Insurer swoops on Traveller Assist

Major acquisition revealed

Insurer swoops on Traveller Assist

Insurance News

By Paul Lucas

In a rare example of an insurer swooping on an assistance company and taking all assistance services in-house, an unnamed company has swooped to purchase the assets and intellectual property of Traveller Assist Ltd.

As a result of the transaction, which is for an undisclosed amount, the insurer will pick up international payment and insurtech platform Payr which facilitates local currency transactions to network providers and has paid out over £7 million in claims payments. The buyer has yet to be revealed with parties bound by a non-disclosure agreement at this stage.

It has also been revealed that Traveller Assist will sell its MENA contracts and assets, including its Defence Base Act operation, to a separate firm in an unrelated deal.

Shareholders Danny Kaine and Jonathan Bancroft have both exited the medical and security assistance provider as a result of the moves. It currently employs 37 staff, with 30 ground agents around the world.

Speaking on the deal, Kaine noted that several offers were received.

“I am extremely pleased to have agreed a buyout by an insurer who recognises and understands the key for travel insurers to survive and thrive in a volatile market is to control their own assistance and claims capabilities; increasing both profits and customer satisfaction,” he said. “I want to extend my sincere gratitude to all employees. Your efforts, hard work and loyalty over the years helped to position the company as a market leader, build trust with clients and expand our capabilities and market share. We are very grateful for your commitment to excellence and wish you all of the success in the future as you embark on a new career with an excellent employer.”

Meanwhile, Bancroft noted his pride in the company’s achievements over the last five years.

“Our team have never once failed to provide a suitable outcome to any assistance request and in over fifty thousand case activations, all but three were successfully answered within 15 minutes of receiving them,” he said. “I am confident that our processes, methods, systems and staff will continue to produce excellent results and give the purchasing company the edge in a competitive market.”

The deal is reportedly one of several the insurer is making as part of its growth strategy. It is set to make its own announcement in due course.

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