Generali Global Assistance, a division of the French firm Europ Assistance Group, has purchased 100% stake in US-based travel insurance provider Trip Mate from Arthur J Gallagher.
Trip Mate operates as a travel insurance managing general agent (MGA) and serves as an intermediary between customers and market place.
Europ Assistance expects the Trip Mate purchase to further bolster its presence in the US where the company manages its business through its subsidiary Generali Global Assistance.
Besides travel insurance and assistance, Generali Global Assistance offers automotive and personal assistance services such as senior care, cyber security, telemedicine and a conciergerie business.
Trip Mate will continue to operate under its current brand even after the completion of the deal.
Commenting on the deal, Generali country manager for France and Europ Assistance Group chairman Jean-Laurent Granier said: “Thanks to this acquisition, we will benefit from greater distribution channels and enhanced expertise for new market segments and products, which will significantly expand our travel insurance portfolio, aiding the strong performance we already see in our US business.
Europ Assistance Group CEO Antoine Parisi said: “This acquisition confirms our position as a top three leader in US travel insurance and reflects our status as a global leader in this sector.
We’re delighted to strengthen our already successful business in the US and ambitious to support the Trip Mate customers and partners who are seeking to expand internationally.
“This acquisition will also offer clear benefits for the Trip Mate partners and customers, providing a global platform for those looking to expand internationally.”