Milestone Partners announces auto insurance move
Milestone Partners has created specialty auto insurance holding company Drive Assurance Holdings and in a related move acquired GoAuto and its affiliated technology platform, Adaptive Information Technologies (AIT).
GoAuto is a tech-focused, vertically integrated personal auto insurance platform providing low-limit policies through its managing general agent and insurance carrier subsidiaries. Founded in 2009, GoAuto distributes policies direct-to-consumer online and through 70 captive storefronts, and leverages AIT's proprietary data analytics and underwriting technology.
According to the company GoAuto's insurance carrier's dedicated balance sheet capacity allows greater value chain capture augmented by reinsurance relationships that enable an asset light model and mitigate retained risk.
GoAuto's specialty market segment is growing, highly fragmented and estimated to be over 22% of $260bn total personal auto insurance premiums. GoAuto is the third largest personal auto insurer in Louisiana with growing operations in Texas, Nevada and Ohio.
Greg Tramontin, chief executive and founder of GoAuto said: “We are excited to partner with Milestone during this next stage of growth. Given their targeted sector focus on financial technology companies and robust experience in automotive financial services, we are confident that together we will continue to provide best-in-class vehicle protection products and customer service to our valued policyholders.”