Goosehead Insurance (Nasdaq: GSHD), an independent personal lines insurance agency, said it has executed an agreement to acquire Vivint Smart Home’s insurance book, which includes more than 15,000 policies, for $5.5 million in cash. 

The transaction follows an announcement in April under which Goosehead would acquire Vivint Insurance Agency’s book of business and provide service and support for Vivint’s insurance clients as the company shifts its insurance strategy to a partnership model. 

In late 2021, Vivint announced the intent to create auto and home insurance programs to complement its range of smart home products and related services. The company appointed a chief insurance officer, Ron Davies, to lead a wider foray into insurance products last year. The agency, Vivint Warranty and Home Insurance, became licensed in all 50 states. 

The purchase allows Goosehead Insurance to accelerate growth and is also said to provide significant benefits to existing Vivint insurance clients, according to an announcement. Through Goosehead’s product portfolio, distribution, technology and service, the company said it is well-positioned to provide a seamless transition for existing Vivint clients to ensure they have the right coverage. 

“Goosehead has a tremendous opportunity to accelerate Vivint’s momentum as the combination of our technology, product offerings and outstanding agents offer the best client experience in the industry,” said Justin Ricketts, executive vice president, technology and partnerships, Goosehead Insurance. “Consumer education and an exceptional client experience are at the heart of what we do at Goosehead.” 

Existing Vivint insurance clients will receive a welcome message that provides the information necessary to transition to Goosehead Insurance.