Meanwhile, Mapfre wants to focus on ’other ventures’ across other international markets
AllClear Travel Insurance has bought InsureandGo from global insurance firm Mapfre Asistencia, as the travel insurer gears up for “significant growth”.
The insurer believes the acquisition will more than double the size of AllClear in the UK travel insurance market.
InsureandGo will join AllClear Gold, Tailor Made, Breeze and Black Travel Insurance as part of AllClear’s portfolio of UK brands.
Chris Rolland, AllClear’s group chief executive, said: “This has been a very natural deal after working in partnership for the past 10 years with Mapfre, one of the most successful insurers in Europe.
“The opportunity to accelerate the growth of InsureandGo, with the backing, resources and expertise of AllClear, is both clear and compelling.
”Our brands will share learning and leverage expertise to further enhance the services the group provides to its valued customer base as the market starts to build again.”
AllClear is backed by growth investor Synova.
Expanding customer base
AllClear’s mission is to enable individuals to obtain specialist travel insurance, whatever their age or medical condition.
The acquisition of InsureandGo, therefore, will help broaden and diversify the customer base of AllClear’s brands, according to the insurer.
InsureandGo’s customers will benefit from AllClear’s customer service, technology and expertise in managing risks for medical conditions.
AllClear believes this type of service will become even more important for travellers in the post-Covid travel market.
Rolland continued: “After an unprecedented period, quality, trust and safety are going to be the key issues that will redefine travel insurance going forward.
“We are well known as the travel insurance brand that specialises in making holidays safe and viable for anyone with a medical history, but with this acquisition we are also gearing up for significant growth over the next 18 months, using our knowledge and expertise to help people far beyond our traditional over 50s market.”
Mapfre Asistencia’s global chief executive Leire Jimenez added: “AllClear will provide a strong catalyst for the next stage of InsureandGo’s journey, as the strategic focus of Mapfre moves to other ventures across our other international markets.
“Over the past few years, we have partnered commercially with AllClear and have learned deeply about [its] business and ethos. As such, we are convinced that AllClear is the best possible future home for InsureandGo as a key brand in the UK travel sector, as well as for its customers and employees”.