Insurtech company COVU acquires Ford Insurance Agency
The financial details of the deal were not disclosed.
Ford Insurance Agency, established and operated by the Lonsinger family, provides both commercial and personal insurance coverage in the Maine area.
The agency is known for its strong retention rates, with figures reported at 101% for policy retention and 105% for revenue retention, alongside an exemplary loss ratio record, COVU said in its press release.
Ford has established partnerships with various insurance carriers including Progressive, Safeco, The Hartford, Travelers and CNA.
Ford Insurance Agency former owner Gary Lonsinger said: 'Now that we have COVU's support, I think the moon is the limit. The growth potential is huge. If we keep it going the way it is going, it will be a very good company.
'We chose to sell to COVU because they were the only buyer that offered a stock sale while preserving our brand and legacy, which gave us the confidence that our customers – and our agency's name – would continue on with the same care and reputation we built over generations.'
This acquisition is the fourth in a series for COVU.
Its previous acquisitions include CIII Insurance Services in California, Lords Insurance Agency in California and Uno Insurance Services in Texas.
COVU stated that it will incorporate Ford's operations into its digital-first infrastructure while maintaining the agency's key service personnel.
COVU CEO Ali Safavi said: 'We are not just acquiring agencies – we are building the best servicing platform in insurance. We are here to be the best customer manager for everything risk and insurance, through our partners.'
"Insurtech company COVU acquires Ford Insurance Agency " was originally created and published by Life Insurance International, a GlobalData owned brand.
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