Radian Group Inc.
has announced it has made a strategic investment in Covered Insurance Solutions Inc.
, a digital insurance agency that enables consumers to compare and purchase homeowners’ insurance, including during the mortgage application process.
The terms of the investment were not disclosed. Covered Insurance Solutions is headquartered in Denver and is a licensed insurance agency in 48 states.
“The digitalization of our industry is well underway, and we believe that the most successful companies in the future will be the ones that most effectively leverage technology,” said Radian CEO Rick Thornberry. “That’s why we have made our own digital transformation such a priority, and that’s why we are investing in Covered, a promising fintech startup that is working to disrupt how homeowners’ insurance is bought and sold.”
Ross Diedrich, chief executive officer of Covered Insurance Solutions, said: “We are very excited to partner with Radian as we embark on this new phase of our development. Radian’s comprehensive industry intelligence and deep relationships will be tremendous assets as we expand our reach into the mortgage ecosystem with comprehensive insurance offerings.”