Latest news with #GaryLonsinger
Yahoo
23-06-2025
- Automotive
- Yahoo
Insurtech company COVU acquires Ford Insurance Agency
AI-driven insurtech company COVU has acquired Ford Insurance Agency, a family owned enterprise with more than a century of history in Maine, US. 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. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Business Wire
20-06-2025
- Business
- Business Wire
COVU Completes 4th Acquisition with Ford Insurance Agency, Cementing Leadership in AI-Native Insurance Servicing
SAN FRANCISCO--(BUSINESS WIRE)--COVU, Inc., the leader in AI-native customer servicing for the insurance industry, today announced the acquisition of Ford Insurance Agency, a 100+ year-old, family-owned business based in Maine. This marks the 4th strategic acquisition —building the foundation for a national platform that gives agencies the ability to scale or exit on their terms. With this milestone, COVU affirms its mission to empower independent agencies through flexible, AI-native solutions that protect customer relationships, deepen carrier value, and elevate operational performance—without replacing the human touch. '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's going, it'll be a very good company,' said Gary Lonsinger, former owner of Ford Insurance Agency. '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.' A Century of Trust Meets a Platform for the Future Founded over 100 years ago and operated by the Lonsinger family, Ford Insurance Agency is one of Maine's most trusted independent providers of commercial and personal lines coverage. With relationships across Progressive, Safeco, The Hartford, Travelers, CNA, and others, Ford is known for high retention (101% policy retention, 105% revenue retention) and an exceptional loss ratio record. COVU will transition Ford's operations to its digital-first platform while retaining key service personnel—preserving the agency's relationship-based culture while eliminating unnecessary overhead. Four Acquisitions, One Unified Vision With the completion of its fourth deal, COVU has now acquired: CIII Insurance Services (CA) – premium book, VIP servicing Lords Insurance Agency (CA) – community-based agency with Vietnamese client base Uno Insurance Services (TX) – culturally fluent, fast-growing agency with M&A experience Ford Insurance Agency (ME) – century-old agency with elite retention and brand trust These acquisitions allow COVU to aggregate scale, deepen carrier relationships, and deliver consistent, high-quality customer service through AI + human expertise—whether through agency partnerships or full integration. Enabling the Future of Insurance Servicing COVU's dual-path platform gives agencies the flexibility to evolve or exit. For those seeking growth, COVU provides modern infrastructure, top-tier staff, and AI-native workflows. For those ready to step away, COVU offers a seamless transition that maintains customer care and brand integrity. 'We're not just acquiring agencies—we're building the best servicing platform in insurance,' said Ali Safavi, CEO of COVU. 'We're here to be the best customer manager for everything risk and insurance, through our partners.' About COVU COVU is a transformative platform designed to revolutionize the insurance servicing industry through AI-native solutions combined with human support. The company is dedicated to enhancing customer experiences and operational efficiency for insurance agencies while providing flexible servicing models to meet the demands of modern consumers.
