Milestone Partners created auto insurance holding company Drive Assurance Holdings and, in a related move, acquired GoAuto and its affiliate technology platform, Adaptive Information Technologies (AIT).
GoAuto is a vertically integrated, technology-driven personal auto insurance platform that offers low-limit policies through its general agent and insurance company subsidiaries. Founded in 2009, GoAuto distributes policies directly to consumers online and through 70 captive storefronts, and leverages AIT’s proprietary data analytics and underwriting technology.
According to the company, GoAuto’s dedicated insurance company balance sheet capability enables greater capture of the value stream, enhanced 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 account for over 22% of total $260 billion in personal auto insurance premiums. GoAuto is the third largest personal auto insurer in Louisiana with growing operations in Texas, Nevada and Ohio.
Greg Tramontin, CEO and Founder of GoAuto, said, “We are thrilled to partner with Milestone on this next stage of growth. Given their targeted industry focus on fintech companies and strong experience in automotive financial services, we are confident that together we will continue to provide the best vehicle protection products and customer service to our valued insured.