their contribution to the Group and their unwavering commitment to customers and wish them all the best as they enter this new phase.”
A statement from Insurify notes that transaction does not impact Admiral’s U.S.-based insurance business, Elephant(Richmond, Va.), which is an entirely distinct business.
Perella Weinberg Partners LP served as financial advisor and Clifford Chance US LLP served as legal advisor to Admiral. Morgan, Lewis & Bockius LLP served as legal advisor to Insurify.
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