Novacore, based in Conshohocken, Pennsylvania, has finalized an acquisition of CP Insurance Associates (CPIA), a Texas-based insurance services agency with nearly five decades of experience. This acquisition significantly expands Novacore’s footprint in the lender-focused insurance sector, enhancing its range of services for financial institutions across the United States.
Founded in 1977, CPIA has built a reputation for its comprehensive solutions in lender-placed insurance, investor property coverage, and buy-here-pay-here programs. The agency operates in 49 states and serves a diverse clientele, including banks, mortgage servicers, credit unions, hard money lenders, and credit companies. CPIA is particularly noted for its strong insurance tracking capabilities and customized solutions tailored for lenders.
Strategic Growth and Enhanced Offerings
Aaron Miller, the chief executive officer of Novacore, emphasized the strategic importance of this acquisition, stating that it allows Novacore to broaden its insurance services at a time when lenders face increasing regulatory and operational challenges. “CPIA brings nearly five decades of experience, strong operational infrastructure, and a technology-driven approach to insurance tracking and lender-placed solutions,” Miller said. He added that this partnership will enhance Novacore’s capacity to deliver scalable, compliant, and efficient solutions that benefit lenders, carriers, and distribution partners nationwide.
As part of the agreement, CPIA will operate under Novacore’s specialty solutions portfolio. This integration is expected to facilitate continued national expansion of lender-focused insurance and administrative services, further solidifying Novacore’s position in the financial sector.
Future Growth and Innovation
Martin Rhodes, chairman and CEO of CP Insurance Associates, expressed optimism about the future following the acquisition. He noted that partnering with Novacore will enable CPIA to scale its operations, invest in innovation, and maintain the high level of service that clients expect, now backed by the resources of a broader specialty insurance organization.
Financial terms of the transaction have not been disclosed, but the move is anticipated to strengthen Novacore’s competitive edge in the insurance market. As the landscape of insurance services evolves, this acquisition positions both companies for a promising future in delivering innovative solutions to the lending community.
