UAE-based Creative Zone has acquired an undisclosed stake in insurance comparison platform InsuranceMarket.ae.
The financial and other details of the acquisition have not been revealed.
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However, according to The National, the deal values InsuranceMarket.ae at approximately $80m (Dh294m).
Citing a statement issued by Creative Zone, the publication reported that the deal is part of a strategic partnership to further the growth of an ecosystem to support start-ups.
Creative Zone managing partner Steve Mayne said: “We aim to become a catalyst that not only simplifies the business setup process, but a one-stop shop for all the business requirements to facilitate on-going sustainable business growth and success.”
Commenting on the deal, Creative Zone managing director Jigar Sagar told the publication: “Our partnership with InsuranceMarket.ae will help us broaden our offering and provide customised insurance services to our clients to support the growth of their business.”
InsuranceMarket.ae provides a digital platform where users can compare all types of insurance policies for personal as well as business use.
InsuranceMarket operates as a brand of AFIA Insurance Brokerage Services in Dubai, a licensed and regulated insurance brokerage firm in the UAE.
Since its inception, the online platform, regulated by the UAE Insurance Authority, has served around 200,000 clients.
