Optifino, a digital Brokerage General Agency (BGA), and Covr Financial Technologies, a provider of digital insurance solutions, have announced a merger to establish Digital BGA 3.0. This strategic combination aims to integrate Covr’s operational and compliance infrastructure with Optifino’s AI-powered case design and analytics platform, thereby enhancing life insurance distribution for advisors serving mass-affluent, high-net-worth, and ultra-high-net-worth clients.
The newly formed Digital BGA 3.0 seeks to empower financial advisors by providing faster and more sophisticated analyses and solutions for their clientele. The merger is designed to leverage Optifino’s artificial intelligence capabilities for case design and data analytics, alongside Covr’s established foundation in operational and regulatory compliance.
Upon finalization of the transaction, Covr will operate as a wholly-owned subsidiary of Optifino. Both companies will maintain their existing branding, websites, and points of contact to ensure continuity for partners, clients, and carriers. The combined entity emphasizes its commitment to independence, continuing to offer unbiased, multi-carrier comparisons that prioritize client interests.
David Kleinhandler, Co-Founder and CEO of Optifino, stated, “Today we begin building what we’re calling ‘Digital BGA 3.0.’ This begins the next chapter of life insurance distribution: one where true independence and powerful innovation come together to modernise and simplify permanent and term life insurance experiences for advisors and the families they serve.”
Michael Kalen, CEO of Covr, commented, “Covr’s platform will now have expanded potential by adding sophisticated and expert insurance solutions for ultra-high-net-worth clients. This is a logical and powerful combination that will offer financial institutions and independent agents a better way of providing life insurance solutions for their clients.”
Louis Kreisberg, Co-Founder of Covr, highlighted the long-standing relationship that facilitated the merger. “This merger is the result of a 30-year relationship built on mutual respect and collaboration,” Kreisberg said. “David Kleinhandler and I have been friendly competitors over the years and know exactly what each firm brings to the table. I’m proud to have helped bring Covr and Optifino together to build something transformative.”
Goodwin Proctor served as legal advisor to Optifino, with Deutsche Bank acting as its exclusive financial advisor. Eckert Seamans provided legal counsel to Covr Financial Technologies.
