Cover-More

Last updated

Cover-More Group
Cover-More Insurance Services
TypePrivately held company
Industry Financial services
Founded1986;35 years ago (1986)
Headquarters Sydney, Australia
Key people
Cara Morton
(CEO)
Brands
  • Cover-More
  • Benestar
  • Travelex Insurance
  • TrawellTag Cover-More
  • Universal Assistance
  • World Travel Protection
Services Travel insurance
Medical assistance
Number of employees
2200+ (2019)
Parent Zurich Insurance Group
Subsidiaries
  • Blue Insurance Ltd
  • Halo Insurance Services Ltd
Website covermoregroup.com

Cover-More Group is a global travel insurance and medical assistance provider headquartered in Sydney, Australia. The group was acquired by Zurich Insurance Group in April 2017. The company has more than 40% share of the Australian market. [1] The group also has leading market positions in India, Ireland, Latin America, New Zealand and the USA where Cover-More owns Travelex Insurance Services. The global group has more than 18 million customers and employs more than 2200 people. Cover-More has operations in 22 countries including Australia, New Zealand, India, China, Malaysia, the United Kingdom, 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. [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]

In November 2013, Cover-More partnered with Indian company TrawellTag who rebranded to TrawellTag Cover-More. [8]

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]

Related Research Articles

Medicare is the publicly-funded universal health care insurance scheme in Australia, operated by Services Australia. Medicare is the main way Australian citizens and permanent residents access health care in Australia, either partially or fully covering the cost of most primary health care services in the public and private health care system. International visitors from 11 countries have subsidised access to medically necessary treatment under reciprocal agreements. All Australian citizens and permanent residents have access to fully covered health care in public hospitals and clinics.

Vodafone British multinational telecommunications company

Vodafone Group plc is a British multinational telecommunications company. Its registered office and global headquarters are in Newbury, Berkshire, England. It predominantly operates services in Asia, Africa, Europe, and Oceania.

Rakuten Japanese e-commerce company

Rakuten Group, Inc., stylized as "Rakuten", is a Japanese electronic commerce and online retailing company based in Tokyo, founded by Hiroshi Mikitani in 1997. Centered around Rakuten Ichiba, its business-to-many EC platform and one of the largest e-commerce sites in Japan, its businesses include financial services utilizing fintech, as well as digital content and communications services such as messaging app Viber, e-book distributor Kobo, and Japan's fourth mobile carrier Rakuten Mobile. Rakuten has 14,826 employees worldwide, operating in 29 countries and regions, and its revenues totaled US$7.2 billion with operating profits of about US$347.9 million as of 2016. It is often referred to as "the Amazon of Japan".

Axa French multinational insurance firm

Axa S.A. is a French multinational insurance firm. The head office is in the 8th arrondissement of Paris. It also provides investment management and other financial services.

Bunnings Group, trading as Bunnings Warehouse, is an Australian household hardware chain. The chain has been owned by Wesfarmers since 1994, and has stores in Australia and New Zealand.

Wesfarmers

Wesfarmers Limited is an Australian conglomerate, headquartered in Perth, Western Australia. It has interests predominantly in Australian and New Zealand, operating in retail, chemical, fertiliser, industrial and safety products. With revenue of A$30.8 billion in the 2020 financial year, it is one of Australia's largest companies by revenue. Wesfarmers is also one of the largest private employers in Australia, with approximately 107,000 employees.

Travel insurance Type of insurance

Travel insurance is an insurance product for covering unforeseen losses incurred while travelling, either internationally or domestically. Basic policies generally only cover emergency medical expenses while overseas, while comprehensive policies typically include coverage for trip cancellation, lost luggage, flight delays, public liability, and other expenses.

Medibank Private Limited, better known as simply Medibank, is one of the largest Australian private health insurance providers, covering 3.7 million people in 2021. Medibank initially started as an Australian Government not-for-profit insurer in 1976, before becoming for-profit in 2009 and privatised by the Abbott Government in 2014. Medibank now operates as a publicly-listed company on the Australian Securities Exchange.

Australia's insurance market can be divided into roughly three components: life insurance, general insurance and health insurance. These markets are fairly distinct, with most larger insurers focusing on only one type, although in recent times several of these companies have broadened their scope into more general financial services, and have faced competition from banks and subsidiaries of foreign financial conglomerates. With services such as disability insurance, income protection and even funeral insurance, these insurance giants are stepping in to fill the gap where people may have otherwise been in need of a personal or signature loan from their financial institution.

Fairfax Media Australian media company

Fairfax Media was a media company in Australia and New Zealand, with investments in newspaper, magazines, radio and digital properties. The company was founded by John Fairfax as John Fairfax and Sons, who purchased The Sydney Morning Herald in 1841. The Fairfax family retained control of the business until late in the 20th century.

Webjet Australian travel agency

Webjet Limited is a digital travel business spanning both global consumer markets and wholesale markets. Webjet Limited's Registered Office is located in Melbourne, Australia.

Health care in Australia Availability, funding, and provision of health services in Australia

Health care in Australia is primarily funded through the public Medicare program and delivered by highly regulated public and private health care providers. Individuals may purchase health insurance to cover services offered in the private sector and further fund health care. Health is a state jurisdiction although national Medicare funding gives the Australian or Commonwealth Government a role in shaping health policy and delivery.

nib Health Funds

nib Group is an Australian health care fund. It was established in the NSW Hunter Region in 1952 to provide health insurance for workers at the BHP Steelworks, and has since grown into a national and international operation. As of 2017, nib held an 8.3% share of the Australian private health cover market.

Bupa Company that offers health insurance and healthcare services.

Bupa is an international health insurance and healthcare group with over 31 million customers worldwide.

Kogan.com is an Australian portfolio of retail and services businesses including Kogan Retail, Kogan Marketplace, Kogan Mobile, Kogan Internet, Kogan Insurance, Kogan Health, Kogan Pet Insurance, Kogan Life Insurance and Kogan Travel. The company was founded in 2006 by Ruslan Kogan.

George Savvides is an Australian businessman and chairman of the Special Broadcasting Service (SBS). Between 2002 and 2016 he was the Managing Director of Medibank Private Limited.

Travel Insurance Direct (TID) is an Australian travel insurance company headquartered in Sydney, Australia for Australian and New Zealand residents travelling domestically or internationally. Its policies are underwritten by AXA. TID was established in 2005 and is a part of the World Nomads Group, a network of companies including World Nomads that supply and service customers with travel services.

Minor Hotels

Minor Hotels is an international hotel owner, operator and investor with more than 550 hotels in 55 countries across Asia Pacific, Middle East, Africa, the Indian Ocean, Europe and the Americas. The hotel group operates as a subsidiary of Minor International PCL, one of the largest hospitality and leisure companies in the Asia Pacific region. The group operates hotels under the brands of Anantara Hotels, Resorts & Spas, Avani Hotels & Resorts, NH Hotels, NH Collection, nhow Hotels, Tivoli Hotels & Resorts, Oaks Hotels & Resorts, Elewana Collection, Marriott Hotels & Resorts, Four Seasons Hotels and Resorts, St. Regis, Radisson, and more.

PassportCard British travel insurance and International Private Medical Insurance company

PassportCard is part of the Davidshield Group, an international travel insurance and private medical insurance focusing on markets in Germany, Australia and Israel.

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. Thursday; April 2016, 7; Zeal, 1:02 pm Press Release: Cover-More New. "Cover-More Announces Partnership with Westpac New Zealand | Scoop News". www.scoop.co.nz. Retrieved 14 February 2019.CS1 maint: numeric names: authors list (link)
  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". finder.com.au. Retrieved 22 October 2018.
  14. christian.northwood (25 October 2017). "Arsenal FC announces its newest signing". International Travel & Health Insurance Journal. 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.