- Combined company called Newfront will transform the insurance industry
- Newfront’s modern proprietary cloud-based platform combined with deep insurance expertise redefines the antiquated model of insurance brokerage
SAN FRANCISCO, August 19, 2021 — Newfront Insurance, the cutting-edge technology-enabled brokerage, and ABD Insurance and Financial Services (“ABD”), a recognized innovator in employee benefits, insurance, and financial services, announced today that they have completed their previously announced merger. The newly combined company is called Newfront.
“The closing of this combination signals the establishment of a new standard for risk management and employee wellbeing and engagement,” said Spike Lipkin, Chief Executive Officer of Newfront. “I am excited to embark on our next chapter as one united team of incredibly talented individuals. We are all thrilled to be at the forefront of the movement to modernize the insurance industry.”
Brian Hetherington, President, said, “Today marks a significant milestone in our company’s journey, one that brings together a diverse set of experts with a world-class development team to create industry specific technology to deliver a better insurance experience.”
“It is our mission to transform the insurance industry through innovation, and the closing of this transaction is a significant step towards realizing that goal,” said Gordon Wintrob, Chief Technology Officer. “As a top destination for talent, we are focused on driving the cutting edge of technology that will streamline and solve our clients’ needs. I am excited to continue to execute on our goals and to work alongside the brightest in the industry.”
Kurt de Grosz, Executive Chairman, stated, “This is a pivotal moment in our company’s history as well as the broader insurance industry. Together, we will provide the insurance industry with the necessary technology and depth of expertise to optimize the experiences of our clients.”
Perella Weinberg Partners LP served as financial advisor for Newfront Insurance and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP served as legal advisor. Reagan Consulting, Inc. served as financial advisor for ABD and Weil, Gotshal & Manges LLP served as legal advisor.
Newfront is transforming the delivery of risk management, employee experience, insurance, and retirement solutions by building the modern insurance platform. Transparent data delivered real-time translates into a lower total cost of risk and greater insights. Newfront makes insurance work for you.
Headquartered in San Francisco, Newfront has offices throughout California, Washington, Illinois, and New York and is home to over 600 employees who serve clients across the United States and globally. To learn more, visit: theabdteam.com.
Senior Vice President, Marketing