Travel insurer planning new products after independence
Travel insurance broker and breakdown assistance provider Europ Assistance Holdings Ltd is to undergo a management buy-out.
The company, which houses Europ Assitance Group’s UK and Ireland operations, will split from its French parent and become an independent entity, subject to FSA approval.
The company will continue to offer full underwriting services against all existing lines of business and will retain access to Europ Assistance Group’s worldwide network. It also plans to develop new solutions, and will announce full details in due course.
The firm will continue to be managed by current chief executive Patrick Leroy, supported by the existing management team. Tim Ablett takes the role of company chairman.
“I am delighted by the opportunity to lead the new organisation,” Leroy said in a statement. “The new structure will enable us to continue to support our existing clients and gives us the flexibility to develop new and innovative services.”
Europ Assistance Group is a subsidiary of Italian insurance group Generali.