Latest news with #COVU
Business Wire
16 hours ago
- 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.
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.
