Canada-based Humania Assurance has purchased Tour+Med, a company that specialises in offering travel insurance products for both short and long trips.
Tour+Med insurance offerings are popular among Baby-Boomers and Canadian travellers whose coverage is generally not approved by other insurers due to age or pre-existing medical conditions.
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Prior to completion of the acquisition, Humania Assurance and Tour+Med have been working together for more than ten years.
Tour+Med principal officer Pierre St-Onge said: “This is a natural and obvious transaction. Humania Assurance, our underwriter, has a long expertise in living benefits and they wanted to expand their activities, while we were looking for ways to accelerate our growth in Canada.”
Humania Assurance president and CEO Stephane Rochon said: “This acquisition promises a synergy increase. Our expertise in digital development, combined with Tour+Med’s expertise in travel insurance, will allow us to enhance our service offer considerably, for both individuals and groups.”
Pierre St-Onge further said that the acquisition of Tour+Med will enable the company to pool their concerned distribution networks.
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By GlobalDataThe acquirer will also launch new insurance products for companies and actuaries engaged in the group insurance business.
Pierre St-Onge will continue to be a shareholder and in-charge of the travel insurance sales and operations even after the completion of the deal.
