Cover-More

Last updated

Cover-More Group
Company typePrivately held company
Industry Financial services
Founded1986;38 years ago (1986)
Headquarters Sydney, Australia
Key people
Justin Sebire, interim Group CEO
BrandsCover-More Travel Insurance, World Travel Protection, Travelex Insurance Services, Freely, Universal Assistance, Blue Insurance
ServicesTravel insurance, medical assistance, security assistance, travel risk management
Number of employees
1500+ (2024)
Parent Zurich Insurance Group
Website covermoregroup.com

Cover-More Group is a global travel insurance, medical and security assistance provider headquartered in Sydney, Australia. The group was acquired by Zurich Insurance Group in April 2017. [1] The group also has leading market positions in Ireland, Latin America, New Zealand and the USA where Cover-More owns Travelex Insurance Services. The global group has more than 17 million customers and employs more than 1500 people. Cover-More has operations in 16 countries including Australia, New Zealand, the United Kingdom, Ireland, the USA, Canada, Brazil and Argentina.

History

Cover-More Group was established in 1986 in Sydney, Australia. [2] [3] A partnership to provide travel insurance services for Flight Centre Travel Group, a travel agency network, started in 1991 and continues to this day.

Cover-More Group expanded to the UK in 1996 and started a medical assistance business in 1997. In 2007 the company established Travelsure in New Zealand which was later rebranded to Cover-More Travel Insurance. [4]

In 2011 Australia Post announced that they would offer travel insurance at post offices in partnership with Cover-More. [5] A partnership with Medibank began the same year providing discounted travel insurance to Medibank members.

The company expanded into Asia when it acquired Assistance Online, a medical and travel assistance company based in Shanghai, in March 2012. [6] [7] Assistance Online provides coverage in China, Hong Kong, Singapore, Macau, Taiwan and Mongolia. [6] Cover-More Group exited the China market in 2021.

In November 2013, Cover-More partnered with Indian company TrawellTag who rebranded to TrawellTag Cover-More. [8] Cover-More exited the India travel market in 2022. However the group maintains a global IT team in Mumbai.

Before Cover-More went public, Crescent Capital Partners owned 82.7 percent of the company. Crescent Capital would own 13 percent of the company after the initial public offering (IPO) in December 2013. [9] [10] At that time, it was the first and only Australian travel insurance provider to list on the Australian Stock Exchange. [11] Cover-More reported earnings of $13.3 million in 2013. [9] In June 2014, Cover-More announced a partnership with Qunar, a Chinese online travel agency. [12]

Cover-More Group Limited was acquired by Zurich Insurance Group in April 2017 at a price of AUD 1.90 per share, approximately AUD 722 million in total. [1]

In 2017, Cover-More announced it would be introducing an Australian-first in travel insurance, offering cancel-for-any-reason cover, with the policy available through Flight centre, Helloworld Travel, Magellan, Travellers Choice, independent travel consultancies and brokers. [13]

Cover-More became the official travel insurance partner for UK football team Arsenal F.C. in October 2017. The club announced that the partnership would run for three seasons, starting from December 2017. [14]

Zurich Insurance Group announced on 12 March 2018 that it had agreed to acquire 19 Latin American legal entities in the traveler assistance market to be managed by Cover-More Group. Operating under the Travel Ace and Universal Assistance brands, the combined business holds the leading market position in Argentina and the number two market position in Brazil while also operating in Chile, Colombia, Mexico, Panama, Spain, Uruguay and the US. [15]

On 23 July 2018 Cover-More Group announced the acquisition of Blue Insurance, an Irish company specialising in a range of insurance products and trading in Ireland, UK and Australia. [16] [17]

In November 2020, Cover-More Group announced the appointment of Cara Morton to the role of global chief executive officer. [18] In 2024, Cover-More Group announced that Group CFO Justin Sebire had been appointed interim Group CEO following Cara Morton's promotion to the role of CEO, Zurich Global Ventures. [19]

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References

  1. 1 2 "Zurich completes acquisition of Cover-More to become top three global travel insurance provider". Zurich Insurance Group. 13 April 2017. Retrieved 13 April 2017.
  2. ↑ "Company Overview of Cover-More Insurance Services Pty Ltd". Bloomberg. Retrieved 18 May 2015.
  3. ↑ "ERV and Munich Re Australia renew the partnership with the Australia based insurance agency Cover-More for another five years". My News Desk. 4 July 2013. Archived from the original on 20 May 2015. Retrieved 18 May 2015.
  4. ↑ "Cover-More Announces Partnership with Westpac New Zealand". www.scoop.co.nz. 7 April 2016. Retrieved 14 February 2019.
  5. ↑ "Australia Post to sell travel insurance - Local - Insurance News - insuranceNEWS.com.au". insurancenews.com.au. Retrieved 14 February 2019.
  6. 1 2 "Cover-More buys Shanghai medical assistance company". Insurance News. 5 March 2012. Retrieved 18 May 2015.
  7. ↑ Rebecca Ng (29 February 2012). "Munich Re-Owned Australian Travel Insurer Seeks Asia Expansion Through China Acquisition". Annuity News. Retrieved 18 May 2015.
  8. ↑ Rashmi Pradhan (29 November 2013). "TrawellTag partners with Australia's Cover-More; rebranded as 'TrawellTag Cover-More'". Travel Biz Monitor. Retrieved 18 May 2015.
  9. 1 2 Ruth Liew (26 February 2014). "Cover-More travel insurance group still on track, says CEO Peter Edwards". The Sydney Morning Herald. Retrieved 18 May 2015.
  10. ↑ Clancy Yeates (3 December 2013). "Cover-More travel insurance to float". The Sydney Morning Herald. Retrieved 18 May 2015.
  11. ↑ "Cover-More may list on ASX". Travel Daily. 28 August 2013.
  12. ↑ Martin Kelly (19 June 2014). "Cover-More Confirms Oz Slowdown, Aims for Asian Growth". Travel Trends. Retrieved 18 May 2015.
  13. ↑ Laycock, Richard (12 April 2018). "Cover-More announces Australian-first cancel-for-any-reason travel insurance". finder.com.au. Retrieved 22 October 2018.
  14. ↑ "Arsenal FC announces its newest signing". International Travel & Health Insurance Journal. 25 October 2017. Retrieved 14 February 2019.
  15. ↑ "Zurich accelerates growth of its Cover-More business with acquisition in Latin America". Zurich Insurance Group. Retrieved 14 February 2019.
  16. ↑ Gangcuangco, Terry. "Arsenal FC partner snaps up Blue Insurance". Insurance Business. Retrieved 14 February 2019.
  17. ↑ "Visitor Health or Medical Insurance" . Retrieved 8 March 2021.
  18. ↑ "Leading the way through turbulent times". alumni.uq.edu.au. 4 June 2021. Retrieved 15 June 2021.
  19. ↑ "Cover-More Group appoints new interim CEO". www.insurancebusinessmag.com. Retrieved 22 May 2024.
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