USAA Announces Plans to Acquire Noblr, Inc. (“Noblr”)

Transaction Overview

USAA announced today that it plans to acquire InsurTech company Noblr, Inc.

  • Terms of the transaction were not disclosed; the transaction is expected to close later this year

Noblr is smart car insurance for smart drivers that rewards its members’ good driving habits

  • Headquartered in San Francisco, CA, with a service hub in Austin, TX
  • Noblr is an innovator in terms of its proprietary insurance solutions and its corporate structure
    • Through a reciprocal exchange model, Noblr customers are members who help steer the company’s direction
  • Experienced team of seasoned insurance and technology leaders backed by investments from top tier companies:
    • Hudson Structured Capital Management Ltd., White Mountains Insurance Group, Ltd., and SiriusPoint Ltd.

Noblr’s usage-based insurance (“UBI”) products offer a lower premium, along with a mileage variable

  • Combines usage and behavioral factors to create pay-as-you-go personalized pricing & opportunity for savings & rewards
  • This is important for USAA’s military service members who are highly mobile and frequently deployed

USAA is a leading provider of financial services to members of the U.S military, veterans and their families

  • Founded in 1922 and headquartered in San Antonio, TX, with 36,000 employees and serving over 13 million members
  • Adding a UBI product helps achieve its mission by serving members with personalized pricing and control over the cost
  • USAA plans to roll out UBI nationally over the next three years, starting with the eight states where Noblr is currently

TigerRisk Capital Markets & Advisory Role

TCMA is acting as exclusive financial advisor to Noblr; key transaction steps led by TCMA include:

  • Conducting a comprehensive strategic review of Noblr
  • Preparing marketing materials and running a competitive process
  • Managing an organized due diligence process
  • Offering key insights around transaction terms and conditions
  • Assistance in negotiating final transaction terms
  • Providing objective advice and acting as a confidant to Noblr throughout the process

TCMA initially advised Noblr on the formation and capitalization of the Noblr Reciprocal Exchange in 2019