Zurich is the proud new owner of Halo, a specialist, UK-based online rental car insurance platform that will help it further a strategy of growth in global travel and assistance markets.
Neither side disclosed financial details.
Zurich made the acquisition with its travel insurance Unit Cover-More, an Australian travel insurer and service provider it acquired in April 2017 for $551 million. Cover-More operates in Australia, India and the U.S., and was part of Zurich’s focus on expanding its travel insurance portfolio and growth in global travel and assistance markets. The company helped make Zurich a top three global travel insurance provider, it said, and now Halo brings Zurich into the $74 billion global car rental insurance market.
Halo gives consumers “a simple and convenient way to insure their vehicles through mobile and online functionality,” Zurich said.
Halo will keep its name and branding and 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 said that Halo was attractive, in part because it is a “consumer champion and market disruptor.”
“That was what attracted us to look at Halo in the first place,” Emmett said in prepared remarks.
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