acquisitionCoverMoreinsurance

first_imgacquisitionCover-Moreinsurance Cover-More Group has acquired Blue Insurance, a leading travel insurance intermediary with a strong, diverse online footprint, and its operations in the United Kingdom and Ireland.Cover-More Group Chief Executive Officer Mike Emmett said the acquisition was an excellent strategic fit for the group and would provide Cover-More with an increased presence and market share in Europe.“The acquisition of Blue Insurance provides Cover-More with scale in local online travel insurance and car hire excess insurance markets and complements our Halo Insurance Services business in the UK which is the leading provider of car hire excess insurance.”Blue Insurance provides Cover-More with several strong 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.“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 smart phones,” Emmett said.“That agility and mindset was what we are looking for as we work to expand our European operations.”Cover-More, which is part of Zurich Insurance Group and the umbrella group for Zurich’s global travel insurance and assistance business, is headquartered in Australia and has operations in 21 countries across five continents. They are currently estimated to be the third largest travel insurance provider in the world.Co-founder and Managing Director of Blue Insurance, Ciaran Mulligan, and his executive team will remain with the company.Emmett said Blue Insurance would form part of the group’s Europe and UK business, led by Cover-More’s Europe-based CEO for EMEA, Judith Crompton.The acquisition is subject to approval of the competition authority in Ireland.IMAGE: Cover-More Group Chief Executive Officer Mike Emmettlast_img