Roadzen has advanced its position in the US commercial auto insurance market with the closing of its acquisition of a controlling stake in EliteCover Insurance Solutions, while King Risk Partners has also added to ongoing regional consolidation with a move in New York.
Roadzen has finalized its purchase of a majority stake in EliteCover Insurance Solutions, gaining a fully licensed commercial auto insurance MGU platform across several US states.
The acquisition, first announced in October, combines EliteCover's underwriting authority, regulatory licenses and distribution footprint with Roadzen's AI, telematics and automated claims capabilities.
The business expects the deal to be non-dilutive and add more than $8 million in revenue over the next 12 months, targeting adjusted EBITDA margins of more than 25%.
Elitecover is licensed in California, Texas, Illinois and New Jersey, and also holds Lloyd's coverholder authority. It specializes in intermodal, freight, logistics and mixed-use fleet business through a national agency network.
Since writing its first policy in February 2025, EliteCover has scaled to an annualized premium run-rate approaching $20 million, with more than 90 fleet clients and a pipeline of over 400 agencies representing more than $100 million in potential premiums.
Meanwhile, King Risk Partners has acquired Stewart Agency, an independent brokerage operating for more than 75 years in Elmira and Corning, New York.
The deal strengthens King Risk's presence in the state and supports the group's strategy of measured growth through partnership.
Stewart Agency provides auto, home, boat and business coverage for individuals and local companies. King Risk said the acquisition brings increased regional reach while allowing Stewart’s client base to access a broader set of services without changing its established service approach. Stewart’s leadership noted that joining King Risk broadens product capability while retaining the local relationships and service model built over decades.
The acquisition adds to King Risk’s ongoing Northeast expansion and signals continued interest in community-rooted agencies with established books and service-driven operating models.
