Sydney-headquartered Cover-More Group, which was acquired by Zurich Insurance Group last year, has announced its own swoop – snapping up, for an undisclosed amount, Blue Insurance, which operates in the UK and Ireland.
Described by Cover-More chief executive Mike Emmett as an excellent strategic fit for the group, the deal will see the Irish business give the global travel insurance and medical assistance firm an increased presence and market share in Europe. Blue Insurance’s digital brands bring strong direct-to-consumer distribution capabilities to the Zurich company, bolstering Cover-More’s Europe and UK business under EMEA (Europe, the Middle East, and Africa) CEO Judith Crompton.
“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,” noted Emmett.
Meanwhile Blue Insurance co-founder and managing director Ciaran Mulligan, as well as his executive team, will remain with the acquired firm. Based in Dublin and Cardiff, the travel insurance intermediary employs 80 people.
“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,” commented Mulligan. “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.”
Estimated to be the world’s third largest travel insurance provider, Cover-More is the umbrella group for Zurich’s global travel insurance and assistance business with operations in 21 countries across five continents. It is the official travel insurance partner of Arsenal FC and has also teamed up recently with the Commonwealth Bank.
“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,” added Emmett. “That agility and mindset was what we are looking for as we work to expand our European operations.”