ACE Leads Latest Coverhound Financing Round

Multiline insurer ACE Group led an investment round in online insurance aggregator CoverHound that totaled $33 million in new funding, according to a CoverHound statement.

It was not released how much of the $33 million came directly from ACE, but it is not the first insurer to make an investment in the company: American Family Ventures was part of an earlier round.

Insurance companies are increasingly curious about the aggregation channel since Google announced its entry into the sector earlier this year. The search giant partnered with CoverHound as part of that initiative.

"This firm commitment to both the comparison shopping experience and the insurance purchasing process has proven to be a unique differentiator that our valued carriers and marketing partnerships count on as CoverHound continues to effectively scale," CoverHound CEO Keith Moore said in a statement.

ACE is in the midst of closing its acquisition of Chubb that was announced at the beginning of the summer.

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