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.
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.
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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