Insurance Web Site Gets Rock Investment, Moving To Detroit
TROY -- MyInsuranceExpert.com, an online life insurance brokerage firm currently based in Troy, said Monday it had received an undisclosed but "significant" investment from Rockbridge Growth Equity LLC, a private equity firm based in Detroit.
The company, which presently employs 85 employees, has plans to hire an additional 200 employees in the next several months and move its office and entire brainforce to downtown Detroit by the end of the year.
"Beyond simply raising capital, it was imperative for us to find the right strategic partner for our business. We've done that through this relationship with Rockbridge Growth Equity," said MyInsuranceExpert.com CEO Lorne Zalesin. "As a Web-based, culture-driven company, we are extremely fortunate to now be partnered with an extraordinary family of companies that includes Quicken Loans, Detroit Venture Partners, ePrize, and One on One Marketing, to name a few. We are looking forward to an exciting collaboration and are eager to be counted among the new wave of web-based businesses that are making Detroit their home."
Founded by the Schechter Organization and NFP (NYSE: NFP), MyInsuranceExpert.com uses the internet to engage directly with consumers to purchase life insurance from the top insurers nationwide. The company, named one of Michigan's 50 "Companies to Watch" in 2011, combines the ease of the Web, proprietary internal technology, and the expertise of their licensed advisors to provide a world-class client experience.
"MyInsuranceExpert's focus on client experience and simplifying the life insurance process positions it to be the dominant player in an industry that is still extremely local and fragmented. As demand for life insurance continues to grow and more consumers move online to begin their search, the potential to grow this business is tremendous," said Brian Hermelin, managing partner, Rockbridge Growth Equity. "Also, as a Detroit-based private equity firm, we are very excited to be making an investment in not only a Michigan-based, but a soon to be Detroit-based business."
MyInsuranceExpert.com is one of the newest members of Dan Gilbert's family of companies, a collection of financial services, sports media & entertainment, consumer direct marketing and education businesses. Gilbert is also founder and chairman of Quicken Loans Inc., majority owner of the Cleveland Cavaliers and partner in Detroit Venture Partners.
