Roadzen Inc (RDZN)

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$RDZN Roadzen Announces Successful Closing of Its Acquisition of U.S. Commercial Auto Managing General Underwriter EliteCover

https://www.globenewswire.com/news-release/2025/12/03/3198817/0/en/Roadzen-Announces-Successful-Closing-of-Its-Acquisition-of-U-S-Commercial-Auto-Managing-General-Underwriter-EliteCover.html

NEW YORK, Dec. 03, 2025 (GLOBE NEWSWIRE) -- Roadzen Inc. (Nasdaq: RDZN) today announced the successful closing of its previously announced acquisition of majority control of EliteCover Insurance Solutions, Inc. (“EliteCover”), a licensed commercial auto insurance broker and managing general underwriter (MGU) operating across multiple U.S. states.

First announced October 29, 2025, the acquisition strengthens Roadzen’s position in the $80 billion in annual Gross Written Premiums (GWP) U.S. commercial auto insurance market by combining EliteCover’s underwriting authority, regulatory licenses, and distribution footprint with Roadzen’s AI, telematics, and automated claims capabilities. The transaction is non-dilutive and is expected to contribute over $8 million in annual revenues in the next twelve months, with 25%+ Adjusted EBITDA margins.

EliteCover is licensed in California, Texas, Illinois, and New Jersey, Lloyd’s of London Coverholder authority, and serves intermodal, freight, logistics, and mixed-use fleets 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, supported by more than 90 fleet clients and a pipeline of over 400 agencies representing more than $100 million in potential annual premiums. Roadzen and EliteCover are integrating DrivebuddyAI, xClaims, and GDN platforms to enable predictive underwriting, driver-risk scoring, real-time claims automation, and connected roadside assistance across all EliteCover programs.

Together, Roadzen and EliteCover bring a set of end-to-end capabilities unmatched in the U.S. commercial auto insurance market — AI-powered underwriting and claims, telematics-driven risk management, and integrated roadside assistance. With fleet insurance costs rising and inflation placing pressure across the sector, this technology-led model is essential to addressing the industry’s most pressing challenges.

“EliteCover’s strong fleet focus and disciplined underwriting approach align perfectly with Roadzen’s mission to modernize commercial auto insurance using AI,” said Rohan Malhotra, Founder and CEO of Roadzen. “Closing this transaction gives us a fully licensed MGU platform in the most important market in the world, expands our distribution reach, and accelerates our strategy to deliver data-driven underwriting and risk management at scale. We are also incredibly delighted to work with Arturo Agredano and Mike Margarian, exceptional founders with over 20 years of experience each in building hundreds of millions of dollars in annual GWP in this market.”

“We’re thrilled to join forces with Roadzen,” said Arturo Agredano, CEO of EliteCover. “Our shared vision is to build the next generation of commercial auto underwriting — where deep insurance expertise is strengthened by cutting-edge AI and telematics. With Roadzen’s technology and global reach, we are positioned to scale rapidly, support more agents and fleets nationwide, and transform the commercial auto sector.”

A full interview featuring Roadzen CEO Rohan Malhotra, COO Ankur Kamboj, and EliteCover CEO Arturo Agredano discussing the transaction can be viewed here:

TAG Financial Institutions Group acted as the exclusive investment bank on the transaction.