Hiscox to buy two units from Vouch

Hiscox said Wednesday it agreed to acquire Corix Insurance Services and Vouch Insurance from online broker Vouch.

Terms of the transaction were not disclosed.

Vouch launched Corix earlier this year as a managing general agency. Corix partners with brokers to offer coverage for technology, life sciences, advanced manufacturing, consulting and technology services companies.

Corix policies are backed by State National Insurance and United Specialty Insurance, both part of Markel Corp.

Hiscox said the deal accelerates the ongoing digitization of its U.S. broker platform and expands its specialty business.

Vouch will continue to operate as an independent broker focused on risk management for technology, life sciences and professional services companies. Hiscox and Vouch have agreed to a multi-year distribution deal as part of the transaction.

San Francisco-based Vouch launched in 2019 to provide coverage to startup companies and established Vouch Insurance as a licensed insurer in 2021. The broker has raised $225 million in capital to date, according to its website.

Also Wednesday, Hiscox reported that first-half pre-tax profit fell 2% to $276.6 million, after a $170 million loss from the California wildfires.