Roadzen Partners with Cimarron Underwriters, LLC to Secure MGA Licensing Capabilities Across All 50 U.S. States
NEW YORK, Dec. 11, 2024 (GLOBE NEWSWIRE) — Roadzen Inc. (Nasdaq: RDZN) (“Roadzen” or the “Company”), a global leader in AI at the convergence of insurance and mobility, today announced that it has executed a Memorandum of Understanding (MOU) for a partnership with Cimarron Underwriters, LLC (“Cimarron”). Through this proposed partnership, Roadzen will leverage Cimarron’s nationwide Managing General Agent (MGA) licenses and infrastructure to expand the distribution of its insurance offerings across all 50 U.S. states.
Cimarron Underwriters, LLC (“Cimarron”), through its subsidiaries, Cimarron Insurance Company, Inc. and Cimarron Brokerage Company, LLC’s nationwide U.S. insurance network, provides business owners and individuals with a comprehensive suite of insurance, risk management, and risk financing solutions. Its brokerage division operates as a general agency associated with its affiliate, Cimarron Insurance Company, Inc., offering services in all 50 states and serving as the exclusive access point for licensed insurance agents, brokers, and Program Managers seeking to offer Cimarron Insurance Company, Inc. products.
Roadzen’s business model is designed to deliver AI-driven offerings through two interconnected segments: Technology Solutions (Insurance as a Service/IaaS) and Risk Solutions (Brokerage). Under the terms of this proposed new partnership, Roadzen will utilize Cimarron’s brokerage licenses and platform to launch and expand its brokerage business in the U.S. Cimarron will have an active role in overseeing the production, appointment, and supervision of agents, as well as premium placement with carriers, while Roadzen will manage underwriting, sales, accounting, and claims processing through its global technology platform. In addition, Roadzen will onboard reinsurance and insurance partners, allowing it to remain asset-light and take on no underwriting risk under the partnership.
Rohan Malhotra, Founder and CEO of Roadzen, commented, “Our partnership with Cimarron represents a significant step in expanding our presence within the world’s largest auto insurance market. By joining forces, Roadzen can now offer not only our AI solutions, but also risk solutions through nationwide brokerage licenses, without taking on underwriting risk. This approach provides a comprehensive, integrated platform for fleets, carmakers, dealerships, and other partners. The U.S. brokerage market has shown strong revenue and margin growth, and we are excited to develop this market alongside Cimarron. With their nationwide brokerage licenses, we look forward to serving existing and new clients as well as forging partnerships with insurers.”
Paul Halter, President and CEO of Cimarron, added, “We are excited to partner with Roadzen and create new products and revenue streams for Cimarron. This alliance will enhance our ability to deliver comprehensive and technology-driven insurance solutions across the country.”
For more information about Roadzen Inc., please visit https://roadzen.ai/.
About Roadzen Inc.
Roadzen Inc. (Nasdaq: RDZN) is a global technology company transforming auto insurance using advanced artificial intelligence (AI). Thousands of clients, from the world’s leading insurers, carmakers, and fleets to dealerships and auto insurance agents, use Roadzen’s technology to build new products, sell insurance, process claims, and improve road safety. Roadzen’s pioneering work in telematics, generative AI, and computer vision has earned recognition as a top AI innovator by publications such as Forbes, Fortune, and Financial Express. Roadzen’s mission is to continue advancing AI research at the intersection of mobility and insurance, ushering in a world where accidents are prevented, premiums are fair, and claims are processed within minutes, not weeks. Headquartered in Burlingame, California, the Company has 360 employees across its global offices in the U.S., India, U.K. and France.
To learn more, please visit www.roadzen.ai.
About Cimarron Underwriters, LLC
Cimarron Underwriters, LLC is a nationwide U.S. insurance network that offers business owners and individuals/families comprehensive insurance, risk management, and risk financing solutions. Operating as a general agency associated with Cimarron Insurance Company, Inc., an admitted property and casualty insurance company in 33 states and DC, rated A (Excellent) by Demotech, Inc. Cimarron Underwriters collaborates with a broad array of insurance carriers to distribute a wide range of property and casualty products, including non-standard auto liability, workers’ compensation, cross-border trucking liability, homeowners’, renters’, and pet insurance products coverage.
For more information about Cimarron, please visit https://cimarronins.com/.
Cautionary Statement Regarding Forward Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” and “continue,” or the negative of such terms or other similar expressions. Such statements include, but are not limited to, statements regarding our expected revenue growth, strategy, demand for our products, expansion plans, future operations, future operating results, estimated revenues, losses, projected costs, prospects, plans and objectives of management, as well as all other statements other than statements of historical fact included in this press release. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in “Risk Factors” in our Securities and Exchange Commission (“SEC”) filings, including the annual report on Form 10-K we filed with the SEC on July 1, 2024. We urge you to consider these factors, risks and uncertainties carefully in evaluating the forward-looking statements contained in this press release. All subsequent written or oral forward-looking statements attributable to our company or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements included in this press release are made only as of the date of this release. Except as expressly required by applicable securities law, we disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
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