Novacore has finalized an agreement to acquire CP Insurance Associates (CPIA), a Texas-based insurance services agency that has been operating for nearly five decades. This strategic acquisition significantly enhances Novacore’s presence in the lender-focused insurance sector, allowing for a broader range of solutions aimed at financial institutions across the United States.
Founded in 1977, CPIA is known for its expertise in providing insurance services to banks, mortgage servicers, credit unions, hard money lenders, and credit companies. The firm is licensed in 49 states and has built a solid reputation for its insurance tracking capabilities, customized lender-placed solutions, and robust compliance infrastructure. By integrating CPIA into its portfolio, Novacore aims to reinforce its position within the financial institution and lending ecosystem.
Strategic Benefits of the Acquisition
Aaron Miller, chief executive officer of Novacore, emphasized the importance of this acquisition in an increasingly complex regulatory landscape for lenders. “CPIA brings nearly five decades of experience, strong operational infrastructure, and a technology-driven approach to insurance tracking and lender-placed solutions,” he stated. “Together, we are enhancing our ability to deliver scalable, compliant, and efficient solutions that support lenders, carriers, and distribution partners across the country.”
The acquisition will allow CPIA to operate within Novacore’s specialty solutions portfolio, facilitating the continued national expansion of lender-focused insurance and administrative services. This move aligns with Novacore’s mission to provide comprehensive support to its clients in the financial sector.
Future Growth Prospects
Martin Rhodes, chairman and chief executive officer of CPIA, expressed optimism about the future following the agreement. He 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.”
The financial details of the acquisition have not been disclosed, but industry analysts anticipate that this merger will create significant opportunities for growth and innovation within the insurance services market. As Novacore continues to expand its offerings, the integration of CPIA is expected to provide enhanced resources and capabilities for its clientele.
This acquisition marks a pivotal moment for both companies, positioning them to better serve the evolving needs of the financial services industry. As the landscape of lender-focused insurance continues to change, Novacore and CPIA are poised to lead the way with innovative solutions and a commitment to excellence.
