Roadzen Announces Successful Closing of Its Acquisition of U.S. Commercial Auto Managing General Underwriter EliteCover
EliteCover is an MGU operating in the U.S. commercial auto insurance industry. The transaction, as previously announced, is non-dilutive and is expected to contribute over $8 million in annual revenues over the next twelve months, with 25%+ Adjusted EBITDA margins.
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.
About Roadzen Inc.
Roadzen Inc. (Nasdaq: RDZN) is a global leader in AI at the convergence of insurance and mobility. Roadzen builds technology that helps insurers, automakers, and fleets better predict and prevent risk, automate claims, and deliver seamless, embedded insurance experiences.
Thousands of clients — from the world’s leading insurers, carmakers, and fleets to dealerships and 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 from Forbes, Fortune, and Financial Express as one of the world’s top AI innovators.
Headquartered in Burlingame, California, Roadzen employs more than 300 people across offices in the U.S., U.K., and India. Learn more at .
The Company builds technology that helps insurers, automakers, and fleets predict and prevent risk, automate claims, and deliver seamless, embedded insurance experiences. Thousands of clients — from global insurers and automakers to small fleets and brokers — rely on Roadzen’s technology across North America, Europe, and Asia.
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, anticipated revenue, Adjusted EBITDA margins and other operating results from the transaction described in this press release, anticipated benefits of our products and solutions, business growth in the U.S., U.K. and India, anticipated 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 June 26, 2025. 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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