US-based Ignyte Insurance has acquired the travel insurance marketplace InsureMyTrip, expanding its collection of travel and travel medical insurance enterprises.
Under the terms of the transaction, InsureMyTrip – founded in 2000 and headquartered in Warwick, Rhode Island – will maintain its existing branding and continue catering to customers through its established carrier network.
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The financial terms of the transaction have not been disclosed.
Ignyte Insurance CEO Geof McKernan said: “We have been steadily building a portfolio of highly regarded businesses that serve travellers across markets around the world.
“InsureMyTrip is a natural addition to that portfolio. It has tremendous brand equity, long-standing carrier relationships and a loyal and growing customer base built over 25 years.
“We see significant opportunity to invest behind that foundation and bring Ignyte’s resources and capabilities to bear to help the business accelerate its next stage of growth.”
Ignyte stated that it intends to maintain investment in the company by supplying capital, technology and operational support.
InsureMyTrip functions via partnerships with multiple insurance carriers, enabling consumers to generate quotes, compare options, and secure cover across annual protection, cruise, evacuation, student travel, travel medical and trip cancellation.
Following the acquisition, the platform joins five other travel brands within Ignyte: ISO Student Health Insurance, Envisage Global Insurance, AllClear, InsureandGo and International Student Insurance.
Collectively, Ignyte’s portfolio businesses oversee more than $650m in premiums, delivering services to clients throughout the US, the UK, Europe and Australia.
McKernan added: “We acquire great businesses because we believe in what they have already built and see an opportunity to help them achieve even more. We are excited to welcome InsureMyTrip to the Ignyte family of brands and support the team as it continues to innovate, scale and serve travellers for years to come.”
In November last year, Philadelphia Insurance Companies (PHLY) announced a $615m deal to acquire Ignyte’s collector vehicle division, placing four brands – American Collectors Insurance, JC Taylor Insurance, Condon Skelly and Heacock Classic – under PHLY.
