Insureon to accumulate coverage Noodle Wholesale web page from Willis

Insureon, a web coverage delivery platform for small enterprise proprietors, stated it has agreed to accumulate coverage Noodle, an internet wholesale coverage dealer, from Willis organization Holdings. The transaction is expected to shut later this month.

With the acquisition, Insureon will exceed $a hundred million in general premium and provide retailers and agents expanded access to a bigger portfolio of “A” rated insurance carriers, a proprietary era platform and products masking greater than 550 enterprise segments, according to the statement.

“The aggregate of Insureon’s pinnacle-tier on line method with Noodle’s geographically various network of brokers/retailers is a key component of our lengthy-time period method for growth,”  stated Ted Devine, CEO of Insureon. “the purchase reinforces the exchange that generation is enabling within the small industrial buying technique.”

Edgar Bronfman, Jr., general partner of Accretive LLC, a non-public, new york-based totally funding firm and Insureon’s majority owner, stated the partnership will mean a brand new stage of assist for insurance Noodle’s network of unbiased and captive sellers and brokers.

Dominic Casserley, CEO of Willis group, said the transition is a natural next step for coverage Noodle. “Insureon’s centered investment in IT allows the regular, incremental improvement that’s crucial for both organizations to remain responsive to the desires of small-enterprise owners and competitive within the small commercial marketplace,” he stated.

The agencies stated that Ralph Blust, president and CEO of insurance Noodle, will stay president and oversee wholesale operations.

Upon transaction closing, the insurance Noodle crew will be a part of Insureon in its Chicago offices in January 2014.

Insureon makes a speciality of offering on-line comparative coverage prices for the micro-enterprise sector, which incorporates the self-hired and corporations with 10 or fewer personnel, via online coverage packages and, now with coverage Noodle, wholesale brokerage services. The Hartford, travelers, CNA, Philadelphia, Zurich, USLI, Hiscox, and ACE are the various insurers collaborating on Insureon.

Insureon turned into released in 2000 to serve the small enterprise marketplace through TechInsurance organization LLC, which turned into fashioned in 1997 to sell insurance to small technology companies on line.

coverage Noodle pioneered the web quoting when it entered the enterprise in 2001. broker Willis obtained insurance Noddle in 2007 as a part of its method to pursue the small commercial enterprise marketplace. it has been the product delivery car for Willis commercial network – North the us, which serves small insurance agents and agents who be part of the network. providers participating in coverage Noodle incude The Hartford, CNA, Hanover, important, Chartis, tourists, USLI and Tapco.

financial technology partners LP and FTP Securities LLC served as one-of-a-kind strategic and financial consultant to Insureon inside the transaction.