Cover-More Group, a travel insurer and medical assistance provider, has agreed to acquire Blue Insurance’s operations in Ireland and the UK, for an undisclosed sum.
The acquired entity operates as a travel insurance intermediary and focuses on niche insurance, including car hire excess.
Cover-More noted that the acquisition is strategic fit for the group, which will give them Blue Insurance’s direct-to-consumer distribution capabilities along with increased presence and market share in Europe.
Additionally, Blue Insurance’s digital brands such as blueinsurance.ie, multitrip.com, greatcover.com, annualtravelinsurance.com, economycover.com and backpackertravelinsurance.com will boost Cover-More’s Europe and UK business under EMEA region.
Cover-More Group CEO Mike Emmett said: “The acquisition of Blue Insurance 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.”
Mulligan said: “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.”
Pursuant to the terms of the agreement, Blue Insurance co-founder and managing director Ciaran Mulligan and his executive team will continue to work under the new ownership.
Cover-More became part of the Zurich Insurance Group in April this year, after the Swiss insurer concluded Cover-More’s acquisition announced in March 2018.
Headquartered in Australia, Cover-More also operates as the umbrella group for Zurich’s travel insurance and assistance business worldwide. It manages operations in 21 countries across five continents.
The transaction is pending receipt of approval from the competition authority in Ireland.