Zurich, together with its travel insurance unit Cover-More, has completed the acquisition of Halo, a specialist, UK-based online rental car insurance platform.
Financial details of the transaction were not disclosed.
Zurich said it is becoming increasingly active in the fast-growing travel insurance market. “The acquisition of Halo follows the purchase of Cover-More earlier in the year, further reinforcing Zurich’s position as a top three global travel insurance provider,” the company said in a statement.
The deal allows Zurich to enter the US$74 billion global car rental insurance market providing customers “with a simple and convenient way to insure their vehicles through mobile and online functionality,” Zurich added.
Halo will retain its branding and will report into Cover-More.
“Halo is a recognized leader in their market,” said Giovanni Giuliani, group head of Strategy, Innovation and Business Development. “Following Cover-More, the Halo acquisition represents yet another milestone in diversifying our traditional home and car insurance retail business, enabling us to provide our customers innovative propositions in a market that is ripe for disruption within and beyond travel.”
Mike Emmett, group chief executive officer, Cover-More Group, added: “Halo is an exciting company as they’ve proved over the past few years, particularly in their capacity as a consumer champion and market disrupter. That was what attracted us to look at Halo in the first place.”
In addition to its rental car insurance product, Halo has recently launched InsuretheGap.com, which provides simple and competitively priced guaranteed asset protection (GAP) insurance accessed through Halo’s online platforms.
Source: Zurich Insurance