Integrated Specialty Coverages (ISC), a multi-line programme administrator, has acquired US-based independent travel insurance marketplace TravelInsurance.com.
Financial terms of the deal remain undisclosed.
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The acquisition is said to enhance ISC’s specialty insurance programme portfolio.
TravelInsurance.com enables consumers to compare and purchase travel insurance online.
The platform features products from carriers such as Generali, AXA and Travel Guard, and boasts more than 130,000 verified third-party reviews.
TravelInsurance.com co-founder Drew Sharma said: “We built TravelInsurance.com to simplify a complex product, making travel insurance transparent and easy to compare and buy online.
“From day one, our focus was to deliver a seamless experience for travellers. ISC shares that same commitment to simplifying insurance, and with its unmatched strength in technology, analytics, operations, and a top-tier management team, we see an incredible opportunity to accelerate our growth and continue setting the standard in the travel insurance market.”
TravelInsurance.com will retain its brand as well as maintain its direct-to-consumer model and relationships with carriers.
The company’s founders will remain at the helm and drive its growth as part of the ISC team.
ISC will use its technology and resources to expand TravelInsurance.com’s presence and strengthen its position as a travel insurance platform.
The integration of TravelInsurance.com’s marketplace with ISC’s technology infrastructure and data capabilities is expected to deliver enhanced value to consumers.
ISC CEO Matt Grossberg said: “TravelInsurance.com brings a best-in-class platform, deep industry relationships and a loyal customer base to ISC.
“Their tech-forward approach and commitment to customer experience perfectly complements our vision of making specialty insurance easy and accessible to consumers. We are thrilled to welcome co-founders Stan Sandberg and Drew Sharma and the entire TravelInsurance.com team to ISC.”
Vista Point Advisors was the exclusive financial advisor to TravelInsurance.com for this transaction.
