Latest news with #AliSafavi
Yahoo
05-06-2025
- Business
- Yahoo
COVU Acquires Lords Insurance Agency, Strengthening California Expansion and Community Ties
SAN FRANCISCO, June 05, 2025--(BUSINESS WIRE)--COVU, Inc., the leader in AI-native services for insurance agencies, today announced the acquisition of Lords Insurance Agency, a Southern California–based independent agency with a 40+ year history serving local families and businesses. The move marks COVU's third acquisition in a broader multi-agency expansion strategy that enhances its AI-native platform and deepens its footprint across California. Lords Insurance is widely recognized for its personalized service, multilingual team, and trusted relationships within the Vietnamese community in Westminster and beyond. "COVU felt like a larger, more capable company compared to other potential buyers, with the ability to navigate the insurance marketplace we're in right now. They provided us access to key carriers and resources that allow the agency to be more competitive and grow the business," said David Chappell, President of Lords Insurance Agency. "The deal just seemed to come together easily with COVU. It just happened very smoothly, and we didn't really have any issues." Strengthening the Core — Not Shifting Direction COVU's acquisition strategy is an expansion of its core business: enabling independent agencies to thrive using modern technology, operational support, and data-driven servicing tools. With Lords, COVU adds a team that already understands how to build trust and loyalty in a tight-knit community—values that align perfectly with COVU's human + AI approach. This strategy ensures that agencies have flexible options: scale with COVU's infrastructure, transition their books, or exit with confidence—all while preserving continuity for customers and carrier relationships. "This acquisition reflects our commitment to building—not replacing—the future of insurance servicing through our partners," said Ali Safavi, CEO of COVU. "Lords has been a pillar in its community for decades, and by integrating their deep relationships and cultural fluency with our AI-native platform, we can deliver even better service to clients while honoring what makes these agencies special." A Trusted Local Agency with Strong Carrier Relationships Founded in 1976 and led by David Chappell, Lords Insurance Agency has earned an A+ BBB rating and cultivated strong partnerships with top carriers such as Progressive, Safeco, Nationwide, and The Hartford. Known for its proactive customer service and personalized approach, Lords has maintained high retention rates across its commercial and personal P&C business. The agency's service and support team has long-standing relationships within the local Vietnamese population—a unique and valuable dimension that COVU will retain and build upon. Post-acquisition, Lords will operate through COVU's remote-first model, enabling greater efficiency and scalability while maintaining cultural continuity. Supporting Communities Through Modern Infrastructure This acquisition illustrates how COVU's AI-native model doesn't just scale—it adapts. By combining localized trust with modern tools, COVU helps agencies deliver better customer outcomes, reduce costs, and grow their business—while providing profitable, high-quality distribution for carriers. 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. To watch the full interview with David Chappell, President of Lords Insurance Agency, click here: Lords Insurance - Partnering with COVU for My Agency's Future View source version on Contacts Media Contact: Sheny Plasenciapress@ Sign in to access your portfolio
Business Wire
05-06-2025
- Business
- Business Wire
COVU Acquires Lords Insurance Agency, Strengthening California Expansion and Community Ties
SAN FRANCISCO--(BUSINESS WIRE)-- COVU, Inc., the leader in AI-native services for insurance agencies, today announced the acquisition of Lords Insurance Agency, a Southern California–based independent agency with a 40+ year history serving local families and businesses. The move marks COVU's third acquisition in a broader multi-agency expansion strategy that enhances its AI-native platform and deepens its footprint across California. Lords Insurance is widely recognized for its personalized service, multilingual team, and trusted relationships within the Vietnamese community in Westminster and beyond. "COVU felt like a larger, more capable company compared to other potential buyers, with the ability to navigate the insurance marketplace we're in right now. They provided us access to key carriers and resources that allow the agency to be more competitive and grow the business," said David Chappell, President of Lords Insurance Agency. "The deal just seemed to come together easily with COVU. It just happened very smoothly, and we didn't really have any issues." Strengthening the Core — Not Shifting Direction COVU's acquisition strategy is an expansion of its core business: enabling independent agencies to thrive using modern technology, operational support, and data-driven servicing tools. With Lords, COVU adds a team that already understands how to build trust and loyalty in a tight-knit community—values that align perfectly with COVU's human + AI approach. This strategy ensures that agencies have flexible options: scale with COVU's infrastructure, transition their books, or exit with confidence —all while preserving continuity for customers and carrier relationships. ' This acquisition reflects our commitment to building—not replacing—the future of insurance servicing through our partners,' said Ali Safavi, CEO of COVU. ' Lords has been a pillar in its community for decades, and by integrating their deep relationships and cultural fluency with our AI-native platform, we can deliver even better service to clients while honoring what makes these agencies special.' A Trusted Local Agency with Strong Carrier Relationships Founded in 1976 and led by David Chappell, Lords Insurance Agency has earned an A+ BBB rating and cultivated strong partnerships with top carriers such as Progressive, Safeco, Nationwide, and The Hartford. Known for its proactive customer service and personalized approach, Lords has maintained high retention rates across its commercial and personal P&C business. The agency's service and support team has long-standing relationships within the local Vietnamese population—a unique and valuable dimension that COVU will retain and build upon. Post-acquisition, Lords will operate through COVU's remote-first model, enabling greater efficiency and scalability while maintaining cultural continuity. Supporting Communities Through Modern Infrastructure This acquisition illustrates how COVU's AI-native model doesn't just scale—it adapts. By combining localized trust with modern tools, COVU helps agencies deliver better customer outcomes, reduce costs, and grow their business —while providing profitable, high-quality distribution for carriers. 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. To watch the full interview with David Chappell, President of Lords Insurance Agency, click here:
Yahoo
22-05-2025
- Business
- Yahoo
COVU Acquires Uno Insurance Services, Extends AI-Native Roll-Up Into Texas Market
SAN FRANCISCO, May 22, 2025--(BUSINESS WIRE)--COVU, Inc., the leader in AI-native customer servicing for the insurance industry, today announced the acquisition of Uno Insurance Services, a fast-growing Texas-based agency with a stronghold in Houston's Spanish-speaking communities and a track record of revenue growth through targeted acquisitions. This marks COVU's second acquisition and the company's first major acquisition in the Texas market. The move demonstrates the scalability of COVU's platform to serve both urban and culturally diverse populations, without compromising on its core mission of empowering independent agencies to evolve or exit on their terms. "Uno is a great example of what modern agencies look like—community-driven, acquisition-savvy, and customer-first," said Ali Safavi, CEO of COVU. "By combining Uno's local relationships and cultural fluency with COVU's AI-native infrastructure, we're expanding the ways we can serve diverse customers while supporting the next generation of agency growth." Built for Growth, Grounded in Community Led by principal Eddie Vitale, Uno Insurance Services has grown revenues an average of 26% over the past three years by acquiring and integrating small local agencies throughout the Houston area. The agency has a loyal, primarily Spanish-speaking customer base, and strong carrier relationships including Progressive, Southern Vanguard, and Allstate. Uno's historical EBITDA margins and consistent customer retention (111% revenue retention) make it a compelling addition to COVU's national platform—contributing both cultural strength and operational efficiency. As part of the transaction, COVU plans to retain Eddie as a strategic consultant to support additional acquisition opportunities in Texas and beyond. "The biggest area of anxiety for most business owners or agents is staffing. During the initial service period with COVU, a lot of that stress was relieved as part of their due diligence process. I knew my clients were being taken care of, and that was a huge relief," added Vitale. "Both my team and I are incredibly excited about this partnership. They now have access to better benefits than I could provide, opportunities to work on a national scale, enhanced career paths, and the flexibility to work from home if they choose. It's a game-changer." Supporting Every Agency's Path Forward COVU's acquisition of Uno underscores its commitment to giving agency owners the tools to scale, the option to step back, or the freedom to exit entirely. Whether an agency is growing aggressively or simply wants a seamless succession plan, COVU provides the servicing backbone to preserve their book, protect their client relationships, and unlock value. "If I could go back, I would do it again and sell to COVU. Absolutely. I'm very glad to be partnering with COVU and being part of this growing ecosystem," said Eddie Vitale. 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. Watch the full interview with Eddie Vitale here. View source version on Contacts Media Contact:Sheny Plasenciapress@ Sign in to access your portfolio
Business Wire
22-05-2025
- Business
- Business Wire
COVU Acquires Uno Insurance Services, Extends AI-Native Roll-Up Into Texas Market
SAN FRANCISCO--(BUSINESS WIRE)-- COVU, Inc., the leader in AI-native customer servicing for the insurance industry, today announced the acquisition of Uno Insurance Services, a fast-growing Texas-based agency with a stronghold in Houston's Spanish-speaking communities and a track record of revenue growth through targeted acquisitions. This marks COVU's second acquisition and the company's first major acquisition in the Texas market. The move demonstrates the scalability of COVU's platform to serve both urban and culturally diverse populations, without compromising on its core mission of empowering independent agencies to evolve or exit on their terms. 'Uno is a great example of what modern agencies look like—community-driven, acquisition-savvy, and customer-first,' said Ali Safavi, CEO of COVU. 'By combining Uno's local relationships and cultural fluency with COVU's AI-native infrastructure, we're expanding the ways we can serve diverse customers while supporting the next generation of agency growth.' Built for Growth, Grounded in Community Led by principal Eddie Vitale, Uno Insurance Services has grown revenues an average of 26% over the past three years by acquiring and integrating small local agencies throughout the Houston area. The agency has a loyal, primarily Spanish-speaking customer base, and strong carrier relationships including Progressive, Southern Vanguard, and Allstate. Uno's historical EBITDA margins and consistent customer retention (111% revenue retention) make it a compelling addition to COVU's national platform —contributing both cultural strength and operational efficiency. As part of the transaction, COVU plans to retain Eddie as a strategic consultant to support additional acquisition opportunities in Texas and beyond. 'The biggest area of anxiety for most business owners or agents is staffing. During the initial service period with COVU, a lot of that stress was relieved as part of their due diligence process. I knew my clients were being taken care of, and that was a huge relief,' added Vitale. 'Both my team and I are incredibly excited about this partnership. They now have access to better benefits than I could provide, opportunities to work on a national scale, enhanced career paths, and the flexibility to work from home if they choose. It's a game-changer.' Supporting Every Agency's Path Forward COVU's acquisition of Uno underscores its commitment to giving agency owners the tools to scale, the option to step back, or the freedom to exit entirely. Whether an agency is growing aggressively or simply wants a seamless succession plan, COVU provides the servicing backbone to preserve their book, protect their client relationships, and unlock value. 'If I could go back, I would do it again and sell to COVU. Absolutely. I'm very glad to be partnering with COVU and being part of this growing ecosystem,' said Eddie Vitale. 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. Watch the full interview with Eddie Vitale here.
Yahoo
19-02-2025
- Business
- Yahoo
COVU Increases Series A to Over $22M After Hitting Key Milestones, Bringing Total Funding to $32M
Originally planned as a $4M extension, strong investor interest led to an oversubscribed $10M raise to accelerate AI-native insurance servicing and marketplace expansion. SAN FRANCISCO, February 19, 2025--(BUSINESS WIRE)--COVU, the AI-native leader in insurance customer management and risk advisory, today announced that it has increased its Series A to $22 million after successfully hitting key milestones, bringing its total funding to date to $32 million. Originally structured as a milestone-based financing, due to strong investor demand, it was expanded to $10 million and became oversubscribed. The round was led by Benhamou Global Ventures (BGV), the lead investor from COVU's initial Series A, with participation from True Global Ventures (TGV) as a new investor. In addition to this funding, COVU has secured access to additional venture debt, further strengthening its financial position to scale AI innovation and expand its services for insurance agencies and partners. This announcement follows COVU's previously announced $12.5 million Series A, and the company is now in the process of securing over $30 million in additional debt financing to further scale its platform. AI and Human Collaboration: The Future of Insurance As AI transforms industries, COVU believes that the future of insurance is not AI alone—nor is it humans alone. In an industry where licensed professionals and agencies play a critical role, AI must be a collaborative force, empowering agents and brokers rather than replacing them. "We believe the future of insurance is in collaboration between AI and human expertise," said Ali Safavi, Co-Founder and CEO of COVU. "Insurance is not just about transactions—it's about trust, protection, and high-quality service. AI enhances efficiency, but licensed professionals provide the expertise and relationships that clients rely on. This funding allows us to scale our mission of delivering seamless, AI-powered insurance servicing that empowers agencies rather than displacing them." Scaling AI-Native Insurance Services This funding comes on the back of COVU growing 3-4x last year, launching its AI capabilities, and already closing 1 out of 3 customer cases without human intervention. With this investment, COVU will: Expand its AI-native roll-up and marketplace business, creating more opportunities for agencies and brokers to leverage AI for smarter customer management. Enhance AI automation capabilities, driving even greater operational efficiency and faster case resolution, all while maintaining human oversight where it matters most. Strengthen partnerships within the insurance ecosystem, ensuring that agencies and licensed professionals continue to play a pivotal role in risk management and customer service. Investor Confidence in COVU's Model Dušan Stojanović, General Partner at True Global Ventures, highlighted AI's potential to enhance the insurance industry: "With the insurance sector undergoing rapid Digital transformation, COVU is at the forefront of leveraging artificial intelligence to augment human expertise rather than replace it. By automating routine tasks, offering proactive risk assessments, COVU helps agents focus on customer relationships while improving operational efficiency." "We see AI as a powerful enabler for financial and insurance professionals rather than a threat to their roles. COVU is transforming the insurance industry by allowing agents to harness AI-driven insights, automate administrative work, and provide truly personalized services. This aligns perfectly with our vision of investing in high-growth AI companies led by experienced entrepreneurs." Eric Benhamou, General Partner at BGV, reaffirmed BGV's continued support: "From the start, we believed in COVU's ability to lead the AI-native revolution in insurance. Their ability to scale AI-driven automation while maintaining a deep commitment to the role of human expertise sets them apart. We are proud to continue backing their vision." About COVU COVU is the AI-native leader in insurance customer management and risk advisory services. By blending intelligent automation with human expertise, COVU empowers agencies, brokers, and financial institutions to deliver better risk management, improve customer retention, and drive business growth. With its AI-native roll-up and marketplace, COVU is setting a new standard for the future of insurance services. For more information, visit About True Global Ventures True Global Ventures (TGV) is a global venture capital firm with two actively deploying funds: TGV 4 Plus Fund (early stage) and TGV Opportunity Fund (late stage). The firm focuses on AI and technology-driven businesses, with a strong track record in enterprise AI and blockchain investments, supporting ventures that drive transformative change. For more information, visit View source version on Contacts Sheny Plasenciapress@
