Cover-More

Cover-More Group
Privately held company
Traded as Cover-More Insurance Services
Industry Travel insurance, medical assistance and employee assistance
Headquarters Sydney, Australia
Key people
 CEO: Mike Emmett
Number of employees
 1500
Parent Zurich Insurance Group
Website covermoregroup.com

Cover-More Group is a global travel insurance and medical assistance provider headquartered in Australia. The group was acquired by Zurich Insurance Group in April 2017. Cover-More is Australia’s leading travel insurance and medical assistance provider with more than 40% share of the market.[1] The group also has leading market positions in India and the USA where Cover-More owns Travelex Insurance Services. The global group has more than seven million customers and employs more than 1500 people. Cover-More has operations in Australia, New Zealand, India, China, Indonesia, Italy, Malaysia, France, the Netherlands, Spain, Germany and the United Kingdom and the USA.

History

Cover-More is a division of Cover-More Group Ltd., a group of travel and medical insurance companies established in 1986, based in Sydney, Australia.[2][3] Cover-More entered an agreement in 2009 with Munich Re Group. Zurich insurance is the current underwriter for insurance policies issued by Cover-More.[4]

The company expanded into Asia when it acquired Assistance Online, a medical and travel assistance company based in Shanghai, in March 2012.[5][6] Assistance Online provides coverage in China, Hong Kong, Singapore, Macau, Taiwan and Mongolia.[5]

In April 2013, Cover-More launched a global SIM card which allowed Australian travelers to save money on call and data rates versus standard roaming rates. The SIM is prepaid, compatible with most mobile phones and tablets, and works in more than 100 countries.[7] Later that year, Cover-More renewed its partnership with Munch Re, which handed all underwriting responsibilities to Munich Re’s company Great Lakes Australia.[3] In November 2013, Cover-More partnered with Indian company TrawellTag.[8]

Before Cover-More went public, Crescent Capital Partners owned 82.7 percent of the company. Crescent Capital would own 13 percent of the company after the initial public offering (IPO) in December 2013.[9][10] At that time, it was the first and only Australian travel insurance provider to list on the Australian Stock Exchange.[11] Cover-More reported earnings of $13.3 million in 2013.[9] In June 2014, Cover-More announced a partnership with Qunar, a Chinese online travel agency.[12]

References

  1. ↑ "Zurich completes acquisition of Cover-More to become top three global travel insurance provider". Zurich Insurance Group. 13 April 2017. Retrieved April 13, 2017.
  2. ↑ "Company Overview of Cover-More Insurance Services Pty Ltd". Bloomberg. Retrieved May 18, 2015.
  3. 1 2 "ERV and Munich Re Australia renew the partnership with the Australia based insurance agency Cover-More for another five years". My News Desk. July 4, 2013. Retrieved May 18, 2015.
  4. ↑ "Cover More Travel Insurance Reviews". Insurance Pick. Retrieved May 18, 2015.
  5. 1 2 "Cover-More buys Shanghai medical assistance company". Insurance News. March 5, 2012. Retrieved May 18, 2015.
  6. ↑ Rebecca Ng (February 29, 2012). "Munich Re-Owned Australian Travel Insurer Seeks Asia Expansion Through China Acquisition". Annuity News. Retrieved May 18, 2015.
  7. ↑ "Cover-More launches free Global SIM for Australian travellers". ETB Travel News. April 24, 2013. Retrieved May 18, 2015.
  8. ↑ Rashmi Pradhan (November 29, 2013). "TrawellTag partners with Australia's Cover-More; rebranded as 'TrawellTag Cover-More'". Travel Biz Monitor. Retrieved May 18, 2015.
  9. 1 2 Ruth Liew (February 26, 2014). "Cover-More travel insurance group still on track, says CEO Peter Edwards". The Sydney Morning Herald. Retrieved May 18, 2015.
  10. ↑ Clancy Yeates (December 3, 2013). "Cover-More travel insurance to float". The Sydney Morning Herald. Retrieved May 18, 2015.
  11. ↑ "Cover-More may list on ASX". Travel Daily. August 28, 2013.
  12. ↑ Martin Kelly (June 19, 2014). "Cover-More Confirms Oz Slowdown, Aims for Asian Growth". Travel Trends. Retrieved May 18, 2015.
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