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HomeInsurance LawMilestone Companions buys automobile insurance coverage firm GoAuto

Milestone Companions buys automobile insurance coverage firm GoAuto

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Personal fairness agency Milestone Companions has bought low-cost auto insurer GoAuto together with its affiliated know-how platform, Adaptive Data Applied sciences (AIT).

Monetary phrases of the transaction weren’t shared.

Milestone now intends to include environmental, social and governance and variety, fairness and inclusion insurance policies at GoAuto.

Concurrently, Milestone additionally introduced the launch of Drive Assurance Holdings, a specialty auto insurance coverage holding firm.

GoAuto has operations in Louisiana, Texas, Nevada and Ohio within the US.

Arrange in 2009, the tech-focused platform distributes insurance policies on to shoppers via the web channel in addition to through 70 captive storefronts.

Milestone associate Adam Curtin mentioned: “GoAuto’s proprietary software program permits superior buyer analytics and data-driven operations which have established them as a market chief. We stay up for working with the administration group on executing their strategic initiatives.”

GoAuto CEO and founder Greg Tramontin mentioned: “We’re excited to associate with Milestone throughout this subsequent stage of development.

“Given their focused sector concentrate on monetary know-how firms and strong expertise in automotive monetary providers, we’re assured that collectively we’ll proceed to offer best-in-class car safety merchandise and customer support to our valued policyholders.”

All GoAuto staff might be retained, with Tramontin to proceed in his current function for now. The agency’s present model may also be retained.

Drive Assurance secured a senior credit score facility from Everberg Capital, Summit Companions Credit score Advisors, LBC Credit score Companions, Principal Different Credit score and FS Investments for the deal.

Troutman Pepper served as authorized adviser to Milestone and Drive Assurance. For GoAuto, Butler Snow was the authorized adviser whereas Piper Sandler was the monetary adviser.

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