Blue Insurance in the UK and Ireland has been taken over by global travel insurance and medical assistance giant Cover-More Group for an undislcosed sum.
Travel insurance intermediary Blue Insurance has a strong online footprint and is a prominent provider of niche insurance including car hire excess cover in the UK and Ireland.
The company also has extensive relationships with travel agents in Ireland and Northern Ireland.
Cover-More, which is part of Zurich Insurance Group and the umbrella group for Zurich’s global travel insurance and assistance business, is based in Australia with operations in 21 countries. It is estimated to be the world’s third largest travel insurance provider.
The deal gives Cover-More with several strong direct-to-consumer travel insurance distribution capabilities through multiple online brands in the UK and Ireland such asblueinsurance.ie, multitrip.com, greatcover.com, annualtravelinsurance.com, economycover.com and backpackertravelinsurance.com.
Blue Insurance will form part of the group’s Europe and UK business, led by Cover-More’s Europe-based chief executive for EMEA, Judith Crompton.
The acquisition is subject to approval of the competition authority in Ireland.
Cover-More Group chief executive Mike Emmett said the acquisition was an excellent strategic fit for the group and would provide it 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 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.”
Blue Insurance co-founder and managing director 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,” he 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.
Cover-More last year clinched a partnership with Arsenal Football Club to become official travel insurance partner.