Sydney-based global travel insurance and medical assistance provider, Cover-More Group, has acquired Blue Insurance and its operations in the UK and Ireland. The consideration has not been disclosed but Irish Travel Trade News understands that it is in the region of €70 million. The acquisition is subject to approval of the Competition Authority.
Cover-More was acquired by Zurich Insurance Group in April 2017, has operations in 21 countries across five continents, and is currently estimated to be the third largest travel insurance provider in the world.
Blue Insurance provides Cover-More with direct-to-consumer travel insurance distribution capabilities through multiple online brands in the UK and Ireland, such as blueinsurance.ie, multitrip.com, greatcover.com, annualtravelinsurance.com, economycover.com, and backpackertravelinsurance.com.
Mike Emmett, Chief Executive, Cover-More Group, said: “The acquisition is an excellent strategic fit for the group and will provide Cover-More with an increased presence and market share in Europe. It provides Cover-More with scale in local online travel insurance and car hire excess insurance markets and compliments our Halo Insurance Services business in the UK, which is the leading provider of car hire excess insurance.
“Blue has also shown strong competency to successfully diversify into other product lines, including their unique two-year home and motor insurance, and tailored insurance products for pets, bicycles and individual electronic gadgets, including smartphones.
“That agility and mindset is what we are looking for as we work to expand our European operations. Blue Insurance will form part of the group’s Europe and UK business, led by Judith Crompton, Cover-More’s Europe-based Chief Executive for EMEA.”
Ciaran Mulligan, Co-founder and Managing Director, Blue Insurance, and his executive team will remain with the company. “Since Blue Insurance was created in 2003, the strategy has been to offer consumers a unique, innovative and convenient offering that represents an affordable alternative to ‘traditional’ insurance providers,” said Ciaran. “This is a win for travellers and for consumers as we marry Blue Insurance’s offering with Cover-More’s personalisation technology and customer-centric approach. Both Blue and Cover-More share a determination and ability to offer our customers something different, both in product and service.”
The acquisition follows Cover-More’s recent expansion into Latin America through the purchase of one of the leading travel assistance providers in the region. In 2017, Cover-More announced a partnership with Arsenal Football Club, making the group Arsenal’s Official Travel Insurance Partner.