28 June 2017Insurance

Zurich snaps up UK insurer Halo after Cover-More takeover

Swiss insurance giant Zurich has acquired UK-based rental car insurance firm Halo to expand its travel offering.

The acquisition of Halo follows the purchase of Australian travel insurer Cover-More earlier this year for A$741 million ($565 million).

The Halo deal allows Zurich to enter the $74 billion global car rental insurance market, according to the statement.

Zurich said that it will work closely with Halo to develop its business with a focus on its existing personal lines retail partnerships. Halo will retain its branding and will report into Cover-More.

"Halo is a recognised 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 at 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 disruptor. That was what attracted us to look at Halo in the first place."

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More on this story

Insurance
10 August 2017   Zurich’s life business has enabled Zurich to post a stable operating profit in the first half of 2017, offsetting the impact caused by the UK’s personal injury Ogden rate change.
Insurance
13 April 2017   Zurich Insurance Group has completed the acquisition of Australian travel insurer Cover-More Group in a A$741 million ($565 million) deal that expands its travel portfolio and positions Zurich as a top three global travel insurance provider.