Aon in January 2020 announced the completion of its acquisition of SMB insurtech broker CoverWallet.

Aon aims to increase its presence in the rapidly growing commercial insurance market for smaller businesses. The acquisition will allow Aon to utilise CoverWallet’s technology and data & analytics capabilities.

CoverWallet joins the portfolio of Aon’s New Ventures Group, which functions as a growth-stage capability focused on delivering new sources of value to clients that expand Aon’s addressable market. As a part of the New Ventures Group, Aon will utilize its reach to accelerate the growth of CoverWallet’s core business, while applying CoverWallet’s data & analytics capabilities and technology to strengthen the digital client experience for the firm’s existing clients.

Moving forward, CoverWallet will go to market as “CoverWallet, an Aon company”.