NEW YORK, Dec. 11, 2024 (GLOBE NEWSWIRE) -- Roadzen Inc. (Nasdaq: RDZN) (“Roadzen” or the “Company”), a global leader in AI at the convergence of insurance and mobility, today announced that it has executed a Memorandum of Understanding (MOU) for a partnership with Cimarron Underwriters, LLC (“Cimarron”). Through this proposed partnership, Roadzen will leverage Cimarron’s nationwide Managing General Agent (MGA) licenses and infrastructure to expand the distribution of its insurance offerings across all 50 U.S. states.
Cimarron Underwriters, LLC (“Cimarron”), through its subsidiaries, Cimarron Insurance Company, Inc. and Cimarron Brokerage Company, LLC's nationwide U.S. insurance network, provides business owners and individuals with a comprehensive suite of insurance, risk management, and risk financing solutions. Its brokerage division operates as a general agency associated with its affiliate, Cimarron Insurance Company, Inc., offering services in all 50 states and serving as the exclusive access point for licensed insurance agents, brokers, and Program Managers seeking to offer Cimarron Insurance Company, Inc. products.
Roadzen’s business model is designed to deliver AI-driven offerings through two interconnected segments: Technology Solutions (Insurance as a Service/IaaS) and Risk Solutions (Brokerage). Under the terms of this proposed new partnership, Roadzen will utilize Cimarron’s brokerage licenses and platform to launch and expand its brokerage business in the U.S. Cimarron will have an active role in overseeing the production, appointment, and supervision of agents, as well as premium placement with carriers, while Roadzen will manage underwriting, sales, accounting, and claims processing through its global technology platform. In addition, Roadzen will onboard reinsurance and insurance partners, allowing it to remain asset-light and take on no underwriting risk under the partnership.
Rohan Malhotra, Founder and CEO of Roadzen, commented, “Our partnership with Cimarron represents a significant step in expanding our presence within the world’s largest auto insurance market. By joining forces, Roadzen can now offer not only our AI solutions, but also risk solutions through nationwide brokerage licenses, without taking on underwriting risk. This approach provides a comprehensive, integrated platform for fleets, carmakers, dealerships, and other partners. The U.S. brokerage market has shown strong revenue and margin growth, and we are excited to develop this market alongside Cimarron. With their nationwide brokerage licenses, we look forward to serving existing and new clients as well as forging partnerships with insurers.”
Paul Halter, President and CEO of Cimarron, added, “We are excited to partner with Roadzen and create new products and revenue streams for Cimarron. This alliance will enhance our ability to deliver comprehensive and technology-driven insurance solutions across the country.”
About Roadzen Inc. Roadzen Inc. (Nasdaq: RDZN) is a global technology company transforming auto insurance using advanced artificial intelligence (AI). Thousands of clients, from the world’s leading insurers, carmakers, and fleets to dealerships and auto insurance agents, use Roadzen’s technology to build new products, sell insurance, process claims, and improve road safety. Roadzen’s pioneering work in telematics, generative AI, and computer vision has earned recognition as a top AI innovator by publications such as Forbes, Fortune, and Financial Express. Roadzen’s mission is to continue advancing AI research at the intersection of mobility and insurance, ushering in a world where accidents are prevented, premiums are fair, and claims are processed within minutes, not weeks. Headquartered in Burlingame, California, the Company has 360 employees across its global offices in the U.S., India, U.K. and France.
About Cimarron Underwriters, LLC Cimarron Underwriters, LLC is a nationwide U.S. insurance network that offers business owners and individuals/families comprehensive insurance, risk management, and risk financing solutions. Operating as a general agency associated with Cimarron Insurance Company, Inc., an admitted property and casualty insurance company in 33 states and DC, rated A (Excellent) by Demotech, Inc. Cimarron Underwriters collaborates with a broad array of insurance carriers to distribute a wide range of property and casualty products, including non-standard auto liability, workers’ compensation, cross-border trucking liability, homeowners’, renters’, and pet insurance products coverage.
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