Ascend and Honor Capital announced a definitive agreement to merge, creating what the companies describe as the insurance industry’s first fully vertically integrated financial operations platform. The combined platform will unify AI-powered accounting automation, invoicing automation, embedded payments, and native premium financing into a single solution designed for insurance businesses.
The merger combines Ascend’s insurance financial operations software platform with Honor Capital’s premium finance capabilities. Premium financing services will continue to be provided by Honor Capital, which is authorized to operate in all 50 states. The companies said the combined platform will support the complete insurance financial workflow from collection to close.
Ascend said its platform is currently used by more than 4,000 businesses, including over half of the 50 largest brokers nationally. Honor Capital is the fourth-largest premium finance company in the United States.
According to the companies, the combined platform will include AI-powered workflow automation for operational finance and accounting processes such as cash application, direct bill commission processing, carrier payables, and client invoicing. The platform will also integrate embedded payments and premium financing directly into accounts receivable workflows while providing financial visibility across accounts receivable and accounts payable operations.
Following the merger, Ascend will lead the combined platform with Praveen Chekuri serving as CEO alongside Co-Presidents Tony M. Perez and Andrew Wynn. Wynn and Chekuri co-founded Ascend in 2021, while Perez has led Honor Capital for more than a decade.
The companies said customers of both organizations will continue to be served without disruption, with the transition to the combined platform occurring in phases over the coming months. The merger remains subject to regulatory approvals and customary closing conditions.
KEY QUOTES:
“Insurance businesses have been stuck managing their financial operations across separate tools: an AMS, a ledger, payments vendors, software providers, premium finance companies — each coming with their own cost and separate, inefficient workflows. Ascend’s complete solution consolidates all of this into a single tool that enables complete visibility, end to end automation, and the highest ROI for our customers.”
Praveen Chekuri, CEO, Ascend
“Honor Capital brings more than 75 years of collective premium finance heritage, built on deep operating expertise and long-standing relationships with agents, insureds, and partners. Together with Ascend, we are defining a new category for insurance financial operations by combining AI-powered accounting automation, payments, and premium finance into the first complete platform experience built for the insurance industry.”
Tony M. Perez, Co-President, Honor Capital
“We started Ascend because insurance businesses deserve better software and tools. This merger helps deliver on that. For the first time, insurance businesses can manage the complete depth of its financial operation in one place: payments, reconciliation, payables, cash tracking, and premium financing.”
Andrew Wynn, Co-Founder And Co-President, Ascend
