Novacore, a leading insurance solutions provider, has finalized a deal to acquire CP Insurance Associates (CPIA), a Texas-based agency renowned for its nearly five decades of expertise in serving financial institutions across the United States. This acquisition significantly expands Novacore’s portfolio in lender-focused insurance solutions, as it integrates CPIA’s established services in lender-placed insurance, investor property coverage, and buy-here-pay-here programs.
Founded in 1977, CP Insurance Associates has built a solid reputation for its insurance tracking capabilities and customized solutions tailored to banks, mortgage servicers, credit unions, and other lending entities. The agency operates in 49 states across the continental United States, making it a key player in the market. Its strengths lie in its in-house service teams, compliance and reporting infrastructure, and a technology-driven approach to insurance tracking.
Strategic Expansion in Insurance Services
According to Aaron Miller, chief executive officer of Novacore, this acquisition represents a strategic move into essential insurance services for lenders navigating an increasingly complex regulatory landscape. Miller stated, “CPIA brings nearly five decades of experience, strong operational infrastructure, and a technology-driven approach to insurance tracking and lender-placed solutions.” He emphasized that this partnership enhances Novacore’s capacity to deliver scalable, compliant, and efficient solutions that benefit lenders, carriers, and distribution partners nationwide.
Post-acquisition, CP Insurance Associates will function within Novacore’s specialty solutions portfolio, which aims to support the ongoing national expansion of lender-focused insurance and administrative services. This merger not only broadens Novacore’s service offerings but also strengthens its position in the financial institution and lending ecosystem.
Growth and Innovation Ahead
Martin Rhodes, chairman and chief executive officer of CP Insurance Associates, expressed optimism about the agreement, stating that the partnership will position the firm for its next growth phase. Rhodes noted, “Partnering with Novacore allows us to scale our platform, invest further in innovation, and continue delivering the high level of service our clients expect, now backed by a broader specialty insurance organization.”
While the financial details of the acquisition remain undisclosed, the move marks a significant step for both companies as they aim to leverage their combined strengths for enhanced service delivery in the insurance market. This acquisition is anticipated to yield substantial benefits for customers, providing them with a wider range of options and improved service quality.
As the landscape for insurance services continues to evolve, Novacore’s strategic acquisition of CP Insurance Associates positions the company for future growth and innovation, reinforcing its commitment to meeting the needs of lenders in a complex regulatory environment.
