Core Insights - Roadzen Inc. has successfully acquired majority control of EliteCover Insurance Solutions, enhancing its position in the U.S. commercial auto insurance market valued at $80 billion in annual Gross Written Premiums (GWP) [2][3] - The acquisition is expected to generate over $8 million in annual revenues within the next twelve months, with Adjusted EBITDA margins exceeding 25% [3][4] - EliteCover has achieved an annualized premium run-rate approaching $20 million since its inception in February 2025, supported by over 90 fleet clients and a pipeline of more than 400 agencies representing over $100 million in potential annual premiums [4] Company Overview - EliteCover operates as a licensed commercial auto insurance broker and managing general underwriter (MGU) across multiple U.S. states, including California, Texas, Illinois, and New Jersey [2][4] - The integration of Roadzen's AI, telematics, and automated claims capabilities with EliteCover's underwriting authority and distribution network aims to enhance predictive underwriting and real-time claims automation [4][5] - Roadzen's technology-led model is positioned to address rising fleet insurance costs and inflationary pressures within the sector [5] Leadership Perspectives - Roadzen's CEO, Rohan Malhotra, emphasized the alignment of EliteCover's disciplined underwriting approach with Roadzen's mission to modernize commercial auto insurance through AI [6] - EliteCover's CEO, Arturo Agredano, expressed enthusiasm about the partnership, highlighting the shared vision to innovate commercial auto underwriting by leveraging AI and telematics [6]
Roadzen Announces Successful Closing of Its Acquisition of U.S. Commercial Auto Managing General Underwriter EliteCover