Leading global travel insurance and medical assistance provider, Cover-More Group, has acquired Blue Insurance and their operations in the United Kingdom and Ireland.
Blue Insurance is a leading travel insurance intermediary with a strong, diverse online footprint and is also a prominent provider of niche insurance including car hire excess insurance in both the UK and Ireland. The company also has extensive relationships with travel agents in Ireland and Northern 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,” he said.
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.”
“That agility and mindset was what we are looking for as we work to expand our European operations,” Mike said.
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.
“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,” Ciaran 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.”
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. And in 2017, Cover-More announced a partnership with Arsenal Football Club, making the group Arsenal’s Official Travel Insurance Partner.
Mike 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.
About Cover-More Group
Cover-More Group is a global specialist and integrated travel insurance and medical assistance provider. Cover-More has operations in a total of 21 countries across five continents with leading market positions also in India, in the USA where the group owns Travelex Insurance Services, and in Latin America with Travel Ace Assistance and Universal Assistance. Cover-More is the Official Travel Insurance Partner of Arsenal FC and in May 2018 was selected as travel insurance partner by Australia’s leading bank, the Commonwealth Bank. Cover-More was acquired by Zurich Insurance Group in 2017. Head office is in Sydney, Australia.
About Blue Insurance
Established in Ireland in 2003, Blue Insurance is based in Dublin and Cardiff in the UK. Blue Insurance is a leading provider of niche insurance products in Ireland and the UK. The company has been a Deloitte Best Managed company for the past six years and has won an award for ‘Best Travel Insurance Provider/Product’ every year since 2003. The company has 80 employees.