Australian travel insurer acquired by Generali subsidiary
Europ Assistance, a subsidiary of Europe’s third largest insurer Generali Group, has acquired local travel insurance provider InsureandGo for an undisclosed amount from Spanish insurer Mapfre.
The deal covers Mapfre Insurance Services Australia and its InsureandGo commercial brand in the market, Europ Assistance said.
Europ Assistance is a provider of insurance coverage and assistance in the travel sector, the automotive area with roadside assistance, and personalised coverage for assisting the elderly, cyber-security, and medical and concierge services.
It says the Australian acquisition, which is subject to regulatory clearance, gives the business an immediate entry into the fifth largest market in terms of income.
InsureandGo will be renamed Europ Assistance Australia.
“As travel begins to return to pre-pandemic levels, this deal has excellent prospects for sustainable growth in the medium term,” Europ Assistance said.
It says since InsureandGo’s launch 10 years ago it has become one of the leaders in business-to-consumer travel insurance in Australia due to its flexible and multi-faceted digital customer journey.
Europ Assistance says it will leverage on InsureandGo’s status as a leader in the marketplace alongside its own expertise to expand in the region.
“We are delighted to enter the Australian market in order to support our global partners and further strengthen our global, multiline and multichannel positioning,” Europ Assistance Group CEO Antoine Parisi said.
The InsureandGo investment follows recent moves by Europ Assistance to step up its presence in the region in the last few years.
“After acquiring an entity in New Caledonia, then opening businesses in Thailand and Malaysia in 2020 and 2021, we have decided to accelerate our expansion in Asia/Pacific by acquiring an established player in the region with complementary operations and capabilities,” CEO Northern, Central, and Eastern Europe, Asia and South Africa Pascal Baumgarten said.
“This confirms that despite the recent challenges impacting the industry, we are confirming our commitment to profitable growth worldwide.”
InsureandGo MD Raphael Bandeira takes on a new role as Europ Assistance Australia CEO.
“We are excited to become a part of Europ Assistance and by extension the larger Generali Group,”he said.
“We look forward to continuing offering best in class services to our customers in the region, especially as travel begins to recover.”
