Japanese trading giant Itochu has invested several billion yen in Churchill Innovative Holdings, marking the conglomerate’s entry into the US individual health insurance distribution market. The investment, worth an estimated $14-63 million based on currency conversion rates, targets a Florida-based startup that operates as an intermediary between insurers and sales agents.
Churchill, through its Neo Insurance Solutions subsidiary, functions as an insurance marketing organization that connects carriers to distribution networks. The company, founded in 2018, claims it will achieve $100 million in sales for fiscal 2025, representing 30% growth from the previous year.
Led by 33-year-old CEO Jon Karlin, a London School of Economics graduate with private equity experience, Neo operates technology platforms for independent agents selling health insurance products. The company works with approximately 20 insurance carriers, positioning itself in the competitive intermediary space rather than as a direct insurer.
Itochu’s move follows its recent expansion into Asian insurance markets, including a stake in Thailand’s Thaivivat Insurance. The Japanese firm plans to leverage knowledge gained from the US market to strengthen its insurance operations across Asia, where penetration rates remain lower than developed markets.
The investment reflects Itochu’s broader strategy of diversifying beyond traditional trading operations into technology-enabled financial services, though the startup’s ambitious growth projections remain to be tested in the competitive American healthcare landscape.
