BREAKING NEWS - BLUE INSURANCE ACQUIRED BY GLOBAL TRAVEL INSURANCE AND MEDICAL PROVIDER, COVER MORE GROUP (Part of the Zurich Insurance Group).
22nd July 2018 - 9:00am
In an exclusive interview with Don Shearer (CEO Travelbiz.ie), Ciaran Mulligan (Managing Director Blue Insurance) talks about today’s announcement that Blue Insurance and their operations in Ireland and the United Kingdom have been acquired by leading global travel insurance and medical assistance provider, Cover-More Group.
It’s hard to believe it’s 15 years ago that Ciaran Mulligan co-founded Blue Insurance, bringing a unique and innovative product offering to the travel trade, making travel insurance a far more affordable product to the trade and consumer alike. With their team in Ireland Blue have gone from strength to strength bringing real differentiation in both product and service, winning numerous trade, consumer and business leader awards along the way.
Knowing Ciaran as well as I do it comes as no great surprise that he has now laid the foundation for ever greater growth and product development of the business with the sale to the Cover More group. Blue’s already established portfolio of products, which includes strong direct to consumer travel insurance distribution capabilities through multiple online brands in the UK and Ireland, such as blueinsurance.ie, multitrip.com, greatcover.com, annualtravelinsurance.com, economycover.com and backpackertravelinsurance.com, will now form part of a far greater product offering.
Cover-More, which is part of the Zurich Insurance Group and the umbrella group for Zurich’s global travel insurance and assistance business, is headquartered in Australia and has operations in 21 countries across five continents. They are currently estimated to be the third largest travel insurance provider in the world
Mike Emmett (Cover-More Group Chief Executive Officer) said,”The acquisition was an excellent strategic fit for the group and would provide Cover-More with an increased presence and market share in Europe.
“The acquisition of Blue Insurance provides Cover-More with scale in local online travel insurance and car hire excess insurance markets and complements our Halo Insurance Services business in the UK which is the leading provider of car hire excess insurance,” he said.
Here are some of the questions I asked Ciaran this afternoon.
“So Ciaran, how much did Blue Insurance sell for?”
Ciaran: “I am not allowed to disclose the amount at this stage."
"Would I be right in estimating the figure is in excess of €70 M?"
Ciaran smiled and nodded in a very positive manner!!!
“Are you staying in your current role?”
Ciaran: “There will be no change in the current management structure of the business. I will remain as CEO of the business for a minimum of two years. All senior management and staff will remain in the business.”
“Will Blue as a brand be retained with the trade and will the relationship change in any way?
Ciaran: “In relation to the travel trade in both Ireland and the North, the company will continue to support the travel trade 100%. I love working and socialising with the travel trade and that will continue well into the future including sponsoring the Northern Ireland Travel Industry Awards and supporting the Travel Centres, Worldchoice and the Travel Counsellors conferences. Along with, Jason, Maeve, Ian and all the team, I will continue to support the trade.”
“Give our Travelbiz Trade readers and followers your view on the future now for Blue Insurance with this amazing news today.”
Ciaran: “The Company will become part of a much bigger structure owned by Cover-More which is part of the Zurich Insurance Group. Blue Insurance expects to create an additional 25 new jobs over the coming 12-18 months and we already have a recruitment drive in place. New innovation and products will be key for growth of the business as well as possible expansion into other European countries. Brexit, which is on every business agenda will bring challenges, however, having an office already in Cardiff will certainly help should there be a hard Brexit or a no deal Brexit.”
Finally Ciaran, I’ve always fancied an Aston Martin One – 77 ……..at that stage Ciaran Left the interview.
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